GENERAL ELECTRIC (GE) plans to buy the aviation business
of Italian manufacturer Avio for us$4.3 billion to grow its jet propulsion
business and strengthen its supply chain, reports The Associated Press.
Fairfield, Connecticut-based GE it wants to build its
supply chain as it ramps up engine production, giving the company a chance to
offer Avio products outside the aviation industry, in power generation, oil and
marine products.
GE will buy Avio's aviation business from European
private equity firm Cinven and the Italian aerospace group Finmeccanica, but it
is not buying Avio's space unit, which employs 800 people. .
Avio has supplied GE Aviation since 1984. The company,
based in Turin, employs about 5,300 people. It makes aviation propulsion
components and systems for civilian and military aircraft, including
low-pressure turbine systems, accessory gearboxes, geared systems and
combustors.
In 2011, its aviation business generated $2.4 billion in
revenue, more than half of which was derived from components for GE and GE
joint venture engines.
Source : HKSG.
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