Turkish drone manufacturer Baykar has successfully acquired Piaggio Aerospace, an Italian aircraft producer, according to a statement released by Italy’s industry ministry on Friday. The financial terms of the transaction were not disclosed.
Piaggio Aerospace, unrelated to the iconic Vespa scooter manufacturer Piaggio, has been under government-controlled special administration since filing for creditor protection in 2018.
The ministry revealed that Baykar’s proposal was selected over two other final and binding offers submitted by international bidders. The decision was based on Baykar’s ability to meet the strategic interests of Piaggio Aerospace’s workforce and creditors while ensuring a robust plan to revitalize the company’s industrial operations.
Baykar has committed to maintaining and expanding Piaggio Aerospace’s production capabilities. This includes the continued manufacture of aircraft, as well as providing technical support, training, and logistics services. Additionally, the company plans to bolster the maintenance and production of engines and engine components, underscoring its long-term investment in the business.
This acquisition marks a significant step in the aerospace industry, signaling Baykar’s growing influence and its commitment to sustaining Piaggio Aerospace’s legacy while fostering its future development.
