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Enhances technology capabilities of GE AviationPositions the Italy-based company for growth beyond aviation industry.
GE announced today that it has completed the acquisition of the aviation business of Avio S.p.A., a leading, Italy-based provider of civil and military aviation components and systems.
The purchase price was $4.3 billion U.S. (€3.3 billion). GE did not purchase Avio’s space unit.
Avio’s aviation business has been renamed Avio Aero, a GE Aviation business. Avio Aero will retain headquarters in Turin, Italy. The acquisition furthers GE’s participation and expertise in the areas of mechanical transmission systems, low-pressure turbines, combustion technology, and automation systems.