Editing Piaggio Aerospace (section)

==History==
===Under Piaggio ownership and management===
[[File:Piaggo Focke-Wulf 149.jpg|thumb|A [[Piaggio P.149]]]]
[[File:Piaggio P166 Albatross ZU-NJZ (Ex SAAF 898) (2) (6925889329).jpg|thumb|A [[Piaggio P.166]] in flight]]

The Rinaldo Piaggio S.p.A company was founded in [[Sestri Ponente]], Genoa, Italy in 1884.<ref name = "corp history">{{cite web |url = http://www.piaggioaerospace.it/en/corporate |title = Corporate: History |publisher = Piaggio Aerospace |access-date = 27 March 2020}}</ref> Originally, the company was involved in the outfitting of [[ocean liner]]s and the manufacturing of [[rolling stock]] for the developing Italian railway infrastructure around the turn of the century. From the financial gains that it had garnered from these industries, Rinaldo Piaggio was able to construct a large factory based in [[Finale Ligure|Finale Marina or Finalmarina]] during 1906. 
In 1915 the company acquired the '''Officine Aeronautiche Francesco Oneto''' and began producing materials for the aeronautical industry.

The 1920s was a particularly turbulent and influential period in the company's history; Piaggio Aero brought on two new [[aerospace engineering|aeronautical engineer]]s, Giovanni Pegna and [[Giuseppe Gabrielli]], who both played a major role in developing Piaggio's aeronautical sector. Penga and Gabrielli worked together to create numerous technical solutions to aviation problems; to support their aerodynamic research, in 1928, Piaggio completed a new [[wind tunnel]].<ref name = "corp history"/>

During 1938, Senator Rinaldo Piaggio died at 71 years old, thus ending the Rinaldo Piaggio era. That same year, the firm finished construction of the new [[Piaggio P.108]] heavy bomber, its first four-engined aircraft.<ref name = "corp history"/>

In 1948, Piaggio launched the [[Piaggio P.136]], a twin-engine seaplane that was operated by the [[Italian Air Force]] and various other operators, often in liaison/sea transport capacity. The company also benefited from an increased demand for basic aircraft training; during 1953, the [[German Air Force]] ordered 265 [[Piaggio P.149]] trainers. By 1957, Piaggio had also developed the [[Piaggio P.166]], a twin-engine light transport aircraft, which was marketed and produced for military customers and civilian personnel worldwide.<ref name = "corp history"/>

=== The joint venture between Piaggio and Douglas Aircraft Company ===
In 1960, Piaggio secured a [[licensed production|production license]] for the [[Rolls-Royce Viper]] [[turbojet]] engine; shortly thereafter, the firm began manufacturing jet engines. Four years later, it built its first [[jet propulsion|jet-powered]] aircraft, the [[Piaggio PD.808]] [[business aircraft]].

=== The separation between the aeronautical and motorcycle divisions ===
In the 1960s, both motorcycle and aeronautical production continued until 1964, the year in which the two divisions were officially split into two separate companies: aeronautical production continued with Armando (and later with Rinaldo, the founder's namesake grandson) in the Sestri Ponente plant under the name of Industrie Aeronautiche e Meccaniche Rinaldo Piaggio, while with [[Enrico Piaggio]] the [[Vespa]] was produced in the Pontedera plant.

[[File:Piaggio aero logo.gif|thumb|Old Piaggio Aero logo]]
[[File:2010-04-11 14 28 33 Switzerland Kloten Kaserne (cropped).jpg|thumb|Planform view of the [[Piaggio P.180 Avanti]], highlighting its unusual design]]

