UPDATE 1-Piaggio targets strong Asia growth in new plan
, * Targets 2012 core earnings up to 248 million euros
* Targets 2012 revenues up to 1.88 billion euros
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MILAN, July 3 (Reuters) - Italian scooter maker Piaggio SpA (PIA.MI) approved a 2009-2012 business plan that aims to boost revenues 20 percent from last year on strong growth in Asia, the company said on Friday.
Piaggio, maker of the Vespa scooter, said Asian growth would be achieved by stronger "direct industrial presence" and increasing the offering of two-wheel and commercial vehicles.
Piaggio targets 2012 revenues rising to 1.88 billion euros ($2.64 billion) and EBITDA rising to 248 million euros. The plan foresees 90 million to 100 million euros of investments every year, the company said in a statement.
In 2008 the company had revenues of 1.57 billion euros and earnings before interest, tax, depreciation and amortisation (EBITDA) of 189 million euros.
In Europe the group will renew the product range in the scooter sector and rationalise its motorcycle range. In the Americas, the plan aims to develop research and development activities, it said.
The plan targets a debt to equity ratio of well below one by 2012.
Piaggio recently began production at its first plant in Vietnam, making inroads into one of the world's largest scooter markets. [ID:nHAN458662] (Reporting by Stephen Jewkes and Danilo Masoni; Editing by Hans Peters) ($1=.7133 Euro)
