In the military sector, Avio Aero designs and manufactures subsystems and components for aeronautical engines, such as low-pressure turbines, power transmissions, accessory drive gearboxes and afterburners. Avio Aero also develops auxiliary power units (APU) and engine electronic control systems. Photo courtesy of GE Aviation

Fairfield, CT, USA - August 01, 2013

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).

Courtesy of GE Aviation

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.

Avio Aero in the world Courtesy of GE Aviation

The acquisition furthers GE's participation and expertise in the areas of mechanical transmission systems, low-pressure turbines, combustion technology, and automation systems.

Avio Aero is present on the principle civil air transport applications with its own components and systems: from business jets to regional transport, and to engines for medium-long range aircraft of the main global constructors. The Company is leader in the design, development and production of mechanical and power transmissions, low-pressure turbines and combustors that, thanks to their confirmed reliability, are installed on the engines of the main OEMs worldwide. Avio Aero supplies repair of modules and components for civil engines (CRO) designed and developed by the Company. Photo courtesy of GE Aviation

"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, based in Cincinnati, Ohio.
"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 has worked for many years in the design and production of components for aeroderivative gas turbines (the LM2500 family) installed on board vessels. Among the most important projects are the Italian Navy’s aircraft carrier, the Cavour, and the Italian-French FREMM frigates. Avio Aero also produces electrical systems such as the platform simulation system, the turbine control system and the tactical table for marine applications. Photo courtesy of GE Aviation

GE will pursue opportunities for Avio Aero in power-generation, oil, and marine products.

For example, Avio Aero's capabilities in transmission systems present growth opportunities in several industrial sectors.

Avio Aero operates in the electric energy production sector. We produce components for the LM2500 and LMS100 aeroderivative gas turbines used in energy production. They integrate routine activities carried out by electric power stations when faced with sudden spikes in energy requirements. Avio Aero's electronic and electrical systems are also used in this sector. Photo courtesy of GE Aviation

Avio Aero operates Italian plants in Turin, Pomigliano d'Arco (Naples), and Brindisi, with 4,000 of its 4,700 employees in Italy.

Avio Aero also has plants in Poland, Brazil, and China.

GE Avio Aero Engines Photo courtesy of GE Aviation

Its customers will benefit from GE's planned investment in these operations to expand their products and services.

Additionally, GE sees excellent opportunity in the acquisition of Avio Aero related to margin expansion.

GE Avio Aero Products Photo courtesy of GE Aviation

GE Aviation has a long history with Avio Aero, which has been a strategic supplier to GE for almost 30 years.

GE and its joint venture companies comprise more than 50 percent of Avio Aero's revenues.

Photo courtesy of GE Aviation

An integration team of GE and Avio Aero leaders have been planning since January in preparation for today's closing.

Photo courtesy of GE Aviation

Avio Aero, which dates back to 1908 in Turin, benefits from continual R&D and on-going relationships with leading universities in research centers.

Photo courtesy of GE Aviation

Avio Aero has content on GE engines ranging from the large GE90 and GEnx turbofan engines for the commercial aircraft sector, to the smaller CT7/T700 turboshaft engine family for civil and military helicopters.

Photo courtesy of GE Aviation

These GE engines are among the best-selling in aviation and are expected to provide a profitable, long-term revenue stream for the company.

Photo courtesy of GE Aviation

GE, parent company to GE Aviation, already has a significant presence in Italy with more than 7,700 employees in seven GE businesses at more than 20 locations in-country, including the global headquarters of GE Oil & Gas Turbomachinery Products & Services in Florence with more than 5,200 employees in Italy.

GE Aviation, an operating unit of GE (NYSE: GE), is a leading provider of jet, turboshaft, and turboprop engines, components and integrated systems for commercial, military, business and general aviation aircraft.

GE Aviation has a global service network to support these offerings.



David L. Joyce

President and Chief Executive Officer, GE Aviation

David L. Joyce Photo courtesy of GE Aviation

David L. Joyce is president and chief executive officer of GE Aviation, one of the fastest-growing divisions of the General Electric Company, which was founded by Thomas Edison in 1878.

David provides strategic direction for the Cincinnati-based, $18.9 billion aerospace company.

With more than 39,000 employees at 83 sites globally, GE Aviation is the world's leading designer and producer of jet engines for commercial and military aircraft and a major provider of avionics, power management and actuation systems.

David has spent his entire career at GE Aviation, gaining broad and deep knowledge through a series of technical and leadership roles, and influencing the design and launch of GE's most innovative and popular engines over the past three decades.

The value of David's expertise and accountability in strengthening industry relationships was recently highlighted by The Wall Street Journal.

David joined GE Aviation in 1980 and became immersed for 15 years in advanced design and product development, contributing to 15 aircraft models.

From 1995 to 2000, he expanded into Six Sigma quality leadership roles and headed the around-the-clock Customer & Product Support organization, supporting the global fleet of more than 500 customers.

David ran the regional and business jet commercial engine operations from 2000 to 2003 during the explosive growth of that market.

A global thinker, he also led GE's successful bid to power China's first indigenous commercial jet and led the formation of the GE Honda Aero Engine Company, which is creating engines for lightweight business jets.

Over the next five years, David ran GE's entire commercial jet engine portfolio, overseeing the certification of several new engines and launching the GEnx, the fastest-selling engine in the company's history.

David is active in the industry and community.

He serves on the executive committee of the Aerospace Industries Association in Washington, DC and on the board of the National Air and Space Museum.

At home, he serves on the Cincinnati Business Committee (co-chairing the Education Task Force), on the boards of United Way of Greater Cincinnati (serving as the 2012 Campaign Chair), Xavier University, and the Tri-State Warbird Museum, and on the advisory board for the University of Cincinnati College of Engineering.

David earned bachelor's and master's degrees in mechanical engineering from Michigan State University and an MBA from Xavier University.


Source: GE Aviation

http://www.geaviation.com/  



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