Turkish defense contractor Baykar has acquired Italian aircraft manufacturer Piaggio Aerospace, the ANSA news agency reported.
The Italian company, which develops, builds and supports aircraft and aero-engines, had been under government-controlled special administration since filing for protection from creditors in 2018.
The sale of Piaggio Aerospace was officially approved by the Italian Ministry of Enterprises and Made in Italy after Baykar was declared the winner in a competitive auction, beating competitors from several countries.
Piaggio Aerospace was founded in 1884 and is the manufacturer of the legendary P.180 Avanti business jet and its twin-turbofan, three-sector engines.
It also provides maintenance, repair and overhaul services for many strategic platforms in the Italian defense portfolio. For more than 140 years, Piaggio Aerospace has been contributing to the development of Italy’s technological infrastructure.
Italian Enterprise Minister Adolfo Urso said the acquisition secures Piaggio Aerospace’s future after years of financial uncertainty.
“After six years of waiting, we are giving Piaggio Aerospace, a strategic asset for our country, a future with a long-term production perspective, safeguarding corporate complexes and the workforce,” Urso was quoted by Turkey’s state-run Anadolu news agency as saying.
Baykar, which reported $1.8 billion in exports in 2023, ranks among Turkey’s top 10 exporters across all industries. According to the Center for a New American Security, Turkey produces 65 percent of global UAV exports, with Baykar representing about 60 percent of Turkey’s share. The company exports more than 90 percent of its products to 35 countries.
The acquisition means Baykar will oversee the production of some F-35 fighter jet components through Piaggio Aerospace, formerly Piaggio Aero Industries, which manufactures turbine engine vanes for the aircraft.