Piaggio Aerospace exceeds first-year targets after Baykar acquisition

Turkish aerospace giant Baykar has outperformed its first‑year targets for Piaggio Aerospace, surpassing initial commitments in production, employment, investment, and industrial restructuring following its acquisition of the Italian aviation firm. According to a statement from Piaggio Aerospace, the company has restored operational continuity, preserved its workforce, approved a new industrial plan, and launched a comprehensive product and brand relaunch since it began operating as Baykar Piaggio Aerospace on July 1, 2025.

Investment and employment

Baykar completed the acquisition on June 30, 2025, after receiving “Golden Power” approval from the Italian government. The deal gave the 140‑year‑old firm a permanent capital structure after nearly seven years under extraordinary administration. By April 2026, Baykar had injected significantly more than originally planned to sustain operations, modernise products, and finance a deeper turnaround. The investment has already exceeded the total multi‑year cash requirement foreseen in the acquisition plan. Against a pledge to retain around 675 employees, the workforce stood at 677 as of April, with new hires balancing natural departures.

Product relaunch and future plans

Piaggio Aerospace’s board approved a new industrial plan in March 2026, outlining the path to stabilisation and growth. The company unveiled its new brand identity, Avanti Next, and announced the Avanti NX, the latest evolution of the iconic P.180 Avanti twin‑turboprop aircraft. The special missions variant was rebranded as Mantide. Baykar has set a target to scale production to 20‑25 aircraft per year using existing facilities and supply‑chain capacity. The Engine Division has also secured new work packages and advanced MRO negotiations. Baykar CEO Haluk Bayraktar said: “One year on, we have kept the promise — and gone further.”