GE Buying UK Private Equity Firm’s Aviation Segment for $4.3B; David Joyce Comments

GElogoGeneral Electric (NYSE: GE) has agreed to acquire the aviation business of Avio S.p.A., an Italy-based maker of aviation propulsion components and systems for civil and military aircraft, for $4.3 billion.

Bloomberg reports GE is making the acquisition in an attempt to gain more control over its supply chain as Boeing (NYSE: BA) and EADS‘ Airbus subsidiary are ramping up production.

U.K.-based equity firm Cinven Ltd. owns the business and Italian conglomerate Finmeccanica holds a minority stake, according to the report by Robert Wall and Marco Bertacche.

Avio’s aviation business had sales of $2.2 billion last year and more than half of the company’s sales come from GE and GE joint-venture engines, according to the report.

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