General Electric Company To Acquire Walter Engines

General Electric Company (GE) has signed an agreement to purchase the assets of Walter Engines based in Prague, the Czech Republic. The transaction, terms of which were not disclosed, will be completed upon receipt of various regulatory approvals and customary closing conditions. "Walter Engines will broaden GE's capabilities in the small turboprop segment of aviation," said Scott Donnelly, president and chief executive officer of GE Aviation, division of General Electric. Walter Engines entered the aviation business in 1923 and has produced more than 37,000 engines. The Walter M601 turboprop engine family has more than 1,500 engines in service on more than 30 aircraft types. In addition to manufacturing and overhauling turboprop engines, Walter Engines also manufactures high precision machined parts for the aviation industry.
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