Textron Agrees To Acquire Electric Aircraft Pioneer Pipistrel For Undisclosed Sum

• 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.