Attending the ceremony were Italy’s Minister of Enterprises and Made in Italy, Adolfo Urso; Baykar CEO Haluk Bayraktar; and the Extraordinary Commissioners of Piaggio Aerospace, Carmelo Cosentino, Vincenzo Nicastro, and Gianpaolo Davide Rossetti. The acquisition marks the beginning of a new chapter for Piaggio Aerospace, which carries a legacy of 140 years in aviation.
Minister Urso emphasised the strategic importance of the transaction for Italy’s industrial future. “With this operation, we are safeguarding a strategic industrial asset for the country and laying the foundation for a concrete relaunch of the Italian aerospace sector,” he said.
He added that “Piaggio Aerospace can once again play a leading role thanks to a solid industrial plan, new investments, and the enhancement of local expertise.” Urso also noted that the deal reflects the government’s ability to protect industrial sovereignty while attracting international investment.
Baykar CEO Haluk Bayraktar described the acquisition as an effort to preserve and advance Piaggio’s heritage. “Our goal is to revitalize Piaggio Aerospace with a bold industrial vision that builds on its legacy while unlocking its full potential for the future,” he stated.
“We deeply respect the talented and hardworking people who have kept this company going through challenging times,” Bayraktar added, expressing Baykar’s commitment to innovation and growth in partnership with local personnel.
Baykar Chairman and CTO Selçuk Bayraktar also underlined the significance of the acquisition for European aerospace cooperation. “It is a great honour for us to take responsibility for the future of Piaggio Aerospace – a symbol of Italian innovation and excellence,” he said.
He confirmed plans to expand civil aviation activities, stating: “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.”
Selçuk Bayraktar further highlighted the company’s long-term vision. “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,” he said.
The Extraordinary Commissioners expressed satisfaction with the agreement, calling it “a historic moment for the revival of one of the oldest names in Italian aviation.” They noted that the transition took place without recourse to bank financing or government support.
The deal also supports broader industrial cooperation between Türkiye and Italy, building on Baykar’s joint venture with Leonardo to develop unmanned aerial vehicles. Baykar plans to implement a comprehensive industrial strategy to stabilise and grow Piaggio Aerospace.
Under the new ownership, Piaggio’s facilities will serve as a European production base for both the P.180 Avanti EVO and Baykar’s advanced unmanned combat aerial vehicles (UCAVs). This includes the Bayraktar TB2 and the Bayraktar AKINCI, in response to global demand.
Baykar aims to transform the site into a Europe-wide centre for aircraft and engine maintenance. This initiative is intended to secure Piaggio’s industrial continuity while strengthening its role within the European aerospace landscape.
The Turkish company has financed its projects independently since inception and has earned a reputation as a global export leader. Baykar generated $1.8 billion in export revenue in both 2023 and 2024, earning 90 percent of its income from international markets last year.
Recognised as the world’s largest exporter of unmanned aerial vehicles, Baykar has signed agreements with 36 countries. These include 35 for the Bayraktar TB2 UCAV and 15 for the Bayraktar AKINCI HALE UCAV, reinforcing its global footprint in the defence and aerospace industry.
Baykar’s acquisition of Piaggio Aerospace represents both a commitment to preserving Italian industrial heritage and a strategic move to reinforce Europe’s aerospace capabilities. With a renewed focus on innovation and cooperation, the historic Italian brand is set for a new era of growth.
