Baykar acquires Italian aviation giant
Defense industry company Baykar is acquiring the Italian aviation giant Piaggio Aerospace. The Italian Ministry of Enterprises and Made in Italy has approved the sale.
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Baykar has emerged as the winning bidder in the tender to acquire Piaggio Aerospace, Italy's long-established aviation firm founded in 1884.
Baykar, led by Chairman of the Board Selçuk Bayraktar and CEO Haluk Bayraktar, secured the acquisition following a competitive bidding process. According to a statement from Baykar, the Italian Ministry of Enterprises and Made in Italy has approved the sale of the country's aviation giant, Piaggio Aerospace, to Baykar.
KNOWN AS THE 'FERRARI OF THE SKIES'
Known in the aviation industry as the 'Ferrari of the skies' for its production of P.180 Avanti business jets and aircraft engines, Piaggio Aerospace also holds a strategic role in Italy's defense industry ecosystem through its maintenance, repair, and overhaul (MRO) services.
With a 140-year history, Piaggio is recognized for its significant contributions to Italy's technological infrastructure.
Stating that the company's resumption of operations is secured by a clear and ambitious industrial vision, Italian Minister of Enterprises and Made in Italy Adolfo Urso said, "After a six-year wait, we are offering a future to Piaggio Aerospace. This company, which is a strategic asset for our country, is being revitalized with a long-term production perspective, while corporate structures and the workforce are being protected."