Industrial conglomerate General Electric says it will buy the aviation business of Italian manufacturer Avio for $4.3 billion to strengthen its growth in jet propulsion, The Associated Press reports.

The Fairfield, Conn., company says the deal will help build its global supply chain, as engine production rates rise. The deal also will give GE a chance to offer Avio products outside the aviation industry, in power generation, oil and marine products.

Avio makes aviation propulsion components and systems for civil and military aircraft, and it supplies GE Aviation.

GE says it will buy the business from European private equity firm Cinven and the Italian aerospace group Finmeccanica. GE won't be buying Avio's space unit.