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August 1, 2013

GE completes $4.3B Italian acquisition

Contributed Photo David Joyce, president and CEO of GE Aviation; Piero Fassino (center), mayor of Turin, Italy; and Francesco Caio, CEO of Avio Aero; today for the closing of the Avio acquisition by GE at the Avio Aero headquarters in Turin.

Fairfield conglomerate General Electric on Thursday completed its $4.3 billion acquisition of the aviation division of Avio S.p.A., an Italian provider of civil and military aviation systems.

Avio Aero has 4,700 employees in Italy, Poland, Brazil, and China. The acquisition further moves GE into mechanical transmission systems, low-pressure turbines, combustion technology, and automation systems.

In addition to aerospace, GE plans to pursue opportunities for Avio Aero in power generation, oil, and marine products, believing its transmission systems have applications in multiple sectors.

The acquisition adds another 4,000 employees to GE’s existing 7,700 employees in Italy, at seven division spread across 20 locations, including the global headquarters of GE Oil & Gas Turbomachinery Products & Services in Florence.

GE did not purchase Avio’s space division.

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