Türkiye to Buy Italy’s Piaggio Aerospace Firm
TEHRAN (ANA)- Türkiye is due to purchase Italy’s aerospace company Piaggio.
The sale of Italian aviation company Piaggio Aerospace was authorized by Italy's Ministry of Enterprises and Made in Italy to Turkish drone maker Baykar.
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.
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