Italy has approved Baykar's acquisition of Piaggio Aerospace, a move to strengthen Turkish aviation in Europe, expanding production capacity and preserving a historic brand.
Italy has approved the acquisition of Italian aircraft maker Piaggio Aerospace, by Baykar, Turkish producer of unmanned combat aerial vehicle (UCAV).
Established in 1884, Piaggio Aerospace – unconnected to Vespa scooter maker Piaggio – had been under government-controlled special administration since filing for protection from creditors in 2018. The company specializes in designing and constructing aircraft and aeronautical engines for both military and civil applications.
Without disclosing financial details, the ministry stated that Baykar's offer among two others is considered “the most suitable to guarantee the interests of the employees and creditors of Piaggio Aerospace and to relaunch the Group's industrial prospect.”
"The relaunch of the company is guaranteed, with a clear and ambitious industrial vision," - said the Minister of Enterprise and Made in Italy, Adolfo Urso. “After six years of waiting, we are giving a future to Piaggio Aerospace that is a strategic asset of our country.”
Baykar committed to maintain and expand the production of aircraft and related technical support, training and logistics activities, as well as engine maintenance and engine component manufacturing, the statement added.
Baykar has turned into the world's largest drone company. Türkiye controls “65% of the global drone market,… and almost 60% of this market belongs to Baykar,” – said Anadolu Agency referring to Selcuk Bayraktar, the Chairman and Chief Technology Officer of Turkish drone maker.” Baykar's revenues were $2 billion last year, up from $1.4 the previous year, with 90% from foreign markets. The company accounts for around a third of Turkey's total defence and aerospace exports.
"As Baykar, we are strengthening the Turkish aviation industry’s position in Europe by acquiring Piaggio Aerospace, a company with a rich 140-year legacy," - Haluk Bayraktar, the company's CEO, wrote on platform X.
"With this strategic move, we are not only enhancing our production capacity but also taking on the responsibility of carrying a historic brand into the future."
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Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 21st of July, covering the latest developments you need to know.
Start your day informed with AnewZ Morning Brief. Here are the top news stories for the 22nd of July, covering the latest developments you need to know.
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ASEAN foreign ministers opened the 59th ASEAN Foreign Ministers’ Meeting in Manila on 21 July, launching four days of talks that run until 24 July. The agenda includes South China Sea tensions, Myanmar’s conflict and growing U.S.-China rivalry.
Canadian Foreign Minister Anita Anand has renewed calls for an immediate de-escalation and permanent ceasefire in the Middle East while she warned that the humanitarian situation had become "quite grave". Anand also raised concern over tensions in the South China Sea.
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