The contract will include Maintenance Repair and Overhaul
services (MRO) for Boeing 777 thermal components.
The additional annual revenue from the contract expansion is
estimated at $6 million
per year.
NETANYA, Israel, Oct. 18,
2022 /PRNewswire/ -- TAT Technologies Ltd. (TASE: TAT
Tech) (NASDAQ: TATT), a leading supplier of products and services
for the commercial and military aviation industries and the ground
defense industries, announces a significant contract expansion with
Collins Aerospace.
Limco Airepair (Limco), a wholly owned subsidiary of TAT
located in Tulsa, Oklahoma, which
specializes in Maintenance Repair and Overhaul (MRO) services for
heat transfer components and OEM production of heat transfer
solutions, today reports the signing of a significant contract
expansion with Collins Aerospace, for the provision of MRO services
for Boeing 777 thermal components.
This is an expansion of an existing successful partnership for
over 20 years between the companies, where Limco Airepair is
providing MRO services to Collins' customers in North America.
The contract will expand the scope of services to be provided to
Collins' customers worldwide. The contract expansion represents
potential additional revenues of $6
million per year.
Igal Zamir, CEO of TAT:
"Our long term strategy of partnering with large global aerospace
providers proves itself once again. We are proud to be part of
Collins' preferred suppliers for MRO activity. This new contract
will leverage our relationship to a higher stage and is a perfect
match to our strategic investments in Limco, building it as the
largest independent Aerospace Thermal Components OEM & MRO
service provider in the world. The contract will start to yield
revenues this year."
Located in Tulsa, Oklahoma,
Limco is a FAA-certified repair station provides MRO
services for airlines, air cargo carriers, maintenance service
centers and the military, especially for heat transfer components.
In addition to its MRO services, Limco is an OEM of heat transfer
solutions for aircraft and system manufacturers and other selected
related products. During 2021 TAT started a strategic transaction
to combine all of TAT's heat transfer solutions, both MRO and OEM,
to one place in Tulsa Oklahoma. As
part of it, TAT intends to establish its global R&D center in
the US. This will enable Limco to provide end-to-end solution to
aircraft and system manufacturers from design to OEM production and
MRO aftermarket services. Limco has received several
incentives from the state of Oklahoma to support its entire investments,
capability ramp up and rapid increase in manpower to support its
rapidly growing activity.
Limco's assessment of the contract expansion may include
predictions, estimates or other information that might be
considered forward-looking. While these forward-looking statements
represent our current judgment on the future environment, they are
subject to risks and uncertainties that could cause actual results
to differ materially. You are cautioned not to place undue reliance
on these forward-looking statements, which reflect our opinions
only as of the date of this release.
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
web-site:
www.tat-technologies.com
Contact:
Mr. Ehud
Ben-Yair
Chief Financial Officer
Tel: +972-8-862-8503
ehudb@tat-technologies.com
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