On 29 May 2020 Stavatti submitted an Expression of Interest for the purchase of the business units of Piaggio Aero Industries S.p.A. in a.s., and Piaggio Aviation S.p.A. in a.s. The Stavatti bid included the purchase of both business units of Piaggio including the business complexes of Piaggio Aero Industries at Villanova d'Albenga. The bid was submitted to Mr. Vincenzo Nicastro,The Extraordinary Commissioner.
The proposed acquisition of Piaggio will be implemented in two rounds including a "Round A" Acquisition and Purchase and a "Round B" Investment and Recovery. Round A will consist of the purchase both Piaggio Aero Industries and Piaggio Aviation and the assets thereof in their entirety from the current owner(s) thereof assuming full right and title of all assets. In Round B Stavatti will invest directly into the recovery and business development of Piaggio Aero Industries and Piaggio Aviation. The Company will function as the Piaggio Division of Stavatti Aerospace or "Stavatti- Piaggio" and will focus on the development, certification and production of new variants of the Avanti as well as new design Stavatti civil and military aircraft.
The combined Round A and Round B bid presented by Stavatti is on the order of hundreds of millions of dollars, sub- ject to the completion of a comprehensive due diligence investigation of Piaggio by Stavatti as well as the arrival of mutually agreeable terms.
Stavatti has developed a comprehensive Recovery & Development Plan for Piaggio that focuses on the expanded production of the Avanti Evo as well as new derivatives and variants of the Avanti as well as new design Piaggio and Stavatti aircraft and powerplants. Stavatti leadership shall establish a management organization that will be located in Italy to focus upon restructuring and production re-start with an initial focus upon immediate production of current configuration aircraft to meet immediate outstanding orders and backlog.
Investing directly in the expansion of the business, Stavatti will focus on the upgrade/modernization of the P.180
Avanti with respect to avionics, displays, powerplant, systems, interior styling and incorporation of advanced alumi- num alloys and production techniques to improve performance and reduce production costs and labor intensity. New variants of the Avanti that Stavatti will oversee the development, certification and production launch of will include tur- boprop, electric/hybrid electric and turbofan configurations. Long term strategic plans include the production of next generation Stavatti military aircraft to satisfy the needs of the Italian Air Force as well as regional NATO/Allied Air Forces as Stavatti-Piaggio aircraft. Serving as Stavatti's military aircraft manufacturing center in Europe, future Stavatti-Piaggio aircraft may include the SM-28 Machete Close Air Support (CAS) Aircraft, the SM-36 Stalma Multi- Role Fighter and the SM-39 Razor Air Dominance Fighter.
In addition to aircraft, Stavatti-Piaggio will also focus on the development and production of next generation aero engines for the regional NATO/allied market including the production of new design Stavatti-NeoThrust variable cycle turbofans, including afterburning turbofans for the SM-36 and SM-39 aircraft. Production of new Stavatti turboprop and reciprocating engines will also be conducted by Stavatti-Piaggio.
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