Piaggio Ltd is pleased to announce that its Chairman, Roberto Colaninno, and his newly appointed board of directors have officially taken control of Piaggio, returning it to Italian ownership.

Colaninno plans to drive Piaggio forward and will focus on 'growth through technological research and innovation, excellent customer service, and productivity-focused management'. He is investing his personal enthusiasm and ambition, as well as offering a team of top quality managers to be at their disposal.

Rocco Sabelli, CEO, shares Colaninno's vision, channelling his efforts into building on Piaggio's already impressive market reputation in order to guarantee long term stability and progress.

Martin Marshall, General Manager of Piaggio UK Ltd, said: " We are looking forward to the next stage in the company's life cycle, and welcome the opportunity for new product developments and new and exciting ideas."

Piaggio Ltd is now wholly owned by Piaggio Holding Netherlands, a newly formed holding company. Colaninno's company, Immsi, will take a 32% stake and will control the majority of the voting rights at shareholder meetings. A further 37.5% is held by PB, the company formed by the creditor banks of the Piaggio group.