August 5, 2013 - GE has completed the
acquisition of Italy based aviation business,
Avio S.p.A., a leading, provider of civil and
military aviation components and systems. The
purchase price was $4.3 billion U.S. The
purchase did not include Avio's space unit.
Avio's aviation business has been renamed Avio
Aero, a GE Aviation business. Avio Aero will
retain headquarters in Turin, Italy. The
acquisition furthers GE's participation and
expertise in the areas of mechanical
transmission systems, low-pressure turbines,
combustion technology, and automation systems.
"Avio Aero operates in four continents and
enhances our global capabilities and engineering
strength as our production rates rise," said
David Joyce, president and CEO of GE Aviation,
based in Cincinnati, Ohio. "Also GE will build
Avio Aero's position as a supplier to other
industrial and aviation companies. We are
thrilled to further our industrial participation
in Italy."
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