November 23, 2018 / 11:06 AM / 10 months ago

Italy's Piaggio Aerospace asks to be put under special administration

FILE PHOTO: Italy's Prime Minister Giuseppe Conte attends a news conference after the second day of the international conference on Libya in Palermo, Italy November 13, 2018. REUTERS/Guglielmo Mangiapane/File Photo

(This November 23 story has been refilled to correctly show drones still being developed and removes Italian airforce reference in paragraph 3, sales still subject to negotiation in paragraph 4)

MILAN (Reuters) - Italian aircraft maker Piaggio Aerospace has asked the government to be put under special administration after a 2017 turnaround plan failed to produce the expected results, the company said on Thursday.

“The prolonged uncertainty and present market conditions make the company no longer financially sustainable,” it said in a statement.

Piaggio Aerospace, a unit of Abu Dhabi’s sovereign fund Mubadala, is developing unmanned drones.

In 2017 it started talks to sell its executive P180 turbojet business to PAC Investments, a Chinese state-backed consortium, an operation which raised concerns over the transfer of sensitive technology and potential loss of jobs.

Reporting by Giulio Piovaccari

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