The Turkish drone manufacturer Baykar has completed the acquisition of the Italian aircraft manufacturer Piaggio Aerospace, announced the Italian Ministry of Industry.
Although the financial details of the deal have not been disclosed, the transaction marks a new chapter for Piaggio Aerospace, which has been under government control since filing for creditor protection in 2018.
+ Tigers Sign Gleyber Torres to One-Year, $15 Million Deal
According to the ministry’s statement, Baykar’s offer was deemed superior to two other final bids from international competitors. The decision to sell to a Turkish company was described as “the most suitable” to safeguard the interests of Piaggio Aerospace’s employees, creditors, and industrial prospects.
+ Video: Bayraktar AKINCI Successfully Tests New Supersonic Missile UAV-122
Future Prospects for Piaggio Aerospace
“After six years of uncertainty, we are offering a promising future for Piaggio Aerospace. This company, a strategic asset for our country, will be restored with a long-term production perspective, ensuring the preservation of corporate and labor structures,” said Italian Minister of Economic Development Adolfo Urso, commenting on the sale’s outcome.
The Italian government also highlighted that Baykar is committed to maintaining and expanding aircraft production, as well as ensuring technical support, training activities, logistics, engine maintenance, and component manufacturing.
The Importance of Piaggio Aerospace
Founded in 1884, Piaggio Aerospace is renowned for producing the iconic executive jet P.180 Avanti and aircraft engines. The company plays a strategic role in Italy’s defense sector, offering maintenance and repair services that significantly contribute to the country’s technological infrastructure.
The sale to Baykar underscores Piaggio Aerospace’s importance as a key player in the aviation and defense ecosystem while opening new opportunities for technological integration between Italy and Turkey.
With Baykar’s support, Piaggio Aerospace is expected to continue its trajectory of innovation, solidify its position in the international market, and drive advancements in cutting-edge aerospace technologies.
Photo: X @ PiaggioA. This content was created with the help of AI and reviewed by the editorial team.
