Textron Inc TXT:NYSE

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Textron Completes $236 Million Purchase of Aircraft Manufacturer Pipistrel

9:53AM ET 4/18/2022 MT Newswires
Textron (TXT) said Monday it has completed its 218 million euro ($235.5 million) acquisition of electric and combustion engine aircraft company Pipistrel.

According to Textron, Pipistrel is now part of Textron eAviation and will remain a distinct brand. Rob Scholl, who has been in charge of eAviation initiatives, has been appointed president and CEO of the business, the company added.

Textron said Pipistrel's headquarters, research and development, and manufacturing activities will remain in Slovenia and Italy, and the company will make investments to boost Pipistrel's capabilities in those countries.

Ivo Boscarol, Pipistrel's founder and CEO, will remain a minority Pipistrel shareholder with a stake of about 10% for two years in which he advise on product plans and strategies.

The deal's price includes Boscarol's stake that will be purchased at the end of the two-year period, Textron said.

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