GE to invest $1.1 billion in Avio aviation unit in next ten years

MILAN Fri Dec 21, 2012 7:03am EST

MILAN Dec 21 (Reuters) - U.S. conglomerate General Electric will invest $1.1 billion in next ten years in the aviation assets it acquired on Friday from Italian aerospace firm Avio, said GE Aviation's chairman and chief executive David Joyce.

Joyce was speaking at a press conference on Friday called to discuss the purchase.

GE has agreed to buy the aviation business of Italian Avio for 3.3 billion euros ($4.3 billion), or 8.5 times Avio's 2012 EBITDA, the companies said on Friday.