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July 11, 2012 /PRNewswire/ -- TAT Technologies Ltd. (Nasdaq: TATT) today announced that it has been awarded, for the fourth time during the past 3 years, a contract by Embraer, one of the world's largest manufacturers of commercial aircraft, to be responsible for the design, manufacture, integration, testing, supply, and product support for the Pre-Cooler to be incorporated into the new KC-390 aircraft being developed by Embraer which TAT anticipates will enter service in 2016. In 2009, TAT was awarded contracts by Embraer to supply the Pack Back-Up Heat Exchanger and Pre-cooler Heat Exchanger for the Legacy 450 midlight & Legacy 500 midsize, new executive jets being developed by Embraer. TAT was previously awarded a contract by Embraer to provide the Pre-Cooler to the Phenom 300 light business jet.
Assuming the successful development and marketing of the new aircraft, TAT estimates the revenues from this new contract at approximately
$4 million over a ten year period with revenues commencing some time in 2016. In addition, TAT estimates that the product could, in the future, generate significant additional aftermarket and support revenues. TAT will incur certain developmental expenses within its ongoing operation over the next two years in connection with the development of the product.
TAT's President and CEO, Mr.
Itsik Maaravi, remarked that "We are proud of our relationship with Embraer. This signed contract with Embraer Defense and Security is a significant achievement for the company and demonstrates TAT's continuing ability to support Embraer with Turn Key Solutions. It furthers TAT's strategy - to be one of the world's leading designers and manufacturer of Heat Management solutions and products. This contract significantly adds to TAT's market position, recognition and further firms the relationship between TAT & EMBRAER".
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.