TAT Technologies Ltd. (Nasdaq:TATTF) will embark on a new stock repurchase plan. The $1 million plan replaces a larger buy back plan it announced in December.
The company also said that it will exercise its option to increase its stake in Israeli motion system technology company Bental Industries Ltd. from 52% to 70%. TAT bought its stake in January, 2008.
The share buyback plan will be in effect for a period of three months, though it can be extended, and provides for the purchase of shares in an aggregate amount of up to $1 million. The current plan replaces a previous plan, announced in December, to buy back around $3 million, or NIS 12 million, worth of shares. The company did not say how much of the $3 million was used before the termination.
TAT Technologies Ltd. currently holds 52% of Bental, and upon the exercise of the option, the Company will hold 70% of the company.
TAT Technologies develops and sells heat transfer equipment for commercial and military aircraft, provides maintenance and repair services, and also sells other parts for the aerospace industry.
Shares in TAT closed yesterday at $4.07, giving it a market cap of $26.65 million.
Published by Globes [online], Israel business news - www.globes-online.com - on March 12, 2009
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