Turkish drone manufacturer Baykar has acquired Italian aircraft manufacturer Piaggio Aerospace, as announced by Italy’s industry ministry on Friday, although financial terms were not disclosed. Piaggio Aerospace, which is not affiliated with the Vespa scooter manufacturer Piaggio, had been under government-controlled special administration since it sought creditor protection in 2018.
According to the ministry’s statement, Baykar’s proposal was selected over two other final and binding offers from international competitors. The ministry noted that Baykar’s bid was considered the “most appropriate to safeguard the interests of Piaggio Aerospace’s workers and creditors while revitalizing the company’s industrial future.” Baykar has committed to sustaining and enhancing aircraft production, along with associated technical support, training, logistics, engine maintenance, and manufacturing of engine components.
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