Business
TAT Technology through its North Carolina subsidiary - Piedmont Aviation Components, received a first customer's order for an overhaul of APU331-500 engine serving on the Boeing 777 fleet
2 years after signing the strategic deal with Honeywell, TAT completed its investments in machines and equipment. The company received its first customer's
About this update from Tat Technologies Ltd.
[{"type":"text","content":"2 years after signing the strategic deal with Honeywell, TAT completed its investments in machines and equipment. The company received its first customer's order after completion of the certification process.\nLast week the company announced its results for the first quarter of 2023 with an increase in revenues of 26.6% to $25.2 million and positive net profits, compared to the same quarter in 2022.\nNETANYA, Israel, June 14, 2023 /PRNewswire/ -- TAT Technologies (Nasdaq: TATT) a leading supplier of OEM products and MRO services for the defense and commercial aviation industry, informed on receiving a first customer's order for the repair of APU331-500 from one of North America Cargo carriers.\nMr. Zamir CEO and President of TAT Technologies said:\" this order is the first of many orders to come, part of our penetration strategy to the MRO market of the APU 331-500. Establishing this line of business after 2 years of investment is a breakthrough that will serve our growth strategy for the coming years, as well as improve our margins and profits.\"\n\"We continue our investments and expect to be ready to provide MRO services for the APU131 (serving the Boeing 737 fleet and Airbus 319-20-21 fleet) by the second half of 2023.\"\nMr. Zamir added:\" Last week we announced our results for the first quarter of 2023 which was the second consecutive quarter of increase in revenues, gross profits and margins, EBITDA, and the shift to net profits. We expect the improvement in our results to continue in the coming quarters, and such improvement to enhance the value to our shareholders\".\nAbout TAT Technologies LTD\nTAT 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 (\"OEM\") of heat transfer solutions and aviation accessories through its Gedera facility; (ii) MRO services for heat transfer components and OEM of heat transfer solutions through its Limco subsidiary; (iii) MRO services for aviation components through its Piedmont subsidiary; and (iv) Overhaul and coating of jet engine components through its Turbochrome subsidiary. TAT controlling shareholders is the FIMI Private Equity Fund.\nTAT's activities in the area of OEM of heat transfer solutions and aviation accessories prima...