Mubadala takes control of Piaggio Aero

Mubadala bought out the shares held by India’s Tata and has received formal Italian government approval according to the “Golden Power” law . Mubadala now holds 98.05% of the share capital of Piaggio Aero Industries and Piero Ferrari, on behalf of the Ferrari family, holds the remaining 1.95%.
Mubadala has been a shareholder in Piaggio Aero since 2006. In 2013, it participated in a share capital increase which increased the equity of Piaggio Aero to support the restructuring and diversification plan focused on the development of existing core activities and new programs in line with industry requirements.
Following the transfer Piero Ferrari has stepped down as chairman of the company and is succeeded by Alberto Galassi, who has been CEO of the business since 2009 and led the move to diversification intothe the defence and security sector developing both the multirole patrol aircraft and the P.1HH HammerHead - unmanned aerial system.
The company also named Carlo Logli as the new CEO. Logli is currently the chief restructuring officer of Piaggio and is the former CEO of SuperJet International
Galassi said: “ Carlo Logli has been responsible for the implementation of the rescue and relaunch plan developed by management in response to challenging conditions in the business Aaiation market. He is therefore the ideal candidate to take this business forward with a clear strategic direction”. “ would also like to thank Piero Ferrari for his contribution to the business as chairman. The company was founded in 1998 through the efforts of a consortium led by Mr. Ferrari, and I am delighted that he remains a part of the Piaggio Aero story as a shareholder.”
As part of the new strategy, Piaggio Aero S.p.A will concentrate production activities into a new state of the art facility at Villanova d’Albenga (Savona, Italy). The company will invest heavily in machinery, tool and processes renewal, further increasing its production capacity, particularly in the aero engines sector.

Alberto Galassi and Carlo Logli  leading Piaggio with the company now under Mubadala control