FAIRFIELD, Conn., Aug. 2 (UPI) -- GE Aviation reports it has enhanced its technology capabilities through the acquisition of the aviation business of Italy's Avio SpA.
Avio, a provider of civil and military aviation components and systems, was purchased for $4.3 billion and will now operate under the name of Avio Aero.
"Avio Aero operates on four continents and enhances our global capabilities and engineering strength as our production rates rise," said David Joyce, president and chief executive officer of GE Aviation. "Also, GE will build Avio Aero's position as a supplier to other industrial and aviation companies.
"We are thrilled to further our industrial participation in Italy."
Avio Aero operates two plants in Italy and also has facilities in Poland, Brazil and China and its acquisition furthers GE's participation in the areas of mechanical transmission systems, low-pressure turbines, combustion technology and automation systems.
The two companies have a long-standing business relationship. GE and its joint venture companies comprise more than 50 percent of Avio Aero's revenues.
