Wants To Expand Presence In Light Turboprop Segment

Saying the company wishes to expand its presence in Europe and the Czech Republic -- as well as the light turboprop segment -- on Monday GE Aviation signed a definitive agreement to purchase the assets of Prague-based Walter Engines a.s., makers of the M601 turboprop engine family.

"Walter Engines will broaden GE's capabilities in the small turboprop segment of aviation," said GE Aviation president and CEO Scott Donnelly.

Terms of the agreement were not disclosed, according to Dow Jones Newswires. The deal is subject to regulatory approval.

Walter Engines was founded in 1911, and began to build engines in 1923. Since then, the company has produced over 37,000 engines. More than 1,500 of those are derivatives of the M601, first delivered in 1975.

Today, the M601 is used on over 30 aircraft types... including such aircraft as DeHavilland DHC-3s, Comp Air turboprops, King Airs, and the LET L-410 twin turboprop regional aircraft. The engine family has accumulated over 16 million hours in service, according to Walter.

"The access to financial and technological resources of GE will benefit our current and future customers," said Michal Cerny, Chairman of the Board of Walter Engines.

In addition to manufacturing and overhauling turboprop engines, Walter Engines also manufactures high precision machined parts for the aviation industry with customers worldwide.

The enginemaker employs around 520 workers in the Czech Republic.

FMI: www.walterengines.com, www.geaviation.com