The Industria Italiana Autobus case, well explained

Looking for Industria Italiana Autobus. Despite the many orders won, the launch two years ago of the first electric 12-meter, the birth in Flumeri of the Industry 4.0 carbon free bus academy, the agreement with Nogebus (failed) to sell urban in Spain and Portugal, and the partnership with CaetanoBus for a hydrogen bus, Industria Italiana Autobus is in crisis.

In recent months there have been almost daily alarms from labor unions and rumors of a capital increase, which came in early spring when IIA’s shareholders’ meeting launched a 25 million euro recapitalization of the company.

IIA, between made in Italy and recapitalization

A necessary but not sufficient step to lift the fortunes of the made-in-Italy bus factory. Which, moreover, does not seem to enjoy the special attention and support of the newly-formed Minister of Made in Italy, headed by Adolfo Urso.

Downstream of the recapitalization, to take the pulse of the trade unions, this is the note issued by FIOM CGIL: “The approval by the shareholders of Industria Italiana Autobus of the recapitalization is only a first step in the construction of the public bus hub. It is now up to the shareholders and the government to ensure further financial support. After that, a change of pace is crucial in the organization of production and purchasing. In short, all activities must be brought into line. There is a need to act cohesively and synergistically. Avoiding corporate and individualistic attitudes”.

Is Industria Italiana Autobus for sale?

In May, given the impasse, new rumors deepened by local newspaper Il Mattino: Industria Italiana Autobus could soon change owner. After the rumors of the past months, it would have emerged from ministerial sources – neither confirmed nor denied – the presence of three expressions of interest for the acquisition of shares of the company based in Bologna and in the Ufita valley, in Irpinia. Two of the three expressions of interest presented at the Ministry of Enterprise and Made in Italy would come from realities already present with their own establishments in the province of Avellino: the Sira groups of Valerio Gruppioni (his, it seems, the best offer) and Seri Industrial.

The present and future of IIA: the ball is in the ministry’s court

The three expressions of interest would be under consideration by the Ministry of Business and Made in Italy, which would have to make its own assessment on the matter. Only after this step, the outcome of which could be made official during the next ministerial discussion on the dispute, it will be possible to shed light on the new corporate structure of Industria Italiana Autobus. The new shareholder is expected to secure an intervention of around 30 million euros. The company could remain a public majority, although, at least at this stage, no news is leaking out about the shares that will be taken over by the new partner and which of the current shareholders will give up their shares.

At present, Industria Italiana Autobus is majority public through the participation of Invitalia, the majority shareholder holding 42.76 percent of the company shares, and Leonardo with 28.65 percent. The only private shareholder is the Turks of Karsan, who hold 28.59 percent. But who, strangely enough, does not appear in any way in the new Board of Directors, announced a handful of days ago.
Already because, like a bolt of lightning that was anything but clear skies, the resignation of Chairman and CEO Antonio Liguori and the entire BoD arrived en masse, following the approval of the financial statements.

The new Board of Industria Italiana Autobus

The natural consequence of the decapitation of the BoD was the appointment of the new board: the IIA shareholders’ meeting appointed Walter Perrotta as the new chairman, Giancarlo Schisano as CEO and Fabio Barsotti Ciro, Accetta and Roberto Rizzardo as councilors.

Who is Giancarlo Schisano, new CEO of Industria Italiana Autobus

The new CEO, Giancarlo Schisano, was Managing Director of Leonardo’s Aerostructures Division from 2018 to 2022. After graduating in Economics and a Master in Business Administration from Bocconi University, he began his career in Montedison as Senior Auditor and then continued in various roles in international consulting companies supporting industrial development projects.

In Ferrovie dello Stato he held top positions in finance until his appointment as Head of the Regional Transport Division, President and CEO of Metronapoli S.p.A. and President of Sita S.p.A. He then arrived in Alitalia and held the position of Executive Vice President Cargo, then COO and Accountable Manager of all Group companies, CEO of AirOne and General Manager Business. A very respectable curriculum vitae that, however, includes some unsuccessful state adventures among the experiences. In short, not the best of omens. We are between The Leopard and Groundhog Day: we shall see how it turns out.