Key Developments For TAT Technologies Ltd.
TAT Technologies Ltd. (TATTF.O) (Consolidated Issue listed on NASDAQ Global Market)
TAT Technologies Ltd. Declares Dividend
TAT Technologies Ltd.'s Board declared a cash dividend in the total amount of NIS10 million (approximately $2.66 million), or NIS1.123 per share (approximately $0.30 per share), for all of the shareholders of TAT. The dividend will be paid to shareholders of record on November 23, 2009. TAT will pay the dividend on December 7, 2009.
First Aviation Services Inc. To Acquire Propeller Overhaul Repair Business Of TAT Technologies Ltd.'s Limco-Piedmont Inc. Through Subsidiaries; Announces Equity Interest By Limco-Piedmont
First Aviation Services Inc. (FAvS) announced it has entered into definitive agreement to acquire the propeller overhaul repair business of Limco-Piedmont Inc. through a newly formed subsidiary Piedmont Propulsion Systems, LLC (PPS). These transactions will also result in Limco-Piedmont acquiring approximately 37% of FAvS' common stock in the form of newly issued non-voting shares, plus preferred stock and Limco-Piedmont guaranteeing certain debt required to finance the purchase of AeTR. Limco-Piedmont is a subsidiary of TAT Technologies Ltd. Financial terms were not disclosed.
TAT Technologies Ltd. Announces Entry Into New Manufacturing And Repair License Agreement With Principle Supplier
TAT Technologies Ltd. announced an extension of their manufacturing and repair license agreement. The signed license agreement is for the manufacturing of Emergency Power Systems for the F-16 aircraft and is for three year period.
TAT Technologies Ltd. Receives New Manufacturing Contract From Embraer, Empresa Brasileira de Aeronautica S.A.
TAT Technologies Ltd. announced that it has been awarded, for the second time in the past six months, a contract by Embraer, Empresa Brasileira de Aeronautica S.A., to be responsible for the design, manufacture, integration, testing, supply, and product support for the Pack Back-Up Heat Exchanger to be incorporated into the Legacy 450 midlight & Legacy 500 midsize, new executive jets being developed by Embraer. Earlier this year, TAT was awarded a contract by Embraer to supply the Pre-cooler Heat Exchanger to the same program.
TAT Technologies Ltd. Announces Stock Repurchase Plan
TAT Technologies Ltd. announced that on August 13, 2009, its Board of Directors approved a stock repurchase plan under Rule 10b5-1 of the Securities Exchange Act of 1934. The plan will be in effect for a period of six months (subject to extension) and will provide for the purchase of shares in an aggregate amount of up to USD2 million.
