I have several Walther knives: Mach Tac machete, PP fixed blade, Back-Up fixed blade, Hammerhead fixed blade and not one but two Black Tac folders. All are made in China except for the Hammerhead, which was made in Taiwan, and all are 440(A?) except the PP, which is 440C. At the time I bought them, I owned one or two Walther guns and really just liked the designs despite knowing they were not going to be high quality knives. Having said that, none of them are the turds I expected them to be, and they're definitely better than any of the Winchester, Remington and S&W knives I've encountered over the years. In fact, if not for its extremely pointy glass breaker, I'd consider EDCing the Black Tac. The sheaths are of about the same style and quality as on a Chinese Cold Steel, which is to say functional if not exactly worth bragging about.
In other words, a person could do worse in the $15-25 range, but sure could do better too.