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General Electric Co To Acquire Aviation Business Of Avio S.p.A


Friday, 21 Dec 2012 06:00am EST 

General Electric Co announced that it has agreed to purchase the aviation business of Avio S.p.A., an Italy-based manufacturer of aviation propulsion components and systems for civil and military aircraft, for $4.3 billion (EUR3.3 billion). The announcement was made in Milan, Italy, by David Joyce, President and Chief Executive Officer (CEO) of GE Aviation, and Nani Beccalli, President and CEO of GE Europe. GE plans to acquire Avio's aviation business from Cinven, European private equity firm that has owned Avio since 2006, and Finmeccanica, the Italian aerospace group. GE will not be purchasing Avio's space unit. 

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