Avio

€ 2,570 million, Dec 2006

Industrials

Aerospace engine manufacturer

Business
Avio is one of the world’s leading designers and manufacturers of components and systems for commercial, military and space launch engines. Its activities include jet derivative engines and automation systems for naval and industrial applications, power generation and a highly successful maintenance, repair and overhaul operation for civil and military clients.

The company benefits from a strong, defensible position due to its technological lead in key areas, long term contracts and a well-balanced portfolio spread across five main areas of operations. Its workforce of more than 5,000 employees operate out of 16 locations, and in 2008 the company generated a turnover of €1.66 billion.

Strategy
As an established, international market leader, Avio is well positioned to take advantage of strong worldwide growth in civil aviation. Cinven’s strategy will be to focus on core business activities through investment in new programmes, at the same time as working alongside management to drive through operational improvements.

Progress
To date, 2008 has been the fourth successive year of market growth with civil, military and space orders remaining strong, after another record year in 2007. Trading has been very positive with the backlog continuing to grow in absolute terms, despite the weakening of the dollar, while the management team continue to make significant operational improvements.