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24 May 2020 The on-line newspaper devoted to the world of transports 23:16 GMT+2

December 21, 2012

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Original news
General Electric will buy the activities in the aerial field of the Aviation group

The transaction will have a value of 3,3 billion dollars

The group General Electric (GE) has signed an agreement with the BCV Investments in order to acquire the activities of planning and production of members and systems for the aerial propulsion of the Aviation Italian Spa, group that - through BCV - is participated with the 81% from the society of private European equities Cinven, with the 14% from the Italian group the remaining Finmeccanica and with 5% from other shareholders. The transaction will have a value of 3,3 billion dollars. To Avio, that it will continue to being of BCV property, they will remain the activities of planning and production in the spatial field.

Avio, that it has center to Turin, appoints to a job some 5.300 people (800 in the division Space), of which 4,500 in Italy. Last year the group has totaled revenues for beyond two billions of euro, with an increment of the 15.6% on 2010, and an EBITDA of 383 million euros (+13.3%). Cinven has acquired the control of Avio from the groups Carlyle and Finmeccanica in 2006 for a value of 2,57 billion euros.

"The agreement with General Electric - the managing director of Avio has declared, Francesco Caio - is an acknowledgment of the competences, the technologies and the increase of Avio. It places the bases for the next phase of development of our society and will allow with our staff and our plants to become centers of excellence in the transmissions and the turbines for one of the companies leader in this field. This will open a series of new opportunities for our staff, our research centers and of production in Italy. Our division Space, than in the short term will not see a change of property - Caio has explained - enters in a new phase. Cinven and Finmeccanica will work together in order to establish the most appropriate type than industrial alliances in order to over the long term assure the competitiveness and the correspondence to the national and European interests".


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