Avio has reached a preliminary agreement with Teksid-Fiat regarding the possible acquisition, in the course of 2008, of the totality of the shares of Teksid Aluminum Getti Speciali, a Teksid group member company that produces cast parts for the aeronautical industry at its plant in Borgaretto (Turin) and is currently experiencing economic difficulties.
With this preliminary agreement, Avio has laid the foundations to ensure uninterrupted production at its plants and timely deliveries to its civil and military customers, which otherwise would be unable to meet their own aircraft engine supply commitments. The agreement entered into today will prevent negative repercussions on both employment levels and fleet operability.
The preliminary agreement specifies the obligations to be met by both parties leading to the signature of a definitive agreement in the course of the year.
Founded in 1908, Avio is a leader in the aerospace sector and is present in Italy and abroad with 16 plants and 4800 employees. In 2006 its turnover came to 1401 million Euro. It works in four main sectors of activities: modules and components for civil and military aircraft and helicopter engines; space propulsion and tactical propulsion systems; aircraft derived engines and automation systems for marine and industrial applications. It is Italy’s leading manufacturer of aircraft engines, a world leader for mechanical transmissions and number one in Europe in the field of solid propellant space propulsion systems.
Avio: Preliminary Agreement on Getti Speciali Reached with Teksid-Fiat