Textron (NYSE: TXT), home to the Cessna, Beechcraft, and Bell aviation brands, has agreed to purchase Pipistrel, a developer of electric aircraft based in Slovenia and Italy.

Textron plans to form a new business segment, Textron eAviation, focused on the development of sustainable aircraft, which will include Pipistrel. Pipistrel founder and CEO Ivo Boscarol will remain a minority shareholder as well as Chairman Emeritus, consulting on future product plans and strategies for a two-year period.

The companies say the acquisition will give Pipistrel 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 aircraft.

“Under my 30-year leadership, Pipistrel’s team has achieved a unique prime position in personal, affordable, environmentally friendly and electric aviation. The trend and foundation for future projects has clearly been set,” said Boscarol. “To drive Pipistrel’s ambitious goals and to continue its story of success, the joining of Textron and Pipistrel provides deep expertise and resources which would otherwise be inaccessible to Pipistrel alone.”

“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. “Today’s announcement supports Textron’s long-term strategy to offer a family of sustainable aircraft for urban air mobility, general aviation, cargo and special mission roles. Textron is committed to maintaining Pipistrel’s brand, headquarters, research and development, and manufacturing in Slovenia and Italy, while making additional investments in Pipistrel for the development and production of future products.”

Source: Textron