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GE Completes $4.3B Purchase of Italian Aviation Business; David Joyce Comments

GE logoGeneral Electric (NYSE: GE) has concluded its $4.3 billion purchase of the aviation segment of Avio S.p.A., an Italian supplier of military and civil aircraft components.

The acquisition is aimed at growing GE’s market footprint in areas such as combustion, mechanical transmission and automation, GE said Thursday.

David Joyce, president and CEO of GE Aviation, said the company intends for the acquired business to support engineering production worldwide.

According to the conglomerate, Avio Aero has supplied parts for GE’s portfolio of turbofans and turboshafts for nearly 30 years.

Cinven Ltd., a U.K.-based equity firm, owns the business and Italian conglomerate Finmeccanica holds a minority stake.

Avio Aero has a presence in four continents and will aim to pursue opportunities in the power, marine and oil sectors, GE says.

GE operates seven businesses, with 7, 700 employees, in more than 20 locations across Italy.

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