Piaggio Aero Industries—and subsidiary Piaggio Aviation is officially on the block—and hopes to find a buyer and close the deal by year-end, it announced today. The sale of the two companies, currently under “extraordinary administration” and operating under the Piaggio Aerospace brand, follows authorization from the Italian Ministry of Economic Development.

Piaggio Aerospace, which also controls U.S. subsidiary Piaggio America, does business in the aviation and engine segments. The former focuses on the design, construction, and maintenance of civil and military aircraft, while the latter builds and maintains aero-engines.

“Those interested in the purchase of all or part of the business complexes of the two companies—which, despite being two different entities from a legal standpoint, represent a unicum from an industrial standpoint—will have to send their expressions of interest to the extraordinary commissioner, Vincenzo Nicastro, no later than April 3,” the company said. After assessing the proposals, the commissioner will decide whether to advance applicants to the proceeding steps, which includes a Surveillance Committee hearing and authorization from the Italian Ministry of Economic Development.

"Just over a year since the extraordinary administration started, we have succeeded in creating a respectable order intake, which makes the company attractive for a buyer," said Nicastro. "We shall rigorously evaluate each of the offers that will reach us, with the aim of selling the company in its entirety and finding a buyer who can offer a solid, long-lasting recovery and development plan. We aim at concluding the process within the current year."

Piaggio Aerospace said it has approximately €450 million ($490 million) of orders in hand, with another equal amount pending.