TAT Technologies Ltd. had Determined not to go Forward With the Planned Relocation of the Operations of its Tulsa, Oklahoma Base
July 28 2009 - 2:19PM
PR Newswire (US)
GEDERA, Israel, July 28 /PRNewswire-FirstCall/ -- TAT Technologies
Ltd. (NASDAQ:TATTF) ("TAT") today announced that it had determined
not to go forward with the planned relocation of the operations of
its Tulsa, Oklahoma based subsidiary Limco Airepair, Inc. ("Limco")
to the location of its Piedmont Aviation Component Services, Inc.
subsidiary in Kernersville, North Carolina. The principal reason
for this decision was that TAT had received requests from a number
of Limco's significant customers that the operations remain in
Tulsa. In addition, unanticipated costs significantly diminished
the anticipated savings from the relocation. About the Company TAT
Technologies Ltd. provides a variety of services and products to
the military and commercial aerospace and ground defense industries
through its Gedera facility in Israel, as well as through its
subsidiaries, Bental Industries Ltd., in Israel and Limco -
Piedmont, Inc., in the U.S. TAT operates under four operational
segments: (i) OEM of Heat Transfer products (ii) OEM of Electric
Motion Systems (iii) MRO services; and (iv) parts 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 and
accordingly, the results in this segment for fiscal year 2008 are
not compared with the previous years. 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's
parts segment focuses on inventory management and sale of APU
parts, propellers and landing gear. TAT offers parts services for
commercial, regional and charter airlines and business aircraft
owners. 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,
synergies, customer benefits, growth opportunities, financial
improvements, expected expense savings and other benefits
anticipated from the merger. 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 registration statement on form F-4, 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 further information,
please call Mr. Yaron Shalem, the Company CFO, at +972-8-8628503.
DATASOURCE: TAT Technologies Ltd CONTACT: For further information,
please call Mr. Yaron Shalem, the Company CFO, at +972-8-8628503
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