"It's emotional for me," Taillon said shortly after learning of the trade, according to The Athletic's Rob Biertempfel. "I was the last man standing from that 2010 draft class. That organization became family. Super excited to go to Yankees but this is still tough."
Taillon didn't pitch in 2020 while recovering from his second career Tommy John surgery.
Taillon owns a 29-24 record with a 3.67 ERA and 1.25 WHIP in 82 career starts, all with the Pirates.
Yajure was the Yankees’ 15th-ranked prospect, according to MLB Pipeline.
The Venezuelan right-hander made his big-league debut for New York in 2020, authoring a 1.29 ERA and striking out eight in three appearances.
The 22-year-old pitched mostly as a starter in the minors, posting a 14-13 record with a 1.14 WHIP in 291 2/3 innings.
Contreras ranked as the Yankees' No. 19 prospect. The Dominican right-hander spent the 2019 campaign at Single-A Charleston. The 21-year-old went 12-5 with a 3.33 ERA and 1.07 WHIP in 24 starts.
The Yankees drafted Smith, 21, in the fourth round of the 2017 draft. The left-handed hitting outfielder slashed .307/.405/.465 with 11 home runs, 32 doubles, 74 RBIs, and 16 steals at Single-A in 2019.
Escotto, an 18-year-old infielder out of the Dominican Republic, hit .315/.429/.552 with eight homers, six triples, and 26 RBIs in 45 Dominican Summer League games in 2019.
Taillon is the latest player Pirates general manager Ben Cherington has traded this offseason. Pittsburgh also dealt first baseman Josh Bell to the Washington Nationals in December and pitcher Joe Musgrove to the San Diego Padres on Jan. 19.