Piaggio Aero Industries has clinched fresh capital of over €50 million ($57 million) that will be earmarked for new product development and manufacturing expansion.
Italian government agency Sviluppo Italia has injected €20 million and its chief executive Massimo Caputi has been made vice-president of Piaggio Aero. Piaggio's owners, president Piero Ferrari and managing director José di Mase have, through their Lochmore holding venture, invested over €30 million.
Di Mase says Piaggio saw a 7% sales hike last year to €136 million.
Genoa-based Piaggio has 24 orders for its P180 Avanti twin-pusher and provides engine maintenance and manufactures engine components and aerostructures. It plans to raise production from 14 to 18 aircraft this year and may establish a second production line.
Source: Flight International
