Benzinga | Sep 24, 2020 04:12PM EDT

TAT Technologies Enters 10-Year Maintenance And Repair Agreement With Honeywell

TAT Technologies Enters 10-Year Maintenance and Repair Agreement with Honeywell



GEDERA, Israel, September 24, 2020 - TAT Technologies Ltd. (NASDAQ:TATT) ("TAT" or the "Company"), a leading provider of products and services to the commercial and military aerospace and ground defense industries, and Honeywell International, Inc., announced today a 10-year agreement to support the global MRO activities for the GTCP331-200/250 auxiliary power unit (the "331 APU").



TAT, through its wholly owned subsidiary Piedmont Aviation, has been a Honeywell authorized MRO partner for over 20 years with approximately $12 million revenue in 2019 from 331 APU MRO activities. In addition to its existing business, the new agreement transitions Honeywell's 331 APU MRO activities to TAT, which will provide seamless enhanced support to Honeywell customers, as well as other operators who are using the relevant fleets around the globe.



Igal Zamir, CEO of TAT commented:"We are proud to be selected by Honeywell as the preferred long-term partner to provide global MRO services to Honeywell's 331 APU. TAT's subsidiary Piedmont is already a leading player in 331 APU MRO, providing services to some of the world's largest fleets with a proven track record of quality and turn-around time. This agreement positions TAT as the premier MRO services provider to the relevant fleets globally and presents a major growth opportunity for TAT. We look forward to expanding and strengthening the commercial cooperation with Honeywell in the future."