=== The success of the P.180 Avanti ===
During the 1980s, Piaggio developed a new generation [[business aircraft]], the [[Piaggio P.180 Avanti|P.180 Avanti]]; 
During 1990, the Avanti received type certification from multiple aviation authorities and entered service shortly thereafter.<ref>{{cite journal |last1=De'Pompeis |first1=Roberto |last2=Cinquetti |first2=Paolo |last3=Martini |first3=P.I. Sergio |title=Development and Certification Flight Test on the Piaggio P.180 Avanti Aircraft: A General Overview |journal=SAE Technical Paper |volume=1 |date=1 April 1991 |doi=10.4271/911003 |series=SAE Technical Paper Series}}</ref><ref name="FltInt1990">{{cite news |title=Italy certificates Avanti |url=https://www.flightglobal.com/pdfarchive/view/1990/1990%20-%200851.html |access-date=18 June 2017 |work=[[Flight International]] |date=21 March 1990 |page=19 |archive-url=https://web.archive.org/web/20160817075313/https://www.flightglobal.com/pdfarchive/view/1990/1990%20-%200851.html |archive-date=17 August 2016 |url-status=live}}</ref> 
The aircraft was aimed at business and executive clients and its confirmed the fastest turboprops in its category, versatile and exclusive.<ref>{{cite news |last1=Weiner |first1=Eric |title=Innovative Plane Making Its Debut |url=https://www.nytimes.com/1989/06/05/business/innovative-plane-making-its-debut.html |access-date=22 June 2017 |work=[[The New York Times]] |date=5 June 1989 |quote=Like the Starship, the Piaggio Avanti features a canard and rear-mounted engines. But the Avanti is made mostly of aluminum, not composites. It weighs thousands of pounds less than the Starship and is about 60 m.p.h. faster. |archive-url=https://web.archive.org/web/20171220073328/http://www.nytimes.com/1989/06/05/business/innovative-plane-making-its-debut.html |archive-date=20 December 2017 |url-status=live}}</ref><ref name="Martin">{{cite news |last1=Martin |first1=Ed |title=Business Jets Ready For Takeoff |url=https://www.chicagotribune.com/1989/10/29/business-jets-ready-for-takeoff/ |access-date=19 June 2017 |work=[[Chicago Tribune]] |agency=[[Knight-Ridder]] Newspapers |date=29 October 1989 |quote=This is the futuristic Piaggio Avanti. It, and a handful of other avant-garde designs like it are leading American business aviation into the 1990s.}}</ref> 

=== The crisis and bankruptcy ===
However, in the 90s, the strong competition in the [[business aircraft]] market with [[Business jet|business jets]], led the company into crisis and subsequently into [[bankruptcy]].
=== Under Turkish holding company Tushav control ===
During the late 1990s, Piaggio's ownership went through multiple drastic changes following the firm's [[bankruptcy]]. During November 1998, it was announced that [[Turkey|Turkish]] holding company Tushav had taken control of Piaggio; it was rebranded as ''Piaggio Aero Industries'' shortly thereafter. In the years that followed, an increasingly large stake in the company was acquired by a group of entrepreneurs headed by the Josè Di Mase and [[Piero Ferrari]]. During 2000, Tushav decided to surrender its interest in Piaggio Aero Industries; the entity had once held a controlling 51% stake in the company, but this hold had reduced in favour of new Italian investors buying into Piaggio.<ref>{{cite web |url = https://www.flightglobal.com/tushav-lets-go-of-remaining-piaggio-interest/31023.article |title = Tushav lets go of remaining Piaggio interest |publisher = Flight International |first = Andy |last = Nativi |date = 29 February 2000}}</ref>

=== Under Ferrari and  Di Mase control and management ===

In 2000 the company was under the control and management of Piero Ferrari and Di Mase and recovered from the crisis of the 90s, with the success of the Avanti and the certification of the Avanti II in 2005. With an order of 36 [[P.180 Avanti |P.180 Avanti II]] by [[Avantair]], a New Jersey company, worth almost € 200M, the company emerged from the crisis, becoming a leader in the production of executive aircraft.

During 2006, the [[Abu Dhabi|Abu Dhabian]] [[Mubadala Development Company]] acquired a 35% stake in Piaggio Aero Industries S.p.A.; Mubadala is a wholly owned investment vehicle of the Government of the Emirate of [[Abu Dhabi]], in the [[United Arab Emirates]]. Two years later, the Indian [[multinational company|multinational]] [[conglomerate (company)|conglomerate]] [[Tata Group]] acquired a one-third stake in Piaggio Aero Industries, becoming one of the primary shareholders alongside [[Piero Ferrari]], the Di Mase family and the Mubadala Development Company.<ref name=reut11008>{{cite news |url=http://uk.reuters.com/article/piaggio-tata-idUKL14142220081001 |archive-url=https://web.archive.org/web/20160306162044/http://uk.reuters.com/article/piaggio-tata-idUKL14142220081001 |url-status=dead |archive-date=March 6, 2016 |title=Tata buys one-third stake in Piaggio Aero |access-date=3 September 2012 |publisher=Reuters |date=1 October 2008 }}</ref> As part of the acquisition, Tata gained the right to appoint three of the nine seats on the board, and one of the three seats on the management committee.<ref name=reut11008/>

