General Electric to buy aviation business of Italy’s Avio

General Electric to buy aviation business of Italy’s Avio

PanARMENIAN.Net - Industrial conglomerate General Electric says it will buy the aviation business of Italian manufacturer Avio for $4.3 billion to strengthen its growth in jet propulsion, The Associated Press reports.

The Fairfield, Conn., company says the deal will help build its global supply chain, as engine production rates rise. The deal also will give GE a chance to offer Avio products outside the aviation industry, in power generation, oil and marine products.

Avio makes aviation propulsion components and systems for civil and military aircraft, and it supplies GE Aviation.

GE says it will buy the business from European private equity firm Cinven and the Italian aerospace group Finmeccanica. GE won't be buying Avio's space unit.

 Top stories
Around 10.6% will be spent on economy, 7.2% will be used to repay Armenia's debts, 3.5% will go the communities as budget subsidies.
Samvel Karapetyan’s company confirmed the purchase of the Electric Networks of Armenia and Hrazdan thermal power plant.
“Power generating companies had been affected by the financial deficit in the Electric Networks of Armenia,” the company said.
Partner news