The Italian Ministry of Industry announced in a statement that Turkish drone manufacturer Baykar has acquired Italian aircraft manufacturer Piaggio Aerospace. The ministry said Baykar is the most suitable candidate to protect the rights of Piaggio Aerospace's employees and creditors and to revive the company's industrial prospects.
Piaggio Aerospace has been operating under special state administration since 2018 to protect itself from creditors' demands. The Italian Ministry of Industry noted that Baykar's offer surpassed the offers of two other international candidates.
Baykar has committed to continuing and expanding Piaggio's aircraft production, technical support, training and logistics services, as well as engine repair and component production. Italian Minister of Industry and Made in Italy Adolfo Urso stressed that the agreement secures the future of Piaggio Aerospace:
"After six years of waiting, we are securing a long-term production future for Piaggio Aerospace, which is of strategic importance for our country," Urso said.
It was announced that Baykar will increase its production capacity and expand its influence in the European aviation market by preserving Piaggio's historical heritage with this acquisition. Baykar's future plans also include increasing Piaggio's business opportunities in Italy.
Baykar and the UAV Market
Baykar, which is among Turkey's top 10 exporters with exports of $1.8 billion in 2023, controls 65% of the world's UAV market. According to a report by the US think tank "Center for a New American Security", Baykar is three times larger than its closest US competitor and accounts for 60% of the market alone.
Baykar, which has earned more than 90% of its revenue from exports in recent years, has delivered Bayraktar TB2 and Bayraktar AKINCI UAVs to 35 countries.
