GE announced acquisition-related charges of These charges will be taken in GE's corporate segment.
According to a release, the charges include the impact of effectively settling Avio's contractual relationships with GE, which prior to the acquisition was more than 50 percent of Avio's aviation sector revenue. Avio has been a supplier to
GE will subsequently benefit from assuming these lower manufacturing costs, which have been generated by efficiencies that Avio has achieved over time. There is no incremental cash outlay related to this one-time charge. The third quarter charges also include standard acquisition-related adjustments, primarily for the fair valuation of inventory, as required by US GAAP.
Avio Aero is an
GE's total-year framework remains unchanged. GE is ahead of plan in its simplification efforts and expects to exceed
GE works on finding solutions in energy, health and home, transportation and finance.
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GE announced acquisition-related charges of
These charges will be taken in GE's corporate segment.