Italian government industrial investment agency Sviluppo Italia has purchased more than 20% of Piaggio Aero Industries for €20 million ($22.4 million). Piaggio's existing shareholders have contributed an additional €15 million in capital, largely to support an increase in P180 Avanti production rate. The investment "reinforces our plans to implement new production lines and minimise aircraft delivery time", says president Pierro Ferrari. Avanti production is being increased to meet growing demand for the twin turboprop business aircraft from North America. The investment pushes Piaggio's total capitalisation to more than €80 million, 15 times more than when the current shareholders bought the company in 1998.
Source: Flight International
