General Electric (GE) Avaiation Unit Acquires Naverus Inc. - DJN
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Dow Jones reported this afternoon that General Electric Co.'s (NYSE: GE) aviation unit has acquired privately owned Naverus Inc., gaining a key technology to increase its focus on environmentally responsible air traffic management services.
The aviation arm--which provides jet engines, components and integrated systems for commercial and military aircrafts--said Naverus' technology would enable GE to better address customers' needs for air traffic management service solutions.
The financial terms of the transaction weren't disclosed. A GE Aviation spokeswoman couldn't provide any additional details of the deal.
Naverus is a supplier of performance-based navigation services, including required navigation performance, or RNP, procedure development. U.S. airlines and the Federal Aviation Administration are phasing in RNP, which has already proved it can reduce weather delays, shave minutes off flight times and reduce noise pollution on the ground.
The technology is fundamental to the transition of existing ground-based, voice-controlled air traffic management to time- and space-based digital systems. The world's first RNP procedures were flown in Alaska in 1996. In February 2003, Alaska Air Group Inc.'s (ALK) Alaska Airlines pilots Steve Fulton and Hal Andersen and entrepreneur Dan Gerrity founded Naverus, which has developed and deployed hundreds of RNP procedures world-wide.
GE's shares rose 2.5% to $15.98 in recent trading amid a broad market rally.
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