TAT Technologies' Wholly Owned Subsidiary, Piedmont Aviation Component Services Signed New $7M' Contracts
February 09 2010 - 3:12AM
PR Newswire (US)
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 Dr. Avi
Ortal CEO Limco Piedmont Tel: +1-336-455-1785 DATASOURCE: TAT
Technologies Ltd CONTACT: Contact: Miri Segal-Scharia, MS-IR LLC,
Tel: +1-917-607-8654, ; Dr. Avi Ortal, CEO Limco Piedmont, Tel:
+1-336-455-1785,
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