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/.