The Italian Ministry for Business has approved the sale of Piaggio Aerospace and Piaggio Aviation to the Turkish aerospace firm Baykar Technologies.
This decision concludes a challenging period for Piaggio Aerospace, which entered extraordinary administration in December 2018.
Government-appointed extraordinary commissioners reported in June 2023 that 18 expressions of interest (EOIs) had been submitted for the purchase of Piaggio Aero Industries and Piaggio Aviation.
“The market is sending us encouraging signals. Most of the EOIs were submitted by prominent business entities,” stated Commissioners Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti at the time.
Baykar’s bid was selected over two other international offers. The Extraordinary Commissioners determined that Baykar’s proposal was the best option for employees, creditors, and the future of the company.
According to the Ministry, Baykar plans to preserve and expand Piaggio’s production capacities.
“The relaunch of the company is guaranteed, with a clear and ambitious industrial vision,” declared the Minister of Enterprise and Made in Italy, Senator Adolfo Urso. “We are giving Piaggio Aerospace a future, a strategic asset for our country, with a long-term production perspective, safeguarding corporate complexes and workforce.”
Despite previous challenges, Piaggio Aerospace maintained operations and built a robust order portfolio, which includes an upgraded version of the P.180 aircraft. In 2023, Piaggio Aerospace reported a €556 million ($610 million) order portfolio, with a P.180 Avanti EVO backlog of 17 units.
Piaggio also developed an unmanned version of the P.180 called the P.1HH HammerHead. This twin-turboprop medium-altitude long-endurance (MALE) drone conducted its maiden flight in 2013, and in 2016, the UAE Air Force ordered eight units.
Baykar’s acquisition aims to leverage Piaggio’s aviation innovations by bringing improved production and maintenance capabilities.
