Italy’s Ministry of Enterprises and Made in Italy has authorized the sale of Piaggio Aero Industries and Piaggio Aviation—both under extraordinary administration since 2018—to Turkish company Baykar Makina Sanayi Ve Ticaret Anonim Sirketi (Baykar). Baykar is recognized as a leader in the development of unmanned aerial vehicles (UAVs) and advanced aerospace technologies.

The decision concludes a process initiated after Piaggio Aerospace, a renowned Italian manufacturer of aircraft and engines, entered extraordinary administration in December 2018 due to financial difficulties. During the most recent bidding process, three binding offers were submitted by international companies. According to the ministry, Baykar’s proposal was selected after a “comparative evaluation” as it was deemed the most suitable to protect the interests of employees, creditors, and the group’s industrial future.

Baykar has committed to maintaining and strengthening aircraft production activities, including technical support, logistics, and training services, as well as engine manufacturing and maintenance.

Baykar’s CEO, Haluk Bayraktar, emphasized that “By incorporating Piaggio Aerospace, a company with 140 years of rich heritage, we are bringing the strength of the Turkish aerospace industry to Europe. With this strategic step, we are not only enhancing our production capacity but also taking on the responsibility of carrying a historic brand into the future.”

Italy’s Minister of Enterprises and Made in Italy, Adolfo Urso, described the acquisition as a pivotal step in securing Piaggio Aerospace’s future. “The company’s relaunch has been ensured, with a clear and ambitious industrial vision,” Urso stated. He added that “After six years of waiting, we are giving Piaggio Aerospace, a strategic asset for our country, a future with long-term productive prospects while safeguarding its industrial complexes and workforce.”

Under the management of commissioners Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti, Piaggio Aerospace maintained operations during the extraordinary administration period. According to the ministry, the company built a significant order portfolio, enabling it to self-finance its activities without relying on state aid, bank loans, or wage support programs.

Additionally, during this period, Piaggio Aerospace developed an advanced version of its P.180 aircraft, with deliveries to its main client already underway.