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Benzinga

Business

Akanksha Bakshi

TAT Technologies Bags New Contract With Estimated $50M Revenue Contribution

Piedmont (Organization) Nasdaq

TAT Technologies Ltd. (NASDAQ:TATT) has secured a significant new contract from a large global airline to provide Repair, Maintenance and Overhaul (MRO) services to the airline's Auxiliary Power Units (APU).
The contract is exclusive for 5 years, during which Piedmont, TAT's North Carolina subsidiary, will maintain all of the airline's APUs of a specific model.
TATT estimates revenues of $50 million ($10 million per year).
"We are pleased to have won this contract...This additional business will improve the profitability and operating efficiency of our subsidiary Piedmont and will contribute to improving TAT 's group consolidated results for the years to come," commented Igal Zamir, CEO.
Price Action: TATT shares are trading higher by 0.81% at $6.20 on the last check Thursday.

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