A few days ago, the Italian Ministry of Economy and “Made in Italy” approved the sale of the long-established Italian company Piaggio Aerospace to the leading Turkish drone manufacturer Baykar. Information on the purchase price is not currently available to Militär Aktuell.
After Piaggio Aerospace initiated insolvency restructuring proceedings in December 2018, the Minister for Economic Affairs and “Made in Italy” Commissioner Senator Adolfo Urso welcomed the “positive solution” to these long-standing proceedings. “After six years of waiting, we are securing a future for Piaggio Aerospace. The company, a strategic asset for our country, has a long-term production perspective that protects both the company structures and the workforce,” said Urso.
Baykar has won the bidding process for the sale of Piaggio Aerospace, which was founded in 1884, against international competitors, as the company confirmed in a press release. According to media reports, however, only three offers were ultimately submitted.
Baykar CEO Haluk Bayraktar said: “We are proud to lead Piaggio Aerospace, an icon of Italian aviation with 140 years of tradition, into the future. With a shared vision and a strong commitment, we will work to preserve Piaggio’s historical identity, expand production capacity and promote job growth in Italy – always in line with innovation and a respectful view of the company’s roots.”
Piaggio Aerospace – a 140-year-old Italian company with a long tradition
Piaggio Aerospace is best known in the aviation industry for the production of the P.180 Avanti business jets (“Ferrari of the skies”) and aircraft engines. The P.180 Avanti is also used in large numbers by the Italian Air Force. In addition, the company plays a strategic role in the Italian defence industry thanks to its maintenance, repair and overhaul (MRO) services and is recognized for its significant contribution to Italy’s technological infrastructure over its 140-year history.
