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GE Closes $4.3B Buy of Avio Aviation Business; David Joyce Comments

GE logoGeneral Electric (NYSE: GE) has completed its $4.3 billion acquisition of the aviation business from Italy-based aerospace technology maker Avio S.p.A.

GE has integrated the business into its GE Aviation Subsidiary and the business now operates under the name Avio Aero, GE said Aug. 1.

David Joyce, president and CEO of GE Aviation, said Avio Aero operates on four continents and aims to grow its presence as a supplier to other industrial and aviation businesses.

Avio Aero has been strategic supplier to GE for nearly three decades and derives more than 50 percent of revenue from GE and its joint venture companies.

Avio Aero supplies parts for lGE90 and GEnx turbofan engines used on commercial aircraft sector and components for the CT7/T700 turboshaft engines intended for civil and military helicopters.

GE intends for Avio Aero to seek expansion opportunities in industrial sectors such as power generation, oil and marine with products such as transmission systems.

Nearly 4, 000 out of Avio Aero’s 7, 000 total employees work in Italy, where the business operates plants in Turin, Naples and Brindisi.

The business also has plants in Poland, Brazil and China.

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