CLEVELAND (AP) -- Aircraft parts maker TransDigm Group Inc. plans to pay about $150 million in cash for a business owned by the aviation unit of industrial and financial giant General Electric Co.
TransDigm, which is based in Cleveland, said it has agreed to buy GE Aviation's Electromechanical Actuation Division, which makes highly engineered aerospace electromechanical motion control subsystems. That includes motors, high-power mechanical transmissions and actuators for aircraft like the Airbus 380, the Boeing 777 and Embraer regional jets.
TransDigm expects the deal to close around the end of the third quarter.
TransDigm shares rose $1.07 to $158.21 in morning trading Friday while the Dow Jones Industrial Average climbed less than 1 percent. GE shares rose 32 cents to $23.57.