TAT Technologies Ltd. (Nasdaq:TATT; TASE:TATTF) today announced some good news after a difficult period. The subsidiary of KMN Capital Ltd. (TASE:KMNK-L) signed a $20 million five-year contract with the U.S Army for the overhaul and upgrade of anti-icing engine valves for Apache and Black Hawk helicopters.
The first $4.3 million purchase order has already been placed, with deliveries commencing this year.
TAT manufactures and upgrades products for the commercial and military aerospace industries.
TAT president and CEO Dr. Shmuel Fledel said that the contract expanded the company's collaboration with the US Army, and that it was the company's first win with AMCOM - the Aviation and Missiles Command of the US Army.
TAT's share price closed at $5.42 on Nasdaq yesterday, giving a market cap of $48 million, and rose 3.4% by mid-afternoon on the TASE to NIS 18.71.
Published by Globes [online], Israel business news - www.globes-online.com - on May 16, 2011
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