PROVIDENCE – Manufacturing conglomerate Textron Inc. will add European electric-powered aircraft manufacturer Pipistrel to its aviation brands, the companies announced on Thursday.
Following the agreed upon purchase of Pipistrel, which is based in Italy and Solvenia, Textron will launch a new business segment, Textron eAviation, to focus on sustainable aircraft development.
“Pipistrel puts Textron in a uniquely strong position to develop technologies for the sustainable aviation market and develop a variety of new aircraft to meet a wide range of customer missions,” Textron Chairman and CEO Scott Donnelly said in a statement.
The approximately $242 million purchase will support “a family of sustainable aircraft for urban air mobility, general aviation, cargo and special mission roles,” he added.
Pipistrel founder and CEO Ivo Boscarol will remain with the company as a minority shareholder and chairman emeritus for two years.
The acquisition by Textron “provides deep expertise and resources which would otherwise be inaccessible to Pipistrel alone,” Boscarol said of the transaction.
Pipistrel manufactures gliders and light aircrafts with electric and combustion engines, and is working to develop hybrid and electric propulsion models.
The transaction is planned to close pending regulatory approvals and other conditions in the second quarter of 2022.
Textron, headquartered in Rhode Island, 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.
(UPDATE: Adds terms of transaction)
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.
