NETANYA, Israel, Jan. 16,
2024 /PRNewswire/ -- TAT Technologies Ltd. (TASE:
TATT) (NASDAQ: TATT), a leading supplier of products and services
for the commercial and military aviation industries and the ground
defense industries, announces a new contract with an international
air carrier.
This contract is a result of a very successful partnership
between the companies over the last several years which led the
parties to sign a global fleet contract. As part of this contract,
TAT will provide MRO services to the airline's GTCP331 model APUs.
TAT estimates total revenues from this contract to be $10 million ($2
million per year).
By signing this contract, we further advanced our dominating
position as the leading APU 331-200
MRO in the market serving the widely utilized B757/767 fleet
by providing APU 331-200 repairs with a reputation for quality and
on time delivery to this important market.
In 2020 and 2021, TAT (through its fully owned subsidiary,
Piedmont Aviation Components based in Greensboro North Carolina) signed multiple
strategic contracts with the Fortune 100 multi-national aerospace
company Honeywell. Under these contracts, TAT was awarded a 10-year
license for repair and overhaul of APUs for Boeing and Airbus's key
platforms, including B737, B777, B767/757 and A320 aircraft as well
as the C17 which is used for military purposes. The Company is also
a global provider for APUs leases to airlines across multiple
commercial platforms with an additional exclusive 10 yr. agreement
for the B777 aircraft, with Honeywell. Piedmont has completed its facility upgrades
required to commence MRO operations for the GTCP331-500 (B777) and
GTCP131-9 (A320/B737).
Igal Zamir, CEO of TAT stated:
"We are very pleased with this contract, which comes after several
years of very fruitful relationship. By signing this contract, we
established our domination in the commercial segment of MRO for the
APU331-200.
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 four segments: (i) Original
equipment manufacturing ("OEM") of heat transfer solutions and
aviation accessories through its Gedera facility; (ii) MRO services
for heat transfer components and OEM of heat transfer solutions
through its Limco subsidiary; (iii) MRO services for aviation
components through its Piedmont
subsidiary; and (iv) Overhaul and coating of jet engine components
through its Turbochrome subsidiary. TAT controlling shareholders is
the FIMI Private Equity Fund.
TAT's activities in the area of OEM of heat transfer solutions
and aviation accessories primarily include the design, development
and manufacture of (i) broad range of heat transfer solutions, such
as pre-coolers heat exchangers and oil/fuel hydraulic heat
exchangers, used in mechanical and electronic systems on board
commercial, military and business aircraft; (ii) environmental
control and power electronics cooling systems installed on board
aircraft in and ground applications; and (iii) a variety of other
mechanical aircraft accessories and systems such as pumps, valves,
and turbine power units.
TAT's activities in the area of MRO Services for heat transfer
components and OEM of heat transfer solutions primarily include the
MRO of heat transfer components and to a lesser extent, the
manufacturing of certain heat transfer solutions. TAT's Limco
subsidiary operates an FAA-certified repair station, which provides
heat transfer MRO services for airlines, air cargo carriers,
maintenance service centers and the military.
TAT's activities in the area of MRO services for aviation
components include the MRO of APUs, landing gears and other
aircraft components. TAT's Piedmont subsidiary operates an FAA-certified
repair station, which provides aircraft component MRO services for
airlines, air cargo carriers, maintenance service centers and the
military.
TAT's activities in the area of overhaul and coating of jet
engine components includes the overhaul and coating of jet engine
components, including turbine vanes and blades, fan blades,
variable inlet guide vanes and afterburner flaps.
For more information of TAT Technologies Ltd., please visit our
website:
www.tat-technologies.com
Contact:
Mr. Ehud
Ben-Yair
Chief Financial Officer
ehudb@tat-technologies.com
Tel: 972-8-862-8503
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. 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, the change of control that will occur on the
sale by the receiver of the Company's shares held by our previously
controlling stockholders, and other risks detailed from time to
time in the Company's filings with the Securities Exchange
Commission, including, 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.
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SOURCE TAT Technologies Ltd.