TAT Technologies Announcing A Contract With A Value Of Up To $6.2M' With Lockheed Martin For The F-16 Tactical Aircraft's Emergency Power Unit And Additional Related Components
GEDERA, Israel, August 12, 2013 /PRNewswire/ --
TAT Technologies Ltd. (Nasdaq: TATT), a leading provider of services and products to the commercial and military aerospace and ground defense industries, today reported it received a Requirements Contract with a Master Purchas Order (" MPO ") from Lockheed Martin Corporation ("Lockheed Martin"; NYSE: LMT) for the procurement of the F-16 tactical aircraft's emergency power unit and additional related components. Total value of the contract may reach $6.2M' through December-31, 2018.
This contract between the two companies is a continuation of a 30-year business relationship wherein TAT has provided Lockheed Martin with components for the emergency power unit and additional related components for the F-16. TAT expects to receive an additional order for the same components from Lockheed Martin in the near future.
TAT's President and CEO, Mr. Itsik Maaravi, commented: "This continuing order demonstrate TAT's strong market position in providing its solutions, including heat management solutions and accessories, to the aviation industry. TAT is proud of the close relationships it has established with a world-leading customer such as Lockheed Martin. We are fully committed to continue to support Lockheed Martin's F-16 program and are looking forward to expanding our cooperation with Lockheed Martin for additional programs."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 or "OEM" of Heat Management Solutions (ii) OEM of Electric Motion Systems (iii) Heat Transfer Services and Products and (iv) Maintenance, Repair and Overhaul or "MRO" services of Aviation Components. TAT's activities in the area of OEM of Heat Management Solutions primarily include the design, development, manufacture and sale of (i) 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; (ii) environmental control and cooling systems on board aircraft and for ground applications; and (iii) a variety of other electronic and mechanical aircraft accessories and systems such as pumps, valves, power systems and turbines. TAT's activities in the area of OEM of Electric Motion Systems primarily include the design, development, manufacture and sale of a broad range of electrical motor applications for airborne and ground systems. TAT's activities in the area of Heat Transfer Services and Products include the maintenance, repair and overhaul of heat transfer equipment and in a lesser extent, the manufacturing of certain heat transfer products. TAT's Limco subsidiary operates FAA certified repair station, which provides heat transfer MRO services and products 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 maintenance, repair and overhaul of APUs, Landing Gear 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 also holds approximately 30% of the equity of First Aviation Services, a one-stop-shop for MRO services (wheels, breaks, propellers and landing gear) for the General Aviation Industry.
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