Baykar completes acquisition of Piaggio Aerospace's business complexes
The transfer of the
business complexes of Piaggio Aero Industries and Piaggio Aviation – the two
companies under extraordinary administration operating under the Piaggio
Aerospace brand – to the Turkish aerospace firm Baykar was formally completed
today at the Ministry of Enterprises and Made in Italy.
The acquisition, approved
by the Italian Prime Minister’s Office under the golden power regulation, marks
– said Minister Adolfo Urso – “a strategic milestone in the relaunch of one of
Italy’s historical aerospace brands with a major international investor, whose
industrial plan opens up even greater market prospects in the unmanned aircraft
sector, thereby strengthening the competitiveness of the Italian and European
aerospace industry. This operation has already been further reinforced through
the broader strategic partnership between Baykar and Leonardo, which will allow
our country to play a leading role in the European market. A great future –
Urso concluded – for a company that has had a glorious past, an icon of Made in
Italy.”
The signing ceremony was attended, together with the Minister of Enterprises and Made in Italy Adolfo Urso, by Baykar CEO, Haluk Bayraktar; and the Extraordinary Commissioners of Piaggio Aerospace Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti.
Under the terms of the
agreement, Baykar has pledged to maintain current employment levels at the
Villanova d’Albenga and Genoa sites, with plans to expand the workforce in line
with the growth of production activities.
“Our goal is to revitalize
Piaggio Aerospace with a bold industrial vision that builds on its legacy while
unlocking its full potential for the future. We deeply respect the talented and
hardworking people who have kept this company going through challenging times,
and we are committed to working with them to create new opportunities, drive
innovation, and ensure a prosperous future,” stated Haluk Bayraktar, CEO of
Baykar.
Selçuk Bayraktar, Chairman
and CTO of Baykar, said: “It is a great honor for us to take responsibility for
the future of Piaggio Aerospace – a symbol of Italian innovation and
excellence. Our goal is to revitalize this historic brand by investing in its civil
aviation capabilities, expanding production of the P.180 Avanti EVO, and
enhancing its role as a center of excellence for aircraft and engine
maintenance in Europe. We are committed to long-term growth, high-quality
employment, and deepening industrial cooperation between Türkiye and Italy
through Piaggio Aerospace’s strong heritage and engineering talent”.
“Piaggio Aerospace
represents more than a century of engineering excellence. We see this
acquisition not just as a business decision, but as an opportunity to build on
that legacy and bring new life to Italian aviation design and manufacturing. We
are deeply committed to preserving the unique identity of Piaggio Aerospace while
infusing it with a spirit of innovation, safety, and performance to meet the
demands of today’s global civil aviation market”.
The Extraordinary Commissioners described the transaction as “a historic moment for the revival
of one of the oldest names in Italian aviation,” expressing satisfaction with
the outcome. They emphasized that the deal ensures not only industrial and
employment continuity in the region, but also offers a significant opportunity
to strengthen the broader Italian and European aerospace sectors. They noted
that the transition concludes a process during which the company remained fully
operational, without resorting to bank financing or Government support.
The acquisition is part of
a broader framework of industrial cooperation between Italy and Türkiye, which
also includes a joint venture between Baykar and Leonardo for the
co-development of unmanned aerial vehicles. Within this context, Baykar has
presented an ambitious industrial plan for Piaggio Aerospace, and will make the
strategic investments necessary to stabilise and grow the business.
Key objectives of the
development plan include the relaunch of the iconic P.180 Avanti EVO aircraft.
Thanks to recent technological upgrades developed in collaboration with the
Italian Ministry of Defence, the aircraft will be the focus of new commercial
and promotional initiatives aimed at boosting its competitiveness in global
markets. The production of the AKINCI and TB2 UAVs - two of the most advanced Unmanned Aerial Vehicles currently in service - has been designated for Piaggio Aerospace's facilities to support future market demand. Additionally, work will also focus on establishing a European
center of excellence for aircraft and engine maintenance, further reinforcing
the company’s strategic role in the European industrial landscape.