Turkish drone manufacturer Baykar has announced the completion of its acquisition of Italian aerospace company Piaggio Aerospace, according to an official statement from the Italian Ministry of Enterprise and Made in Italy on Monday.
According to foreign media, with this move, Ankara is purchasing a European business "vehicle" to participate in the 150 billion euro SAFE program.
"The completion of the procedure certifying the definitive transfer of the corporate groups Piaggio Aero Industries and Piaggio Aviation, the two companies operating under an emergency management regime under the Piaggio Aerospace brand to the Turkish Baykar, was completed today at the Ministry of Enterprise and Made in Italy," the statement said.
According to Daily Sabah, Italy's Minister of Enterprise and Production, Adolfo Urso, described the agreement as "a strategic step towards the rebirth of one of the most historic names in the Italian aeronautical industry, with a strong international investor, whose industrial plan opens up even greater prospects in the unmanned aircraft market, thus strengthening the competitiveness of the Italian and European space industry."
"This agreement already has a significant impact on the broader cooperation between Baykar and Leonardo, which will allow our country to play a leading role in the European market. A bright future for a company with a glorious past, an emblematic name of Made in Italy," added Urso, writes A2 CNN.
Baykar CEO Haluk Bayraktar said their goal is to relaunch Piaggio Aerospace with an ambitious industrial strategy that will highlight its heritage, while fully developing its potential for the future.
For his part, Baykar's Chief Technology Officer and President, Selçuk Bayraktar, said: "It is a great honor for us to take responsibility for the future of Piaggio Aerospace - a symbol of Italian innovation and excellence. Our aim is to revitalize this historic brand by investing in its know-how in civil aviation, increasing the production of the P.180 Avanti EVO and strengthening its role as a center of excellence for aircraft and engine maintenance in Europe." (A2 Televizion)
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