The purchase of the Italian aviation giant with more than a century of history, Piaggio Aerospace, by the Turkish company Baykar, which produces the famous Bayraktar drones, has attracted a lot of attention and coverage, especially in the media in Italy and Turkey.
Some of Italy’s leading newspapers called it a “turning point” for the strategic Italian firm, which was placed under state management in 2018.
The Italian government approved the purchase on Friday, but did not provide financial details.
In a statement, the Italian Ministry of Industry stated that Baykar’s offer for the company was more favorable than two other final and binding offers from international actors.
It was assessed as “best suited to guarantee the interests of workers and creditors (Piaggio Aerospace) and redevelop the group’s industrial prospects,” the statement said.
Detailing the deal, Italy’s La Repubblica said it was “a historic milestone for a strategic and high-tech Italian firm whose survival in recent years has always been very problematic.”
Founded in 1884, the company, based in Savona, in the northern Italian region of Liguria, is best known for producing the P.180 Avanti business jets, also known as the Ferrari of the sky, and aero engines.
“The award of Piaggio Aero to the Turkish group Baykar could represent a new positive perspective for this important reality in the Italian aviation industry, ending years of uncertainty,” said Guglielmo Gambardella, National Secretary of Uilm, the Italian Metalworkers’ Union.
“Baykar is certainly a large group and we expect to be able to offer significant opportunities for the two facilities in Liguria where Piaggio Aerospace operates,” Italian trade unionist Stefano Bonazzi told La Repubblica.
On the other hand, Corriere della Sera, one of the most famous Italian newspapers, also reported extensively on the purchase.
Speaking about Baykar’s journey, its establishment and export figures, the newspaper said: “Baykar is in excellent health,” citing the budget of the Stockholm International Peace Studies Institute (SIPRI), recalling that in 2023 the group increased its revenues by 25%, reaching almost 2 billion dollars, of which about 90% came from exports.
“Baykar’s decision to invest in Italy therefore has great industrial significance and undeniable geopolitical impact. It remains to be seen what programs the company will want to develop in a country with factories and Piaggio Aerospace employees,” the newspaper also wrote.
Domestic analysts and experts also saw the purchase in a positive light.
Piaggio is a well-established company with certain capabilities in aircraft production and advanced engine technology, commented Erdoğan Karakuş, retired lieutenant general.
“One of the problems we are facing is engine production. With that in mind, this is a significant development,” Karakuş told Hürriyet daily on Sunday.
Moments after the purchase was announced, Haluk Bayraktar, the company’s CEO, called it a “strategic move.”
“As Baykar, we bring the strength of the Turkish aerospace industry to Europe including Piaggio Aerospace, which has a deep-rooted heritage of 140 years. With this strategic step, we take responsibility for carrying the historic brand into the future while strengthening our manufacturing capacity,” he wrote in a post on X.
Siamo orgogliosi di guidare Piaggio Aerospace verso il futuro, un’icona dell’aviazione italiana con 140 anni di tradizione.
Con una vision shared e un impegno comune, we will work to preserve the historical identity of Piaggio, enhance the productive capacity and favor the… pic.twitter.com/1GpSTNYVje
— Haluk Bayraktar (@haluk) December 27, 2024
Baykar has become the face of the Turkish defense and aviation sector and is one of the most prolific exporters of drones in the world.
The firm is Turkey’s largest defense exporter, accounting for nearly one-third of a record $5.5 billion worth of sales last year.
(Vijesti.ba)
www.vijesti.ba
