GEDERA, Israel, July 1, 2021 /PRNewswire/ -- TAT Technologies Ltd. is pleased to announce that TAT Piedmont, a fully owned subsidiary, signed an additional new strategic MRO and lease agreement with Honeywell for the maintenance repair and overhaul of Honywell's 131 Series of Auxiliary Power Units.
The 131 Series is the leading APU manufactured by Honeywell and serves the Boeing 737 and Airbus 319/320/321 among other aircraft types with over 16,000 engines worldwide and additional units to be produced in the future.
Igal Zamir, CEO and President of TAT Technologies, stated: "The 131 Series APU is the most common APU in the world. The Company believes that due to the execution of the new strategic agreement with Honeywell, its addressable market size in the MRO segment is expected to grow in a substantial manner, and therefore opens the door to TAT for potentially significant revenue growth in the MRO segment. Over the last nine months TAT signed several strategic long-term contracts with Honeywell which position TAT as a key global authorized vendor for the maintenance repair and overhaul as well as leasing of Honeywell's APU."
The combined contracts which include the 36, 85/95, 331-200/250, 331-500 (MRO and Lease bank) and now the 131 Series APUs (MRO and Lease), enable TAT to offer its services to numerous airlines and aircraft platforms which are expected to be in operations in the coming decade. "We expect to see a major increase in revenues in the coming years as the industry will recover from COVID19," Zamir said.
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:
Mr. Ehud Ben-Yair
Chief Financial Officer
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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.
SOURCE TAT Technologies Ltd.