Tuesday, July 23, 2024
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CORONAVIRUS CASH FOR PIAGGIO

Piaggio Group is taking advantage of a government-sponsored funding initiative to provide liquidity and support the resumption of production activities by medium-to-large Italian companies, following the Covid-19 pandemic. BDN financial editor Roger Willis reports.

It has accessed a €60m (£54m) credit facility dedicated to this purpose with Banca Monte dei Paschi di Siena and Cassa Depositi e Prestiti, split between these two banks equally. Besides strengthening Group finances, Piaggio says the additional debt will enable continued consolidation and expansion of its leadership position in the mobility sector.

Specifically, new borrowings will fund R&D investments in areas such as active and passive safety, and sustainability — including reduced fuel consumption and emissions on internal combustion engines — with a view to improving Piaggio’s range of scooters, motorcycles and commercial vehicles.

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