Quick view

GE to buy Avio's aviation business for $4.3 billion

US conglomerate General Electric has agreed to buy the aviation business of Italian aerospace company Avio for 3.3 billion euros ($4.3 billion), or 8.5 times Avio's 2012 Ebitda, the companies said on Friday. Avio will strengthen GE's global supply chain capabilities as its engine production rates continue to rise to meet growing customer demand. Avio, which supplies engine parts for the Eurofighter Typhoon and engine makers GE and Rolls Royce Holdings, was acquired in 2006 by Cinven in a deal that valued the company at about 2.6 billion euros. The deal will not include Avio's aerospace unit. Avio's revenues in the aviation sector were 1.7 billion euros in 2011, with more than 50% derived from components for GE and GE joint venture engines.

Panasonic to appeal EU ruling on tube cartel

Japan's Panasonic said on Friday that it would appeal a decision by the European Commission to fine it 252 million euros ($327 million) on charges of fixing prices for TV and computer monitor cathode-ray tubes along with five other companies. The European Commission fined six firms, including Philips, LG Electronics, Toshiba, Samsung, SDI and French company Technicolor, a total of 1.47 billion euros, its biggest antitrust penalty in history. The Commission on December 5 said executives from the European and Asian companies had met until six years ago to fix prices and divide up markets for TV and computer monitor cathode-ray tubes, a business that has since been replaced by flat panel displays.

Panasonic to sell Sanyo digital camera business

Panasonic said on Friday that it would sell its Sanyo digital and digital movie camera business to Japanese private equity fund Advantage Partners for an undisclosed sum. Panasonic aims to sell 110 billion yen ($1.30 billion) of assets, including buildings and land, by the end of March to boost free cash flow to 200 billion yen for the business year. Panasonic acquired rival Sanyo, a leading maker of lithium ion batteries and solar panels, in 2010. Sales of compact digital cameras are under pressure from increasingly powerful smartphones.

... contd.

Please read our terms of use before posting comments
TERMS OF USE: The views, opinions and comments posted are your, and are not endorsed by this website. You shall be solely responsible for the comment posted here. The website reserves the right to delete, reject, or otherwise remove any views, opinions and comments posted or part thereof. You shall ensure that the comment is not inflammatory, abusive, derogatory, defamatory &/or obscene, or contain pornographic matter and/or does not constitute hate mail, or violate privacy of any person (s) or breach confidentiality or otherwise is illegal, immoral or contrary to public policy. Nor should it contain anything infringing copyright &/or intellectual property rights of any person(s).
comments powered by Disqus