European Commission okays GE’s Avio buy

BRUSSELS (AP) — The European Commission says it has approved General Electric Co.’s $4.3 billion purchase of the aviation parts division of Italy’s Avio SpA after GE gave assurances it won’t hold back Avio’s participation in the European jet fighter project, Eurojet.

Avio is an important contributor to the consortium working on the Eurojet. After GE announced the Avio deal in December, the commission’s antitrust authority said the purchase could create a conflict of interest. Both GE and Avio make engines for fighter jets.

The commission, the European Union’s executive arm, said in a statement Tuesday that GE has made commitments to protect consortium information and to ensure ” Eurojet and Eurofighter can continue to participate in future campaigns for export sales.”

It approved the deal on the condition that GE follows through.

WKBN 27 First News provides commenting to allow for constructive discussion on the stories we cover. In order to comment here, you acknowledge you have read and agreed to our Terms of Service. Commenters who violate these terms, including use of vulgar language or racial slurs, will be banned. No links will be permitted. Please be respectful of the opinions of others. If you see an inappropriate comment, please flag it for our moderators to review.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s