Baykar Technologies Acquires Piaggio Aerospace
The Italian Ministry for Business has approved the sale of Piaggio Aerospace and Piaggio Aviation to Baykar Technologies, a leading Turkish aerospace firm. This move marks the conclusion of a challenging period for Piaggio Aerospace, which entered extraordinary administration in December 2018.
Piaggio Aerospace, a key player in Italy’s aviation industry, had been struggling financially before receiving a major boost in June 2023, when it attracted 18 expressions of interest (EOIs) from potential buyers. Baykar’s bid was chosen over two other international offers, with the extraordinary commissioners citing the Turkish firm’s proposal as the best option for Piaggio’s workforce, creditors, and long-term future.
Baykar Technologies is expected to preserve and expand Piaggio’s production capacities, with plans to continue the development of its innovative aviation technologies. The acquisition is seen as a strategic move, with Baykar aiming to relaunch Piaggio Aerospace with a clear and ambitious industrial vision, which will safeguard the company’s workforce and provide long-term production opportunities.
Minister of Enterprise and Made in Italy, Senator Adolfo Urso, expressed confidence in the future of Piaggio Aerospace under Baykar’s leadership, calling it a “strategic asset” for Italy with a bright future ahead. He assured that Piaggio’s corporate structure and workforce would be safeguarded, and its long-term production perspective would be secured.
Despite its financial struggles, Piaggio Aerospace maintained operations throughout its extraordinary administration and continued to build a strong order portfolio. In 2023, the company reported a €556 million ($610 million) order backlog, with 17 units of the P.180 Avanti EVO aircraft pending delivery. Piaggio also developed the P.1HH HammerHead, an unmanned version of the P.180, which saw its maiden flight in 2013 and secured an order of eight units from the UAE Air Force in 2016.
Baykar’s acquisition of Piaggio Aerospace is expected to leverage the company’s advanced aviation innovations, improving both production and maintenance capabilities while strengthening its global presence in the aerospace sector.
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