Piaggio began aircraft production at Genoa Sestri in 1916 and later extended to Finale Ligure; Rinaldo Piaggio SpA formed 29 February 1964; covered floor area Sestri and Finale Ligure 120,000 m2 (1,291,700 sq ft). Early in 1993, Rinaldo Piaggio restructured with Piaggio family retaining 19 per cent of stock; Alenia acquired 31 per cent holding in Piaggio in 1988 (adjusted to 24.5 per cent in 1992, but raised to 30.9 per cent in early 1993 following further restructuring and reorganisation). Industrie Aeronautiche and Meccaniche Rinaldo Piaggio SpA placed in administration in November 1994; following takeover in November 1998 by Turkish state holding company Tushav, which acquired 51 per cent of stock, was renamed Piaggio Aero Industries SpA, with balance of stock held by Italian investment group Aero Trust via Royal Bank of Canada (44 per cent), CSC of Italy (3 per cent) and the Buitoni family (2 per cent). However, Aero Trust share increased to 60 per cent in June 1999, returning company to Italian control. Workforce 1,930 in 2002, but was scheduled to be reduced by 10 per cent in early 2003. Turnover in 2002 was

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