PROVIDENCE – Manufacturing conglomerate Textron Inc. on Monday announced it has closed its acquisition of European electric-powered aircraft manufacturer Pipistrel for approximately $235 million.
Pipistrel, which is based in Italy and Solvenia, will remain a distinct aviation brand as part of Textron’s newest business segment, Textron eAviation. 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.
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Rob Scholl, who has been leading Textron’s eAviation initiatives, has been named president and CEO of the segment.
“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.”
Pipistrel founder and CEO Ivo Boscarol will remain with the company as a minority shareholder and chairman emeritus for two years.
“Pipistrel has already achieved what many other companies only aspire to – certifying and delivering highly regarded electric aircraft to customers around the world,” said Textron Chairman and CEO Scott Donnelly. “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 manufactures gliders and light aircrafts with electric and combustion engines, and is working to develop hybrid and electric propulsion models.
Textron has 136 locations in North America, in addition to other locations across more than 25 countries, and 33,000 employees. The company works in the aircraft, defense, industrial and finance sectors and includes brands such as Cessna, Bell and Beechcraft.
Pipistrel has about 240 employees.
The planned Textron eAviation segment will be headquartered in Wichita, Kansas.
