Walthers introduces its HO-scale Fairbanks-Morse H10-44 Diesel Switcher model in 1992's annual catalog. The model was built in Austria by Roco. The model featured a plastic body, 5-pole motor with dual flywheels, all-wheel electrical pick-up, and cast metal frame. Powered examples were the only way to purchase this switcher, which retailed for $84.98 in 1992. Roadnames included: Canadian National, Central of New Jersey, Milwaukee Road, Nickel Plate Road, Pennsylvania, and Santa Fe. A first for Walthers, all roadnames included two road numbers. This release was the third modern HO-scale locomotive to come from Walthers, but is the first all new model to appear. The previous locos, E60CF and E60CP, having been on the market in the late 1970s under the American GK name. You'll find a review of the 1992 release of Walthers' FM H10-44 switcher in the pages of Model Railroader's February 1992 edition. Jim Hediger reviews the model and reports, "Walthers' miniature H-10-44 is an excellent model that looks good and runs extremely well."

A second release of HO-scale FM H10-44 switchers was included in the 1993 Walthers annual catalog. The new roadnames included: CNW, NYC, UP, Wabash, SP, and Frisco. Walthers lowers the retail on this model to $79.98 with the arrival of its 1994 annual catalog in the fall of 1993.

Late 1992 brings a limited-run release of Walthers HO-scale H10-44 switcher in four roadnames: Santa Fe (blue and yellow), Soo Line, SP (Bloody Nose), and Rio Grande (Switcher scheme). The limited release models retailed for $84.98 and delivered in early 1993.