General Electric to buy aviation business of Italy’s AvioDecember 21, 2012 - 17:46 AMT 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 Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Turkey condemns Uruguay’s recognition of Armenian Genocide Turkey has condemned a newly passed law in Uruguay that recognizes the Armenian Genocide, TRT reports. For the first time, Armenia votes in favor of Georgia resolution in UN Armenia on Tuesday, June 4 voted for the first time in favor a resolution adopted by the United Nations General Assembly. Moscow warns Armenia against leaving Russian-led defense bloc Armenia could ruin its military ties with Russia if it continues drifting towards the West, according to a senior official in Moscow. Moscow says ready to support Yerevan-Baku reconciliation Moscow has confirmed its readiness to support the reconciliation of Yerevan and Baku. |