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GE Completes Acquisition of Walter Engines

Written by thomas · Filed Under Aeronautics News 

July 8, 2008

thomas

Global Turboprop Business to Grow GE Aviation’s Capabilities

Evendale, OH  — July 3, 2008 — GE – Aviation announced today that it
has completed the acquisition of certain assets of Walter Engines, a
Czech Republic-based manufacturer of small turboprop engines and
high-precision machined parts for the aviation industry.

The acquisition broadens GE’s offerings for aviation customers and
enables the company to enter the fastest growing aviation segment-the
small, twin-engine turboprop aircraft.

Walter Engines is a $28 million company with a long history in the
aviation business, manufacturing aircraft engines since 1923. The
company has produced more than 37,000 engines, and its Walter M601
turboprop engine family has more than 1,500 engines on more than 30
aircraft types. The first M601 turboprop engine was manufactured in 1975
and has accumulated more than 16 million hours since its introduction.

“Walter’s deep industry experience in turboprop applications is a
complementary fit with GE’s strategy to better position GE – Aviation in
this growing segment,” said David Joyce, president and CEO of GE –
Aviation. “Through this acquisition, GE will help Walter with investment
funding as well as technical knowledge of materials, turbine design and
3-D aero modeling. Walter will help GE better understand the business
aviation segment and its customers’ need to simple, straightforward
design.”

The assets have been acquired by GE Aviation Czech s.r.o., which is part
of GE’s Business & General Aviation division, and will trade under the
name Walter Aircraft Engines, a division of GE Aviation. Walter employs
400 people in Prague, Czech Republic. Additional information can be
found at http://www.walterengines.com/.

GE – Aviation, an operating unit of General Electric Company (NYSE: GE),
is a world-leading provider of commercial and military jet engines and
components as well as integrated digital, electric power, and mechanical
systems for aircraft. GE Aviation also has a global service network to
support these offerings. Visit us at www.ge.com/aviation.

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