RTTNews | Jul 1, 2021 05:06PM EDT

17:06 Thursday, July 1, 2021 (RTTNews.com) - Shares of micro-cap company TAT Technologies Ltd. (TATT) surged nearly 60% in extended session Thursday after the company announced that its subsidiary TAT Piedmont has reached a new MRO partnership with Honeywell.

TAT Piedmont signed a new strategic MRO and lease agreement with Honeywell for the maintenance repair and overhaul of Honywell's 131 Series of Auxiliary Power Units.

The 131 Series is the leading APU manufactured by Honeywell and serves the Boeing 737 and Airbus 319/320/321 among other aircraft types with over 16,000 engines worldwide and additional units to be produced in the future.

"We expect to see a major increase in revenues in the coming years as the industry will recover from COVID19," Igal Zamir, CEO and President of TAT Technologies, said.

TATT closed Thursday's trading at $5.93, down $0.00 or 0.08%, on the Nasdaq. The stock, however, slipped $3.51 or 59.32%.

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