GE Aviation buys Czech turboprop engine maker for $70 million odd

05 July 2008

General Electric's aviation unit said yesterday it bought a Czech company that will help it make inroads into the fast-growing market for small twin-engine turboprop aircraft.

GE Aviation said it purchased Walter Engines, a manufacturer of small turboprop engines and machined parts for the aviation industry. Cincinnati-based GE Aviation did not disclose terms of the deal, but spokeswoman Deborah Case said it was less than $70 million.

Walter Engines, based in the Czech Republic capital of Prague, has made aircraft engines since 1923. It reported revenue of $28 million in 2007 and has 400 employees on its rolls, GE Aviation said.

GE Aviation, a business of Fairfield-based General Electric Co., makes commercial and military jet engines, components and mechanical systems for aircraft. Post acquisition, the new entity will operate as Walter Aircraft Engines, a division of GE Aviation.

GE said the acquisition "broadens GE's offerings... and enables the company to enter the fastest growing aviation segment - the small, twin-engine turboprop aircraft."

Case said GE Aviation intends to compete against Pratt & Whitney's PT6 engine.