{"id":53039,"date":"2018-12-07T19:25:34","date_gmt":"2018-12-07T19:25:34","guid":{"rendered":"https:\/\/one.sightlinemg.com\/defensenews\/uncategorized\/2018\/12\/07\/facing-uncertain-future-piaggio-aerospace-gets-new-management\/"},"modified":"2026-08-07T23:46:06","modified_gmt":"2026-08-07T23:46:06","slug":"facing-uncertain-future-piaggio-aerospace-gets-new-management","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/defensenews\/global\/europe\/2018\/12\/07\/facing-uncertain-future-piaggio-aerospace-gets-new-management\/","title":{"rendered":"Facing uncertain future, Piaggio Aerospace gets new management"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">ROME \u2014 Two weeks after its Gulf owners <a href=\"https:\/\/www.defensenews.com\/global\/europe\/2018\/11\/23\/italys-piaggio-aerospace-requests-receivership-amid-lagging-drone-deal\/\" target=\"_blank\">placed it into receivership<\/a>, Piaggio Aerospace has a new manager appointed by the Italian government who is seeking a buyer for the historic Italy-based firm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The company\u2019s prospects are however gloomy after its former owner Mubadala, the UAE investment fund, cancelled its planned order for eight Piaggio Aero P1.HH drones, just as Italy is dragging its heels over its own order of drones from the company.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">On Tuesday, the Italian government appointed a lawyer, Vincenzo Nicastro, as administrator of the firm, whose first first task was to pay November\u2019s wages to staff.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An Italian industry source said he would then be responsible for devising a plan to relaunch the firm, before seeking a new buyer, with Italy\u2019s Leonardo being touted in Italy as a candidate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Leonardo CEO Alessandro Profumo has not ruled out taking a stake in the firm.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cWe need to understand how the situation evolves and then we will evaluate the case,\u201d he said last week.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Profumo noted that Piaggio Aerospace handles maintenance for the MB-339 training aircraft supplied by the firm to the Italian Air Force, adding the work was \u201cvery important to our customer and to us.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A spokesman for Piaggio Aerospace declined to comment.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Piaggio Aerospace\u2019s request to the Italian government to be put into receivership due to \u201cthe state of insolvency of the company,\u201d was the latest chapter in the firm\u2019s rocky recent history.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Taken over by Mubadala Development Company in 2014, the firm signed to sell the UAE in 2016 eight of its P.1HH aircraft, dubbed the Hammerhead, an unmanned variant of its P180 business aircraft, which flies with two pusher propellers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After delays in developments, six were almost ready for delivery. But Mubadala has not only put the firm into receivership, it has also cancelled the order, the source said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">After initially agreeing to also buy the P.1HH, the Italian Air Force opted for a longer endurance version, the P.2HH, and earlier this year Italy\u2019s ministry of defense sent an acquisition request to the Italian parliament\u2019s defense commission for 20 aircraft at a cost of \u20ac766 million (U.S. $874 million) .<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But parliament has not yet voted on the program as Italy\u2019s new government seeks cuts in defense spending.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Decision makers in Italy are meanwhile concerned that the P2.HH will overlap with the Euromale drone that European partners, including Italy, are now developing.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Italy, the UAE\u2019s decision to pull out of the firm and cancel the P.1HH has been attributed both to the delay in the program and Italy\u2019s sluggishness in committing to the P.2HH.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Now, the future of the P.2HH is even more in doubt, said Michele Nones, head of the security and defense department at the Istituto Affari Internazionali, a Rome think tank. \u201cThe termination of the P.1HH leaves the future production of the P.2HH highly unlikely,\u201d he said. \u201cIt\u2019s time to market was also problematic given the investment already being made by Italy in the Euromale,\u201d he added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A second analyst, who declined to be named, said Leonardo\u2019s share price would take a hit if it was asked by the Italian government to buy Piaggio Aerospace. \u201cWhat the firm could do is buy its aircraft maintenance activity and hire the staff who have worked on the UAV program,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Leonardo has its own UAV expertise thanks to management of programs like the Falco, and announced this week that the European Union\u2019s Frontex border control agency was to use the extended range Falco EVO for monitoring flights in the Mediterranean.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The UAV will fly with Leonardo\u2019s Gabbiano TS Ultra Light radar, an electro-optical sensor and a beyond-line-of-sight (BLOS) satellite data-link system.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company\u2019s prospects are gloomy, after its former owner Mubadala, the UAE investment fund, cancelled its planned drone order, just as Italy began dragging its heels over its own 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drone order, just as Italy began dragging its heels over its own order.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/one.sightlinemg.com\/defensenews\/global\/europe\/2018\/12\/07\/facing-uncertain-future-piaggio-aerospace-gets-new-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Defense News\" \/>\n<meta property=\"article:published_time\" content=\"2018-12-07T19:25:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-08-07T23:46:06+00:00\" \/>\n<meta name=\"author\" content=\"Tom Kington\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tom Kington\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t       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