GE Aviation has completed its $4.3 billion purchase of the aviation business of Italian civil and military aviation components supplier Avio S.p.A.
The purchase will rename Avio's aviation business as Avio Aero, retaining its headquarters in Turn, Italy, as GE looks to expand its presence in the market for power generation, oil and marine products, along with growing Avio's capabilities in producing mechanical transmission systems.
"Avio Aero operates in four continents and enhances our global capabilities and engineering strength as our production rates rise," said David Joyce, president and CEO of GE Aviation.
Avio has been a supplier for GE's aircraft engines for nearly 30 years. Executives from both companies first began meeting in January to prepare for the acquisition.
The acquisition does not involve Avio's space unit, which will remain under the Avio S.p.A. brand.