They are a descendant of the original Model 48 Hungarian Walam pistol, which was an unauthorized close copy of a Walther PP. The Hungarians made some simplifications of the internal mechanism (improvements, in my opinion), and were able to utilize a stronger aluminum alloy in the frames to make them more durable than other alloys.
The guns are generally well made and reliable. A few (not all) Walther parts will interchange with minor fitting.
Sadly, FEG, which was founded in the late 19th century (1891), ceased manufacturing firearms in 2004.