GEDERA, Israel, February 3, 2011 /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 Component Services ("Piedmont"), has signed a five year APU (Auxiliary Power Unit - a small gas turbine engine) maintenance Agreement with Austrian Airlines ("Austrian") covering Austrian Boeing 767 fleet GTCP331-200 APU. The maintenance agreement for the GTCP-331-200 model is in addition to an existing contract between Austrian and Piedmont for the CRJ200 fleet GTCP36-150RJ APU.
Mr. Burkard Wigger, Vice President Technical Operations at Austrian Airlines said: "With Piedmont Aviation Component Services, we have found a professional partner who is very committed to our inquiries and comes up with tailored solutions that fit our demands. Piedmont offers expert knowledge in APU maintenance and has already proved to deliver reliable and satisfying services in our cooperation."
TAT's President and CEO, Dr. Shmuel Fledel, commented on the new agreement: "We are proud of the solid relationship between Austrian and Piedmont. For the last 4 years we have been successful with the current 36-150RJ APU contract and the addition of the 331-200 APU model demonstrates the high level of confidence and cooperation between the two companies. The new APU agreement reinforces TAT's leading position in the APU maintenance industry."
About Austrian Airlines
Austrian Airlines is Austria's largest carrier and offers a global route network of round 130 destinations. In Central and Eastern Europe, the route network is particularly dense: With 44 destinations Austrian Airlines is the market leader throughout the region. Thanks to its favourable geographical location at the heart of Europe, the company's hub at Vienna International Airport is the ideal gateway between East and West. Austrian Airlines is part of the Lufthansa Group, Europe's largest airline group, and a member of the Star Alliance, the first global alliance of international airlines.
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.
TAT's activities in the area of OEM of Heat Transfer products primarily relate to 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.
TAT's activities in the area of OEM of Electric Motion Systems primarily relate to 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.
TAT's MRO services include the remanufacture, overhaul and repair of heat transfer equipment and other aircraft components, APUs, propellers and landing gear. TAT's Limco subsidiary operates FAA 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. 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 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-technologies.com
Contact: Miri Segal-Scharia MS-IR LLC Tel: +1-917-607-8654 [email protected] Dr. Avi Ortal CEO Limco Piedmont. Tel: +1-336-455-1785 [email protected]SOURCE TAT Technologies Ltd
