Fairfield-based GE announced the acquisition from Cinven today, Friday.
Founded in 1908 and headquartered in Turin, Italy, Avio operates in four continents and employs about 5,300 people, 4,500 of whom are in Italy, including approximately 800 in the space unit. In the jet propulsion industry, Avio is a provider of low-pressure turbine systems, accessory gearboxes, geared systems, combustors and other components. Avio’s 2011 revenues in the aviation sector were €1.7 billion ($2.4 billion U.S. dollars) with more than 50 percent of that revenue derived from components for GE and GE joint venture engines.
Shares of GE were off 15 cents at $20.90 in morning trading.