Textron Inc. (NYSE: TXT), home to the Cessna, Beechcraft, and
Bell aviation brands, today announced it has entered into an
agreement to purchase Pipistrel, an award-winning pioneer and
global leader in electrically powered aircraft, based in Slovenia
and Italy.
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the full release here:
https://www.businesswire.com/news/home/20220316006043/en/
In 2020, Pipistrel’s Velis Electro became
the world’s first, and currently only, electric aircraft to receive
full-type European Aviation Safety Agency (EASA) certification.
(Photo: Business Wire)
With Textron, Pipistrel will have access to greater resources,
technical and regulatory expertise and a global aircraft sales and
support network, enabling it to accelerate its development and
certification of electric and hybrid electric aircraft. Upon
closing of the transaction, Textron plans to form a new business
segment, Textron eAviation, focused on the development of
sustainable aircraft, which will include Pipistrel.
“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,”
said Textron Chairman and CEO Scott Donnelly. “Today’s announcement
supports Textron’s long-term strategy to offer a family of
sustainable aircraft for urban air mobility, general aviation,
cargo and special mission roles.”
“Pipistrel has been celebrated as one of the world’s most
important and successful manufacturers of electric aircraft,”
continued Donnelly. “Textron is committed to maintaining
Pipistrel’s brand, headquarters, research and development, and
manufacturing in Slovenia and Italy, while making additional
investments in Pipistrel for the development and production of
future products.”
Pipistrel founder and CEO Ivo Boscarol will remain a minority
shareholder as well as Chairman Emeritus, consulting on future
product plans and strategies for a two-year period.
“Under my 30-year leadership, Pipistrel’s team has achieved a
unique prime position in personal, affordable, environmentally
friendly and electric aviation. The trend and foundation for future
projects has clearly been set,” said Boscarol. “To drive
Pipistrel’s ambitious goals and to continue its story of success,
the joining of Textron and Pipistrel provides deep expertise and
resources which would otherwise be inaccessible to Pipistrel alone.
With Textron, we are together geared to strive for future growth
and look forward to announcing exciting new products and projects.
I am delighted to continue witnessing my vision become a reality by
being actively engaged with the company for the future.”
The transaction is expected to close during the second quarter
of 2022, subject to customary closing conditions, including
regulatory approvals.
About Textron Inc.
Textron Inc. is a multi-industry company that leverages its
global network of aircraft, defense, industrial and finance
businesses to provide customers with innovative solutions and
services. Textron is known around the world for its powerful brands
such as Bell, Cessna, Beechcraft, Jacobsen, Kautex, Lycoming,
E-Z-GO, Arctic Cat, and Textron Systems. For more information,
visit: www.textron.com.
About Textron eAviation
Headquartered in Wichita, Kansas, Textron eAviation will focus
on sustainable flying, backed by Textron’s 100 years of expertise
and the restless spirit for innovation that is embodied in our
Cessna, Beechcraft and Bell brands.
Taking the lead in Textron’s development of sustainably powered
flight, Textron eAviation will leverage the industry-leading
product design, certification, manufacturing, and aftermarket
solutions from across Textron’s businesses coupled with the newly
acquired expertise of Pipistrel.
About Pipistrel
In 2020, Pipistrel’s Velis Electro became the world’s first, and
currently only, electric aircraft to receive full
type-certification from the European Union Aviation Safety Agency
(EASA). This achievement followed a series of electric aircraft
introductions since the company began research and development of
electric propulsion in 2000. Pipistrel's pioneering work has been
recognized through awards from NASA, IDC, and other organizations.
The company, 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 and
additionally has both hybrid and electric propulsion models under
development. This transaction include the following companies:
PIPISTREL d.o.o., PIPISTREL VERTICAL SOLUTIONS d.o.o. and PIPISTREL
ITALIA SRL. For more information, visit:
www.pipistrel-aircraft.com.
Certain statements in this press release are forward-looking
statements which may project revenues or describe strategies,
goals, outlook or other non-historical matters; these statements
speak only as of the date on which they are made, and we undertake
no obligation to update or revise any forward-looking statements.
These statements are subject to known and unknown risks,
uncertainties, and other factors that may cause our actual results
to differ materially from those expressed or implied by such
forward-looking statements, including, but not limited to, the risk
that the transaction will not be consummated as planned; difficulty
or unanticipated expenses in connection with integrating the
acquired business; the risk that anticipated synergies and
opportunities as a result of the acquisition will not be realized;
the efficacy of research and development investments to develop and
certify new electric and hybrid electric aircraft products;
unanticipated expenses or delays in connection with the launching
of such new products; and our ability to keep pace with our
competitors in the introduction of such new products.
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version on businesswire.com: https://www.businesswire.com/news/home/20220316006043/en/
Media: Michael Maynard mmaynard@textron.com
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