Sale of Piaggio Aero to Baykar closed

The sale of Piaggio Aerospace closed. The closing of the operation that sanctions the definitive transfer of the corporate complexes of Piaggio Aero industries and Piaggio Aviation (the two companies, hitherto under extraordinary administration, operating under the Piaggio Aerospace brand) to the Turkish company Baykar has been finalised at the Ministry of Enterprise and Made in Italy.

The acquisition, authorised by the Presidency of the Council of Ministers within the framework of the golden power regulation, represents, said Minister Adolfo Urso, 'a strategic step for the re-launch of one of the historical brands of the Italian aeronautical industry, with a major international investor, whose industrial plan opens up even more important market prospects in the unmanned aircraft sector, thus strengthening the competitiveness of the Italian and European aerospace industry. This operation has already had a further, significant impact on the broader partnership between Baykar and Leonardo, which will allow our country to play a leading role in the European market'.

Present at the signing of the agreement, besides Urso, were Baykar's CEO, Haluk Bayraktar, and the extraordinary commissioners of Piaggio Aero, Carmelo Cosentino, Vincenzo Nicastro and Gianpaolo Davide Rossetti. According to the terms of the agreement, Baykar undertakes to maintain current employment levels at the Villanova d'Albenga and Genoa sites, with the prospect of an increase in the workforce, in line with the expansion of production activities.

"Our goal," said Haluk Bayraktar, "is to re-launch the company with an ambitious industrial vision, capable of enhancing its heritage and, at the same time, developing its full potential for the future. We have great respect for the people who, with competence and determination, have kept Piaggio Aero alive even in the most difficult times, and we are ready to work alongside them, to create new opportunities, promote innovation and build a solid and sustainable future".

Selçuk Bayraktar, President and CTO of Baykar, recalled that Piaggio Aero is "a symbol of Italian innovation and excellence. Our goal is to revitalise this historic brand by investing in its expertise in the civil aviation sector, increasing production of the P.180 Avanti Evo and strengthening its role as a centre of excellence for aircraft and engine maintenance in Europe. We are aiming at long-term growth, enhancing human resources and strengthening the industrial partnership between Turkey and Italy, leveraging Piaggio Aerospace's history and engineering talent".