The transfer of the business operations of Piaggio Aero Industries and Piaggio Aviation—both under extraordinary administration and operating collectively as Piaggio Aerospace—to Turkish aerospace firm Baykar has been formally completed. The signing took place at Italy’s Ministry of Enterprises and...
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The transfer of the business operations of Piaggio Aero Industries and Piaggio Aviation—both under extraordinary administration and operating collectively as Piaggio Aerospace—to Turkish aerospace firm Baykar has been formally completed. The signing took place at Italy’s Ministry of Enterprises and Made in Italy.
The acquisition was approved by the Italian Prime Minister’s Office under the country’s golden power regulation. Minister of Enterprises and Made in Italy, Adolfo Urso, described it as “a strategic milestone in the relaunch of one of Italy’s historical aerospace brands with a major international investor, whose industrial plan opens up even greater market prospects in the unmanned aircraft sector, thereby strengthening the competitiveness of the Italian and European aerospace industry.” He added that “this operation has already been further reinforced through the broader strategic partnership between Baykar and Leonardo, which will allow our country to play a leading role in the European market. A great future… for a company that has had a glorious past, an icon of Made in Italy.”
The ceremony was attended by Minister Urso, Baykar CEO Haluk Bayraktar, and Piaggio Aerospace’s three extraordinary commissioners: Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti.
As part of the deal, Baykar has committed to maintaining the current workforce at the company’s facilities in Villanova d’Albenga and Genoa, with plans to increase staff as production scales up.
“Our goal is to revitalize Piaggio Aerospace with a bold industrial vision that builds on its legacy while unlocking its full potential for the future,” said Haluk Bayraktar. “We deeply respect the talented and hardworking people who have kept this company going through challenging times, and we are committed to working with them to create new opportunities, drive innovation, and ensure a prosperous future.”
Selçuk Bayraktar, Chairman and CTO of Baykar, added: “It is a great honour for us to take responsibility for the future of Piaggio Aerospace – a symbol of Italian innovation and excellence. Our goal is to revitalise this historic brand by investing in its civil aviation capabilities, expanding production of the P.180 Avanti EVO, and enhancing its role as a centre of excellence for aircraft and engine maintenance in Europe. We are committed to long-term growth, high-quality employment, and deepening industrial cooperation between Türkiye and Italy through Piaggio Aerospace’s strong heritage and engineering talent.”
He continued: “Piaggio Aerospace represents more than a century of engineering excellence. We see this acquisition not just as a business decision, but as an opportunity to build on that legacy and bring new life to Italian aviation design and manufacturing. We are deeply committed to preserving the unique identity of Piaggio Aerospace while infusing it with a spirit of innovation, safety, and performance to meet the demands of today’s global civil aviation market.”
The extraordinary commissioners welcomed the completion of the sale, describing it as “a historic moment for the revival of one of the oldest names in Italian aviation.” They expressed satisfaction with the transaction, noting that it safeguards both industrial continuity and employment, while contributing to the strength of the wider aerospace sector in Italy and Europe. They also highlighted that the company remained operational throughout the sale process without reliance on bank loans or government aid.
The acquisition is part of a wider industrial cooperation framework between Italy and Türkiye, which includes a joint venture between Baykar and Leonardo for the co-development of unmanned aerial vehicles. In this context, Baykar has submitted a development plan for Piaggio Aerospace that includes targeted investments intended to stabilise and expand the business.
The plan includes relaunching the P.180 Avanti EVO aircraft, which has undergone technical updates in collaboration with the Italian Ministry of Defence. The upgrades are expected to support renewed commercial efforts. Production of Baykar’s AKINCI and TB2 UAVs is also set to be integrated into Piaggio Aerospace’s manufacturing capabilities to meet projected market demand. The company’s facilities are additionally expected to serve as a European centre of excellence for aircraft and engine maintenance.
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