Starting in 2006, Piaggio was developing a new twin-engined jet, commonly referred to as the [[Piaggio P1XX]]; however, during August 2010, the company announced that it had decided to postpone the production phase.<ref>{{cite web |url=http://www.flightglobal.com/articles/2010/08/10/345967/piaggio-not-yet-ready-to-launch-jet.html |date= 10 August 2010 |title=Piaggio not yet ready to launch jet |publisher = Flight International}}</ref> This did not represent an absolute termination; for years following the project being put on hold, Piaggio publicly speculated on the possible launch of the programme.<ref>{{cite web |url = https://www.flightglobal.com/p1xx-twinjet-still-a-possibility-piaggio-aero/113456.article |title = P1XX twinjet still a possibility – Piaggio Aero |publisher = Flight International |first = Kate |last = Sarsfield |date = 10 June 2014}}</ref>

The company was negatively impacted by the [[Great Recession]], the event having caused a downturn in the market for [[business aircraft]]; reportedly, deliveries of its P.180 Avanti declined drastically from 30 aircraft during 2008 to only four per year by 2018.<ref name = "receiver fi18"/> Instead of focusing on this declining market, Piaggio decided to orientate itself towards the special missions sector, developing the [[Piaggio P.180 Avanti|Piaggio-Selex P.1HH Hammerhead]], an unmanned long-endurance intelligence, surveillance and reconnaissance derivative of its P.180 Avanti.<ref name = "equity fi2013"/><ref>{{cite web |url = https://www.flightglobal.com/pictures-piaggio-unleashes-unmanned-hammerhead/108817.article |title = PICTURES: Piaggio unleashes unmanned HammerHead |publisher = Flight International |first = Luca |last = Peruzzi |date = 19 February 2013}}</ref> The platform was also adapted into a [[maritime patrol aircraft]], as well as for additional special purposes, around this same timeframe.<ref>{{cite web |url = https://www.flightglobal.com/in-focus-piaggio-pushes-into-special-mission-with-p180/105742.article |title = IN FOCUS: Piaggio pushes into special mission with P180 |publisher = Flight International |first = Murdo |last = Morrison |date = 25 June 2012}}</ref><ref>{{cite web |url = https://www.flightglobal.com/farnborough-piaggio-to-develop-maritime-patrol-avanti/106209.article |title = FARNBOROUGH: Piaggio to develop maritime patrol Avanti |publisher = Flight International |first = Alan |last = Peaford |date = 11 July 2012}}</ref> In parallel with these programmes, the company continued to make improvements to the base P.180 Avanti, introducing an extended-range model during 2013.<ref>{{cite web |url = https://www.flightglobal.com/nbaa-piaggio-aero-puts-legs-on-avanti/111482.article |title = NBAA: Piaggio Aero puts legs on Avanti |publisher = Flight International |date = 24 October 2013}}</ref><ref>{{cite web |url = https://www.flightglobal.com/farnborough-piaggio-aero-delivers-first-extended-range-p180-avanti-ii-to-sr-jet/113796.article |title = FARNBOROUGH: Piaggio Aero delivers first extended range P180 Avanti II to SR Jet |publisher = Flight International |first = Kate |last = Sarsfield |date = 14 July 2014}}</ref>
During 2013, Mubadala and Tata injecting an additional €190 million into Piaggio Aero Industries, increasing their combined stakes to 85.5%.<ref name = "equity fi2013">{{cite web |url = https://www.flightglobal.com/mubadala-and-tata-increase-equity-in-piaggio-aero/111652.article |title = Mubadala and Tata increase equity in Piaggio Aero |publisher = Flight International |first = Murdo |last = Morrison |date = 12 November 2013}}</ref>

=== Under Mubadala control and management ===
The new [[Piaggio P.180 Avanti|Avanti EVO]] is presented in May 2014.
In October 2014, Piaggio Aero changed its name to Piaggio Aerospace.<ref name = "2014rebrand">{{cite web |url = http://www.piaggioaerospace.it/en/media/archivio/news/2014-10-20-piaggio-aero-industries-becomes-piaggio-aerospace-innovation-to-craft-the-future |title = Piaggio Aero Industries becomes Piaggio Aerospace - Innovation to craft the future |publisher = Piaggio Aerospace |date = 20 October 2014}}</ref> 
In November 2014, the new [[Villanova d'Albenga]] plant was inaugurated in the presence of the Italian Prime Minister, [[Matteo Renzi]], and the Minister of Defense [[Roberta Pinotti]].

