Piaggio Aero - History

History

Piaggio was founded in Genoa in 1884, originally outfitting ocean liners and manufacturing rolling stock for the developing railway infrastructure at the turn of the century. Due to financial gains in this industry, Rinaldo Piaggio was able to build a factory in 1906 in Final Marina. Today, the site of Piaggio’s facility is in Finale Ligure, where Piaggio Aero began to manufacture aircraft and aircraft engines.

The 1920's served as an important time in the company's history when, Piaggio Aero brought on Giovanni Pegna and Giuseppe Gabrielli, two aeronautical engineers, to help develop Piaggio's aeronautic line. Together they created modern technical solutions for aviation, that brought forth the design and build of the world’s first helicopter.

Senator Rinaldo Piaggio died in 1938, at 71 years old, thus ending the Rinaldo Piaggio era. When the battles of World War II left the company’s facilities in ruins, it was Rinaldo’s sons Enrico, inventor of the Vespa motor scooter, and Armando, who began the rebuilding process.

1948 was the year Piaggio launched the Piaggio P.136, a twin-engine seaplane, that was operated by the Italian Air Force, when liaison transport missions were needed. Due to the increase of basic aircraft training, the German Luftwaffe ordered 265 Piaggio P.149 units in 1953. By 1957 Piaggio created the Piaggio P.166 light transport aircraft that was marketed and produced for the military and civilian personnel worldwide.

In 1960, Piaggio, under the license of the Rolls Royce Viper and started manufacturing jet engines. This move led to the expansion of Piaggio’s current business.

In 1966, the company separated into two separate entities, one was Vespa motor scooter and the other Piaggio Aero. Though one focused on the developments of the motor scooter and the other on aeronautical, both companies still maintain the Piaggio name.

By 1998, the assets of Rinaldo Piaggio S.p.A. exchanged hands and a group of entrepreneurs headed by the Di Mase and Ferrari families and Piaggio became Piaggio Aero Industries. This acquiring of assets brought Piaggio Aero Industries back to its roots, as a designer and producer of business aircraft.

In 2006 Mubadala Development, acquired a 35% stake Piaggio Aero Industries S.p.A. Mubadala Development Company is a wholly owned investment vehicle of the Government of the Emirate of Abu Dhabi, in the United Arab Emirates.

In 2008, the India-based conglomerate Tata Group acquired a one-third stake in Piaggio Aero Industries, becoming one of the primary shareholders alongside Ferrari and Di Mase families and Mubadala Development Company. As part of the acquistion Tata gained the right to appoint three of the nine seats on the board, and one of the three seats on the management committee.