A team led by the Tushav Turkish state-holding company has emerged as the winning bidder to take control of struggling Italian aerospace company Piaggio, with the promise of new overhaul work and aircraft orders from Turkey.
Tushav, which co-ordinates Turkey's aerospace and defence industry, will emerge with a 51% holding in Piaggio, while the Buitoni family keeps another 47%. The remainder goes to the SC consulting group. Although the L67 billion ($38 million) offered by Tushav was below the bid from the rival Ala grouping, led by a team of Piaggio managers, the Turkish group has promised to maintain Piaggio's 1,000-strong workforce and plans to develop the P180 business turboprop, including a stretched jet-powered version.
Engine overhaul contracts for Turkish military helicopters are also on offer, as well as the promise of orders for as many as five P180s and 12 P166 turboprop utility aircraft. Other ambitious plans include a new marketing drive in Asia, eastern Europe and North America, with talk of a Wall Street listing within five years.
Piaggio's future has been under question for years.
Source: Flight International
