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Benzinga
Benzinga
Business
Akanksha Bakshi

Textron Agrees To Acquire Electric Aircraft Pioneer Pipistrel For Undisclosed Sum

Textron TXT Italy NYSE Slovenia
  • Textron Inc. (NYSE:TXT) has agreed to purchase Pipistrel, an electrically powered aircraft manufacturer based in Slovenia and Italy. Deal terms were not disclosed.
  • Textron plans to form a new business segment, Textron eAviation, focused on developing 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.
  • Pipistrel founder and CEO Ivo Boscarol will remain a minority shareholder and Chairman Emeritus, consulting on future product plans and strategies for two years.
  • The transaction is expected to close during 2Q22.
  • Textron held cash and equivalents of $1.92 billion as of January 1, 2022.
  • Price Action: TXT shares are trading higher by 0.30% at $73.80 on the last check Thursday.
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