During 2015, the Mubadla Development Company acquired 100% of the capital stock, assuming full control of Piaggio, after obtaining the final 1.95% of the stock from Piero Ferrari.<ref>{{Cite web |url=https://www.flightglobal.com/news/articles/mubadala-takes-full-ownership-of-piaggio-aerospace-416810/ |title=Mubadala takes full ownership of Piaggio Aerospace |date=16 September 2015 |website=Flightglobal.com |access-date=24 March 2016}}</ref>

On 3 December 2018, Piaggio Aerospace was admitted into [[receivership]] after having declared itself [[insolvent]]. 
The company's restructuring plan had failed less than a year after its owner, Mubadala, had injected €255 million and repurchased its bank debt.<ref name = "receiver fi18">{{cite news |url= https://www.flightglobal.com/news/articles/piaggio-aerospace-goes-into-receivership-453877/ |title= Piaggio Aerospace goes into receivership |date= 23 November 2018 |first= Kate |last = Sarsfield |work= Flightglobal}}</ref> 

=== Under the control of extraordinary commissioners appointed by the Italian government ===

In December 2018, the company entered the extraordinary receivership proceedings with the appointment of Vincenzo Nicastro as Extraordinary Commissioner. The same applied later to its subsidiary Piaggio Aviation. According to two different decrees of the Italian Ministry of Enterprises and Made in Italy signed on 1 March 2023, the Group is now led by three Extraordinary Commissioners: the aforementioned Vincenzo Nicastro, Davide Rossetti (coordinator) and Carmelo Cosentino (industry and aviation expert).<ref>{{cite web |title=Piaggio Aero Industries S.p.A e Piaggio Aviation S.p.A in Amministrazione Straordinaria |url=https://www.piaggioaeroas.it/ |website=piaggioaeroas.it |publisher=piaggioaeroas.it |access-date=9 October 2024}}</ref>

During February 2020, it was announced that Piaggio Aerospace had been put up for sale.<ref>{{cite news |title=Piaggio Aero: al via bando per la vendita |url=https://genova.repubblica.it/cronaca/2020/02/26/news/piaggio_aero_al_via_bando_per_la_vendita-249629929/ |access-date=9 October 2024 |agency=genova.repubblica.it |publisher=genova.repubblica.it |date=February 26, 2020}}</ref><ref>{{cite news |title=Piaggio Aero: al via bando per vendita |url=https://www.lagazzettadelmezzogiorno.it/news/economia/1208032/piaggio-aero-al-via-bando-per-vendita.html |access-date=9 October 2024 |agency=lagazzettadelmezzogiorno.it |publisher=lagazzettadelmezzogiorno.it |date=February 26, 2020}}</ref>

During the extraordinary management by the commissioners, the company is restructured and in 2022 it closes the 2021 financial year with a turnover of approximately 152 million euros, with an order portfolio of around 500 million euros and new orders for a further approximately 180 million euros.<ref>{{cite web |title=Piaggio Aerospace: il Commissario sollecita nuove manifestazioni di interesse |url=https://www.piaggioaerospace.it/it/media/archivio-news/news/2022-01-19-piaggio-aerospace-il-commissario-sollecita-nuove-manifestazioni-di-interesse |website=piaggioaerospace.it |publisher=piaggioaerospace.it |access-date=9 October 2024}}</ref>

=== Acquired by Baykar ===
In December 2024, the Turkish [[Baykar|Baykar Technologies]] drone manufacturer took over the ownership of Piaggio Aerospace.<ref>{{Cite web |last=Giansiracusa |first=Aurelio |date=2024-12-27 |title=Baykar Technologies acquista Piaggio Aerospace |url=https://aresdifesa.it/baykar-technologies-acquista-piaggio-aerospace/ |access-date=2024-12-28 |website=Ares Osservatorio Difesa |language=it-IT}}</ref>