Textron completes Acquisition of Pipistrel
April 19, 2022 By Wings Staff
Textron on April 18 announced the completion of its acquisition of Pipistrel d.o.o, Pipistrel Vertical Solutions d.o.o. and Pipistrel Italia S.R.L., known collectively as Pipistrel. Under the terms of the transaction, Textron purchased Pipistrel for a cash price of approximately €218 million ($375 million in Canadian funds).
Pipistrel’s founder and CEO, Ivo Boscarol, will remain a minority shareholder of Pipistrel with an approximately 10 per cent interest for a two-year period. The cash purchase price includes the amount for which his minority interest will be purchased at the end of the two-year period.
Textron notes Pipistrel’s Velis Electro is the world’s first, and currently only, electric aircraft to receive full type-certification from the European Union Aviation Safety Agency (EASA). Pipistrel, which offers a family of gliders and light aircraft with both electric and combustion engines, has delivered more than 2,500 light aircraft worldwide since its founding in 1989. It also has both hybrid and electric propulsion models under development.
Pipistrel is now part of Textron’s newest business segment, Textron eAviation, which will pursue what Textron describes as a long-term strategy to offer a family of sustainable aircraft for urban air mobility, general aviation, cargo and special mission roles. Rob Scholl, who has been leading Textron’s eAviation initiatives to date, has been named president and CEO of the segment.
“Pipistrel has already achieved what many other companies only aspire to – certifying and delivering highly regarded electric aircraft to customers around the world,” said Scott Donnelly, Chairman and CEO, Textron. “We are excited to accelerate Pipistrel’s development and to welcome its talented people into our organization, where we will pool expertise to make Textron a world leader in sustainable aircraft for a wide range of missions.”
Pipistrel will remain as a distinct aviation brand within Textron, alongside the company’s established Cessna, Beechcraft and Bell brands. Its headquarters, research and development, and manufacturing will remain in Slovenia and Italy, where Textron plans to make additional investments to expand manufacturing and product development capabilities.
“With Pipistrel, we have the opportunity to take an already great aircraft manufacturer and make it greater still,” said Textron eAviation CEO Rob Scholl. “We look forward to working with its remarkable team and helping the business achieve its full potential.”