Piaggio Aerospace sold

Since filing for creditor protection in 2018, Piaggio had been under government-controlled special administration. The news release notes that Baykar outbid “rivals from multiple countries.” MISE did not disclose financial details.

Founded in 1884, Piaggio is one of the world’s oldest aircraft manufacturers. Today, it offers what is considered its flagship, the turboprop P.180 Avanti EVO, to business travelers; designs and develops “Unmanned Aerial Systems (UAS), and advanced Multirole Patrol Aircraft (MPA)"; performs maintenance, repair, and overhaul  on “a wide variety of aircraft engines”; and assembles and tests Honeywell and Pratt & Whitney Canada engines, according to its website.

Baykar was founded in 1986 and in 2004 started developing unmanned aircraft systems, eventually supplying drones to the Turkish defense/aviation sector, Saudi Arabia, Poland, Azerbaijan, Qatar, and Ukraine, according to its website.

MISE Minister Adolfo Urso said, “After six years of waiting, we are giving Piaggio Aerospace, a strategic asset for our country, a future with a long-term production perspective, safeguarding corporate complexes and workforce.”

Baykar said that by acquiring Piaggio it will expand its influence in the European market and also increase Piaggio’s production capacity and workforce, all the while ensuring “that Piaggio’s historical identity is carried into the future.”