Italy’s Piaggio Aerospace is to launch an updated version of its iconic P180 Avanti Evo twin-turboprop and produce Akinci and TB2 unmanned air vehicles (UAVs) for new owner Baykar Technologies, the Turkish firm has disclosed.
In addition, Baykar’s “industrial plan” for Piaggio will see it establish “a European centre of excellence for aircraft and engine maintenance”, the Turkish airframer said on 30 June as it announced the acquisition of the storied Italian airframer had been completed.
It brings to an end an intense period of uncertainty for Piaggio, which has been in ‘extraordinary administration’ – a form of business restructuring – since 2018 when its previous owner, UAE-based Mubadala, withdrew support.
Since then, multiple attempts have been made to sell the business – comprising two separate companies, Piaggio Aero Industries and Piaggio Aviation – with Baykar finally emerging as preferred bidder in December 2024.
Even then, the deal could still have foundered, with the Italian state holding a veto under its so-called ‘golden power’ rule that prevents the sale of strategic assets to foreign owners.
But with that hurdle now crossed, Piaggio can begin to look to the future, with Baykar’s plan for the business calling for the “relaunch” of the P180.
“Thanks to recent technological upgrades developed in collaboration with the Italian Ministry of Defence, the aircraft will be the focus of new commercial and promotional initiatives aimed at boosting its competitiveness in global markets,” Piaggio says.
During its period in administration, Piaggio has secured several contracts with the Italian defence ministry for new-build Evo+-standard P180s, alongside the upgrade of already operational examples.
Piaggio’s site at Villanova d’Albenga near Genoa in northwest Italy will also build the Akinci and TB2 Bayraktar platforms, contributing to a joint-venture business, LBA Systems, between Baykar and Italian aerospace giant Leonardo centred on the UAV market.
Under the terms of its sale agreement, Baykar has pledged to maintain Piaggio’s current employment levels and intends to expand the workforce “in line with the growth of production activities”.
Meanwhile, creating a maintenance centre of excellence will “further reinforce the company’s strategic role in the European industrial landscape”, it says.
“Our goal is to revitalise Piaggio Aerospace with a bold industrial vision that builds on its legacy while unlocking its full potential for the future,” says Haluk Bayraktar, chief executive of Baykar.
Baykar “will make the strategic investments necessary to stabilise and grow the business”, it adds.
The Turkish company has not disclosed how much it has paid for Piaggio, but FlightGlobal previously reported the figure was below €100 million ($117 million).
On 3 July, the company announced it had promoted chief operating officer Giovanni Tomassini to the position of chief executive.
