The deal follows six years of Italian state management at Piaggio after it went into receivership in 2018. The acquisition highlights Türkiye's ambitions to diversify its defence industry partnerships and increase its influence in the global defence market.

Source: AAPhoto

The Industry minister Adolfo Urso said “the deal has guaranteed the relaunch of a strategic company with a clear and ambitious industrial vision, allowing us to outline a broader technological and industrial partnership between Italy and Türkiye, which will also have significant developments in other projects of great interest for our country,” He added "In this context of strengthening industrial relations between Italy and Türkiye, we are studying further alliances with companies in the sector such as Leonardo to strengthen our aerospace sector and our leadership in the EU.”

Source: breakingdefence

Piaggio has extensive manufacturing experience, as well as providing maintenance, repair, and overhaul services to customers including the Italian military. It said that during the consultation with trade union representatives, Baykar is expected to present its plan for relaunching operations for the group’s Piaggio Aero Industries and Piaggio Aviation subsidiaries.