GE to buy Czech aircraft engine maker

NEW YORK: General Electric Company, the giant US conglomerate, said on Monday it had agreed to buy Prague-based Walter Engines a.s., a manufacturer of aircraft engines.

GE did not disclose how much it was paying to take over the Czech company which makes turboprop aircraft engines and manufactures aircraft parts.

"Walter Engines has a strong heritage and an outstanding customer base. GE seeks to expand upon Walter's capabilities as we look forward to operating a growth business in the Czech Republic," GE said.

Walter Engines, which traces its history to 1923, employs about 520 workers.