Turkish state holding company Tsuhav has finally taken full control of troubled Italian aerospace company Piaggio, nearly six months after the company entered the race to buy the beleaguered manufacturer, now called Piaggio Aero Industries.
Tsuhav, which co-ordinates Turkey's aerospace activities, now holds a 51% stake, while 44% has been acquired by Aero Trust Royal Bank of Canada, which involves several Italian investors. The remaining 5% is divided between the Buitoni family, which has 3% and Italian consulting company, CSC, with 2%.
The investors are believed to have paid around 66 billion lire ($38 million) for the company, butthe final price will be fixed following evaluation of Piaggio's assets in February 1999.
The Turkish group will maintain Piaggio's 1,000-strong workforce and plans to offer aircraft maintenance and engine overhaul from its Genoa Sestri base. The company also hopes to manufacture a stretched jet-powered variant of the P180 turboprop and the P166 turboprop utility aircraft .
Source: Flight International
