Piaggio Aerospace's Business Complexes Acquired By Baykar

The formal transfer of the business complexes of Piaggio Aero Industries and Piaggio Aviation, both companies under extraordinary administration operating under the Piaggio Aerospace brand, to the Turkish aerospace firm Baykar was completed at the Ministry of Enterprises and Made in Italy.

The acquisition, approved by the Italian Prime Minister’s Office under the golden power regulation, marks, said Minister Adolfo Urso “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. 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, Urso concluded, for a company that has had a glorious past, an icon of Made in Italy.”

The signing ceremony was attended, together with the Minister of Enterprises and Made in Italy Adolfo Urso, by Baykar CEO, Haluk Bayraktar; and the Extraordinary Commissioners of Piaggio Aerospace, Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti.

According to the terms of the agreement, Baykar has committed to sustaining the existing employment levels at the Villanova d’Albenga and Genoa locations, with intentions to increase the workforce in conjunction with the expansion of production activities.

“Our goal is to revitalise Piaggio Aerospace with a bold industrial vision that builds on its legacy while unlocking its full potential for the future. 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,” stated Haluk Bayraktar, CEO of Baykar.

Selçuk Bayraktar, Chairman and CTO of Baykar, said: “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”.

“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”, Bayraktar added.

The Commissioners characterised the transaction as "a historic moment for the revival of one of the oldest names in Italian aviation," expressing their satisfaction with the results. They highlighted that the agreement guarantees both industrial and employment continuity in the region while presenting a substantial opportunity to bolster the broader Italian and European aerospace sectors. Furthermore, they pointed out that the transition marks the conclusion of a process during which the company maintained full operational capacity without relying on bank financing or government assistance.

The acquisition is integral to a comprehensive industrial cooperation framework between Italy and Türkiye, which also encompasses a joint venture between Baykar and Leonardo for the co-development of unmanned aerial vehicles. In this context, Baykar has proposed an ambitious industrial plan for Piaggio Aerospace and is committed to making the strategic investments required to stabilise and expand the business.

The primary objectives of the development plan include the relaunch of the iconic P.180 Avanti EVO aircraft. Recent technological upgrades, developed in collaboration with the Italian Ministry of Defence, will position the aircraft as a central element in new commercial and promotional initiatives aimed at enhancing its competitiveness in global markets.

Additionally, Piaggio Aerospace's facilities have been designated for the production of the AKINCI and TB2 UAVs, two of the most advanced Unmanned Aerial Vehicles currently in service, to meet future market demand. Efforts will also be directed towards establishing a European centre of excellence for aircraft and engine maintenance, further solidifying the company’s strategic role in the European industrial landscape.