Italian manufacturer Piaggio Aerospace has a new owner, several years after the company went into administration.
Turkish UAV manufacturer Baykar Technology announced late last month that they had acquired Piaggio after Italy's Ministry of Enterprise approved the sale.
Baykar said it had outbid several other international companies to secure Piaggio, which is known mostly for its P.180 Avanti EVO and Avanti II twin turbo-props.
Piaggio first went into administration in 2018, fighting its way back to solvency with the help of Italian defence contracts, and being placed on the market again in May 2023.
Italian Minister Adolfo Urso said "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 workforce.”
"With this acquisition, Baykar is set to expand its influence in the European aviation market while preserving Piaggio’s historical legacy and enhancing its production capacity," a Baykar statement reads.
"Baykar’s future vision includes growing the employment opportunities that Piaggio provides in Italy. This strategic move adds to the global successes of Türkiye’s aviation industry and ensures that Piaggio’s historical identity is carried into the future through this agreement."
Baykar is listed among the top 10 exporters in Turkey and is believed to have around 60% of the world's Uncrewed Combat Aerial Vehicle (UCAV) market. Piaggio produces the P.1HH Hammerhead UAV based on the Avanti airframe.