Textron Agrees To Acquire Electric Aircraft Pioneer Pipistrel For Undisclosed Sum

Textron Inc. 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.