Friday, December 21, 2012

GE buying Avio aerospace

FAIRFIELD, Conn. -- GE has agreed to purchase the aviation business of Avio S.p.A., an Italy-based manufacturer of aviation propulsion components and systems for civil and military aircraft, for $4.3 billion. GE will acquire Avio's aviation business from Cinven, a European private equity firm that has owned Avio since 2006, and Finmeccanica, the Italian aerospace group. The transaction is subject to regulatory and governmental approvals. GE will not be purchasing Avio's space unit. (Source: Business Wire, 12/21/12) Gulf Coast note: GE Aviation is building an aircraft parts plant near Hattiesburg, Miss.; Finmeccanica owns Selex Galileo in Kiln, Miss.