GE To Pay €3.3bn For Avio

GE is set to buy the aviation business of Avio, the Italian manufacturer of aviation propulsion components and systems for civil and military aircraft. The purchase, which excludes Avio’s space unit, is worth €3.3bn. GE will acquire the aviation business from European private equity company Cinven and Finmeccanica, the Italian aerospace group. Avio has supplied components to GE Aviation since 1984 and offers products for engines ranging from GE90 and GEnx turbofan engines for the commercial aircraft sector to smaller CT7/T800 turboshaft engines for civil and military helicopters. Avio was founded in 1908 and is headquartered in Turin, with operations in four continents. The company employs 5,300 personnel, including 800 in the space unit. Avio posted aviation sector revenues of €1.7bn in 2011, more than 50 per cent of which came from components for GE and GE joint venture engines. The purchase is subject to governmental and regulatory approval.

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