The transfer of the business complexes of Piaggio Aero Industries and Piaggio Aviation, the two companies under extraordinary administration operating under the Piaggio Aerospace brand, to the Turkish aerospace firm Baykar, has been formally completed at the Ministry of Enterprises and Made in Italy. Giovanni Tomassini has been appointed CEO of Piaggio Aerospace.

The acquisition, approved by the Italian Prime Minister's Office under the golden power regulation, marks, says Minister Adolfo Urso is: “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 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.

Under the terms of the agreement, Baykar has pledged to maintain current employment levels at Piaggio's Villanova d'Albenga and Genoa sites, with plans to expand the workforce in line with the growth 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,” states Haluk Bayraktar, CEO of Baykar.

Selçuk Bayraktar, chairman and CTO of Baykar, adds: “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.”

The extraordinary commissioners described the transaction as “a historic moment for the revival of one of the oldest names in Italian aviation,” expressing satisfaction with the outcome. They emphasised that the deal ensures not only industrial and employment continuity in the region, but also offers a significant opportunity to strengthen the broader Italian and European aerospace sectors. They noted that the transition concludes a process during which the company remained fully operational, without resorting to bank financing or government support.

The acquisition is part of a broader framework of industrial cooperation between Italy and Turkey, which also includes a joint venture between Baykar and Leonardo for the co-development of unmanned aerial vehicles. Within this context, Baykar has presented an ambitious industrial plan for Piaggio Aerospace, and will make the strategic investments necessary to stabilise and grow the business.

Key objectives of the development plan include the relaunch of the P.180 Avanti EVO aircraft. Thanks to recent technological upgrades developed in collaboration with the Italian Ministry of Defence, the aircraft will be the focus of new commercial and promotional initiatives aimed at boosting its competitiveness in global markets. The production of the AKINCI and TB2 UAVs, two of the most advanced unmanned aerial vehicles currently in service, has been designated for Piaggio Aerospace's facilities to support future market demand. Additionally, work will also focus on establishing a European centre of excellence for aircraft and engine maintenance, further reinforcing the company's strategic role in the European industrial landscape.