Finance
Turkish drone maker Baykar buys Italy's Piaggio Aerospace
Published by Global Banking & Finance Review®
Posted on December 27, 2024
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 27, 2024
1 min readLast updated: January 27, 2026
Baykar, a Turkish drone maker, has acquired Italy's Piaggio Aerospace, promising to expand production and safeguard jobs.
ROME (Reuters) - Turkish drone maker Baykar has bought Italian aircraft producer Piaggio Aerospace, Italy's industry ministry said on Friday, without disclosing financial details.
Piaggio Aerospace - unconnected to Vespa scooters maker Piaggio - had been under government-controlled special administration since filing for protection from creditors in 2018.
In a statement, the ministry said Baykar's offer for the company had been preferred over two other final and binding bids from international players.
It was deemed the "most suited to guarantee the interests of workers and creditors (of Piaggio Aerospace) and relaunch the group's industrial prospects", the ministry said.
Baykar pledged 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.
(Reporting by Alvise Armellini, editing by Gianluca Semeraro)
The main topic is Baykar's acquisition of Piaggio Aerospace, focusing on industrial expansion and job protection.
Baykar's offer was deemed most suitable to protect workers and creditors and to relaunch Piaggio's industrial prospects.
Baykar plans to maintain and expand aircraft production, technical support, training, and engine maintenance.
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