Evendale, Ohio -- General Electric Company (GE) has signed a definitive agreement to purchase Teleflex Incorporated's (Teleflex) 51 percent share of Airfoil Technologies International-Singapore Pte. Ltd. (ATI-Singapore), a joint venture between GE and Teleflex, for $300 million in cash. GE currently holds a 49 percent share in ATI-Singapore. The purchase will be completed upon receipt of various regulatory approvals and customary closing conditions.
ATI-Singapore started operations in 1998 and has become a leader in the repair of compressor airfoils with industry-leading turnaround time and excellent quality. The facility was built to service the CF6 and CFM56* engine families, but has expanded to service all GE commercial aviation, marine and industrial engines, as well as Pratt & Whitney and Honeywell components. Located in Loyang Industrial Park, ATI-Singapore has about 535 employees who repair more than two million compressor airfoils a year.
"The purchase of the remaining shares of ATI-Singapore will allow us to better develop GE Aviation's repair technologies and work more closely with our customers to provide the best benefits to meet their needs," said David Joyce, president and chief executive officer of GE Aviation.
Teleflex (NYSE: TFX) is a diversified company that designs, manufactures and distributes quality engineered products and services for the medical, aerospace and commercial markets worldwide. Teleflex employs approximately 14,200 people worldwide who focus on providing innovative solutions for customers. Additional information about Teleflex can be obtained from the company's website at www.teleflex.com.
GE Aviation, an operating unit of General Electric Company (NYSE: GE), is a world-leading provider of commercial and military jet engines and components as well as integrated digital, electric power, and mechanical systems for aircraft. GE Aviation also has a global service network to support these offerings. For more information, visit us at www.ge.com/aviation.
*CFM56 engines are a product of CFM International, a 50/50 joint company between GE and Snecma (SAFRAN Group).