Textron Inc. (NYSE: TXT) today announced that it has closed its
acquisition of PIPISTREL d.o.o., PIPISTREL VERTICAL SOLUTIONS
d.o.o. and PIPISTREL ITALIA S.R.L., known collectively as
Pipistrel, an award-winning pioneer and global leader in
electrically powered aircraft.
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the full release here:
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Pipistrel, which developed the world's
first and currently only electric aircraft to receive full
type-certification from EASA, is now part of Textron. (Photo:
Business Wire)
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). 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.
As a Textron company, 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. Pipistrel is now part of Textron’s newest business
segment, Textron eAviation, which will pursue Textron’s 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 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 will remain a distinct aviation brand within Textron,
alongside the company’s already 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.”
Under the terms of the transaction, Textron purchased Pipistrel
for a cash purchase price of approximately €218 million.
Pipistrel’s founder and CEO, Ivo Boscarol, will remain a minority
shareholder of Pipistrel with an approximately 10 percent interest
for a two-year period, during which he will advise on future
product plans and strategies. The cash purchase price includes the
amount for which his minority interest will be purchased at the end
of the two-year period.
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, Pipistrel, Jacobsen, Kautex,
Lycoming, E-Z-GO, Arctic Cat, and Textron Systems. For more
information, visit: www.textron.com.
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.
www.pipistrel-aircraft.com
About Textron eAviation
Headquartered in Wichita, Kansas, Textron eAviation is focused
on sustainable flying, backed by Textron’s 100 years of expertise
and the restless spirit for innovation that is embodied in our
Pipistrel, Cessna, Beechcraft and Bell brands.
Taking the lead in Textron’s development of sustainably powered
flight, Textron eAviation is leveraging the industry-leading
product design, certification, manufacturing, and aftermarket
solutions from across Textron’s businesses coupled with the newly
acquired expertise of Pipistrel.
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,
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/20220415005136/en/
Media: Michael Maynard mmaynard@textron.com
401-457-2362
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