Italy’s Ministry of Enterprises and Made in Italy authorised the sale of Italian aviation company Piaggio Aerospace to Turkish drone maker Baykar, according to the ministry on Friday.
In a statement, it said that Baykar’s offer was considered “the most suitable to safeguard the interests of employees and creditors … and to relaunch the group’s industrial perspectives.”
Established in 1884, Piaggio Aerospace is one of the world’s oldest plane makers, known for designing, developing, and manufacturing aircraft and aero-engines for public and private entities, including the Italian defence system.
Suffering financial problems since 2018, the company has been under the government protective administration for relaunch. ■