Baykar purchases Italy’s aviation leader Piaggio Aerospace
Date
12/29/2024 12:33:57 AM
(MENAFN) Italy has approved the Acquisition of Piaggio Aerospace, a cornerstone of its Aviation industry, by Turkish unmanned combat aerial vehicle (UCAV) manufacturer Baykar.
In a Friday press release, Baykar announced it had outbid competitors from various nations in a competitive tender for Piaggio Aerospace, founded in 1884. The sale received approval from Italy's Ministry of Enterprises and Made in Italy.
Baykar collaborated with Pragma Consulting for financial valuation throughout the acquisition process.
Renowned for its iconic P.180 Avanti business jets, known as the "Ferrari of the skies," and its aircraft engines, Piaggio Aerospace also plays a pivotal role in Italy’s defense sector. The company provides critical maintenance, repair, and overhaul services and has significantly contributed to Italy’s technological advancements over its 140-year history.
Adolfo Urso, Italy’s minister of enterprises and made in Italy, stated that the acquisition ensures a revitalized future for Piaggio Aerospace with a robust and ambitious industrial plan. “After six years of uncertainty, we are securing a long-term production perspective for this strategic asset, protecting its facilities and workforce,” he added.
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