US industry giant General Electric on verge of purchasing Italy's Avio: WSJ
December 19, 2012, 12:28 am TWN
WASHINGTON -- U.S. industrial giant General Electric is on the verge of a deal to buy Italian aerospace group Avio SpA for as much as three billion euros, or nearly US$4 billion, the Wall Street Journal reported Monday.
The newspaper said that GE and Avio's current majority owner, the European private equity firm Cinven, hope to announce the deal on Thursday, though issues remained over lack of interest in one part of Avio, its space business.
Avio, which had 2 billion euros in sales last year, builds engines and engine parts for civilian and military aircraft, satellite launch missiles, and naval vessels.