The Italian ministry for business cleared the acquisition process of Piaggio Aerospace and its subsidiary, Aviation, by a Turkish aerospace manufacturer called Baykar Technologies, concluding a chaotic tenure for the already beleaguered Italian aviation company.
Piaggio Aerospace was under extraordinary administration from December 2018. In June 2023, a report from the government-commissioned commissioners stated that 18 EOIs have been submitted to acquire. After scrutinising several propositions, the commissioners found that Baykar’s proposal stood out to be the best for the company’s stakeholders, creditors, and potential future prospects.
“The re-launch of the company is assured, supported by a clear and ambitious industrial vision,” declared Senator Adolfo Urso, Minister of Enterprise and Made in Italy. The Ministry confirmed Baykar’s commitment to preserving and developing Piaggio’s production capacity, protecting its workforce, and maintaining its strategic importance for Italy.
Despite financial pressure, Piaggio Aerospace managed to deliver a sizeable portfolio of orders worth €556 million ($610 million) by 2023 and held a total order backlog with 17 examples of the advanced P.180 Avanti EVO aircraft in the books. The company also continued to innovate with the twin-turboprop P.1HH HammerHead drone currently being used by the UAE Air Force.
Under the leadership of Baykar, Piaggio is poised to leverage its advancements in aviation while gaining from Baykar’s expertise, thereby ensuring a sustainable and innovative future for the esteemed Italian manufacturer.
