TAT Technologies' Wholly Owned Subsidiary, Piedmont Aviation Component Services Signed New $7M' Contracts
GEDERA, Israel, February 9 /PRNewswire-FirstCall/ -- TAT Technologies Ltd. (Nasdaq: TATT), a leading provider of services and products to the commercial and military aerospace and ground defense industries, today announced that its wholly owned subsidiary, Piedmont Aviation Components Services, signed two CRJ100 Landing Gear overhaul contracts - one exclusive contract with a regional North American operator and another contract with a respected European operator. The combined value of the contracts is estimated in excess of US$7M over a nine year period. Piedmont is based in Kernersville, NC and specializes in the maintenance support of regional aircraft Landing Gear and Honeywell's Auxilliary Power Unit ("APUs").
TAT's President and CEO, Dr. Shmuel Fledel, commented on the contracts "Signing these two contracts demonstrates TAT's leading position in the maintenance and overhaul industry and its advanced capabilities in supporting regional and general aviation operators, especially in the US and in Europe. These contracts are aligned with TAT's strategy - to increase volume of services provided to commercial aviation industry."
About TAT Technologies LTD
TAT Technologies LTD is a leading provider of services and products to the commercial and military aerospace and ground defense industries.
TAT operates under three operational segments: (i) OEM of Heat Transfer products (ii) OEM of Electric Motion Systems; and (iii) MRO services, each with the following characteristics:
OEM of Heat Transfer products primarily includes the (i) design, development, manufacture and sale of a broad range of heat transfer components (such as heat exchangers, pre-coolers and oil/fuel hydraulic coolers) used in mechanical and electronic systems on-board commercial, military and business aircraft; and (ii) manufacture and sale of environmental control and cooling systems and (iii) a variety of other electronic and mechanical aircraft accessories and systems such as pumps, valves, power systems and turbines.
OEM of Electric Motion Systems primarily includes the design, development, manufacture and sale of a broad range of electrical motor applications for airborne and ground systems. TAT activities in this segment commenced with the acquisition of Bental in August 2008 and accordingly, the results in this segment for fiscal year 2008 are not compared with the previous years.
MRO services include the remanufacture, repair and overhaul of heat transfer equipment and other aircraft components, APUs, propellers and landing gear. TAT's Limco subsidiary operates FAA (Federal Aviation Administration ) certified repair stations, which provide aircraft component MRO services for airlines, air cargo carriers, maintenance service centers and the military.
TAT also holds 37% in First Aviation Services, a world-wide distributor of products and services to the aerospace industry and a one-stop-shop for MRO services (wheels, breaks, propellers and landing gear) for the General Aviation Industry.
TAT's executive offices are located in the Re'em Industrial Park, Neta Boulevard, Bnei Ayish, Gedera 70750, Israel, and TAT's telephone number is +972-8-862-8500.
Safe Harbor for Forward-Looking Statements
This press release contains forward-looking statements which include, without limitation, statements regarding possible or assumed future operation results, synergies, customer benefits, growth opportunities, financial improvements, expected expense savings and other benefits anticipated from the merger. These statements are hereby identified as "forward-looking statements" for purposes of the safe harbor provided by the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties that could cause our results to differ materially from management's current expectations. Actual results and performance can also be influenced by other risks that we face in running our operations including, but are not limited to, general business conditions in the airline industry, changes in demand for our services and products, the timing and amount or cancellation of orders, the price and continuity of supply of component parts used in our operations, and other risks detailed from time to time in the company's filings with the Securities Exchange Commission, including its registration statement on form F-4, its annual report on form 20-F and its periodic reports on form 6-K. These documents contain and identify other important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements. Stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update publicly or revise any forward-looking statement.
For more information of TAT Technologies, please visit our web-site:
http://www.tat.co.il
Contact:
Miri Segal-Scharia
MS-IR LLC
Tel: +1-917-607-8654
[email protected]
Dr. Avi Ortal
CEO Limco Piedmont
Tel: +1-336-455-1785
[email protected]
SOURCE TAT Technologies Ltd
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