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A new chapter for Piaggio Aerospace: acquisition by Baykar signals a strategic turning point

After six challenging years, Piaggio Aerospace is set to embark on a new journey under the ownership of Baykar, a leading Turkish company specializing in drones and advanced aerospace technologies. The preliminary agreement for the acquisition of Piaggio Aero Industries and Piaggio Aviation was officially signed on January 27, marking the end of a prolonged period of uncertainty for the historic Italian aeronautics company, which has been under extraordinary administration since December 2018.

The agreement was signed by Haluk Bayraktar, CEO of Baykar, alongside the extraordinary commissioners of Piaggio Aerospace: Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti. Approved by Italy’s Ministry of Enterprises and Made in Italy (Mimit) in December 2024, the deal includes an industrial plan designed to rejuvenate the company’s operations in Liguria.

Baykar has committed to maintaining and enhancing Piaggio Aerospace’s aircraft production capabilities, including technical support, logistics, training, engine maintenance, and the manufacturing of engine components. Furthermore, the Turkish company has expressed its intent to preserve Piaggio Aerospace’s historical identity while boosting production capacity and safeguarding employment in Italy.

According to Mimit, Baykar’s proposal was chosen for its ability to ensure not only the future of Piaggio Aerospace’s employees and creditors but also to revive the industrial prospects of the group. The Italian government evaluated three binding offers from international industrial players, ultimately selecting Baykar for its suitability in addressing the company’s needs.

Despite optimism surrounding the deal, concerns have been raised. Critics, particularly from opposition parties, worry about the strategic implications of transferring a key Italian aerospace company to foreign ownership. Baykar’s close ties to the Turkish government have also fueled apprehensions about potential conflicts with Italian and European interests. Additionally, there are questions about how the acquisition will impact job security for employees.

Labor unions have welcomed the resolution of Piaggio Aerospace’s uncertain future but remain cautious, awaiting further details on Baykar’s industrial plan. Uilm, Fiom, and Fim Cisl have emphasized the importance of safeguarding the expertise and workforce at Piaggio Aerospace’s facilities in Genoa and Villanova d’Albenga.

Founded in 1884 by Rinaldo Piaggio in Sestri Ponente (Genoa), Piaggio Aerospace is a cornerstone of Italy’s aeronautics sector. Over the years, the company has undergone numerous transformations. In 2014, it was fully acquired by Abu Dhabi’s Mubadala Development Company, adopting its current name. However, financial difficulties emerged shortly after, leading to restructuring efforts, including the closure of its Genoa facility in 2016. By 2018, the company entered extraordinary administration, leaving its future uncertain.

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