Piaggio Aero Industries S.p.A. confirms revision of share capital after fully subscribed Euro 190 Million capital increase
Piaggio Aero announced today the new composition of the fully subscribed share capital that was completed on October 31th, 2013, following the resolution of the Shareholders Assembly to increase the equity of the Company by Euros 190 million.
Tata Limited, the British company part of the Indian TATA Group and Mubadala Development Company (Mubadala), the investment and development company based in Abu Dhabi, became the main Shareholders of Piaggio Aero Industries fully subscribing to the new share capital, together with Mr. Piero Ferrari.
As a result of the subscription Tata Limited now holds 44.5 % of Piaggio Aero’s equity, with Mubadala owning 41% and Mr Piero Ferrari the 2%. The HDI hedge fund, who did not subscribe to the capital increase, retains 12.5% of the overall share capital.
The Piaggio Aero share capital increase has been made in support of the business development and diversification plan of the company focused on the development of new programs and existing activities.
“We are very pleased that Tata Limited and Mubadala Development Company have chosen to support the business development and diversification plans of Piaggio Aero.” said Mr. Alberto Galassi, CEO of Piaggio Aero “The new shareholding structure and the increased share capital pave the way for our Company’s growth and reinforcing its prominent role in the business aviation and aero engines sectors”.
Piaggio Aero Industries is active in civil and ISR Aircraft design, manufacturing, maintenance and overhaul and also manufactures Aero-Engines parts, while managing repairs and engine overhauls under license.
It is based in Genoa, Finale Ligure Italy with a subsidiary covering the Americas in West Palm Beach Florida, U.S.A. (Piaggio America, Inc.).
Piaggio Aero’s flagship product is P.180 Avanti II, the fastest, most advanced executive/multi-utility turboprop in the world offering the speed of a light/mid-size jet , the comfort of a large, whisper quiet full stand-up cabin, with fuel efficiencies 40% greater than most business jets.
The new vision of Piaggio Aero is maintaining its role as global brand in the business aviation and to become a prominent player in the surveillance and security sector producing leading edge Unmanned Aerial Systems and world class Multirole Patrol Aircraft. The company is working on 2 new ISR aircraft programs: the P.1HH HammerHead and the Piaggio Aero MPA Multirole Patrol Aircraft.
The Piaggio Aero P.1HH HammerHead is a new, state-of-the-art multipurpose Unmanned Aerial System (UAS) designed for Intelligence, Surveillance and Reconnaissance (ISR) missions whose combination of performance and operational characteristics is at the very top end of the UAS MALE category.
The Piaggio Aero P.1HH Unmanned Aerial System includes an unmanned aircraft platform - featuring automatic take-off and landing capabilities and is able to fly at up to 45,000 feet, with an outstanding endurance of 16 flight hours - specific mission equipment and systems and a remote Ground Control Station (GCS).
The Piaggio Aero MPA Multirole Patrol Aircraft is the evolution of the Piaggio Aero P.180 Avanti II platform, newly designed to meet the need for a robust and high-tech solution for land, coastal, maritime and offshore security. The MPA can be missionized for many different roles including Maritime Patrol, Ground Surveillance, Tactical ISR and COMINT missions.
Piaggio Aero’ Shareholder structure is: Tata Limited, the British Company part of the Indian Tata Group, Mubadala Development Company, the HDI hedge fund and Mr. Piero Ferrari, who is also Chairman of the Company.