Jul 28 2010
TAT Technologies Ltd. (Nasdaq: TATT - News), a leading provider of services and products to the commercial and military aerospace and ground defense industries, today announced it entered into a Memorandum of Agreement (MOA) with Lockheed Martin (NYSE: LMT) for the procurement of TAT components for the F-16 emergency power unit and additional related components for the F-16 multirole fighter aircraft. Total value of the MOA is $4.1M over the next two years.
This agreement between the two companies is a continuation of a 27-year business relationship wherein TAT has provided Lockheed Martin with components of the emergency power unit and additional related components for the F-16.
TAT also announced today the signing of a memorandum of understanding (MOU) with Lockheed Martin and Hamilton Sundstrand formalizing TAT's participation in the United States Government's Joint Strike Fighter (JSF), the F-35 program. TAT was identified as a strategic source for electronic cooling components for the F-35 program and will be offered with the opportunity to subcontract on the program, on a best-value basis consistent with the program's objectives and requirements. The MOU is contingent upon Israel's selection of the F-35.
TAT's President and CEO, Dr. Shmuel Fledel, commented: "This continuing order, together with the other programs recently awarded to TAT, demonstrate TAT's strong market position in providing its solutions, including heat transfers and accessories, to the aviation industry. TAT is proud of the close relationships it has established with a world-leading customer such as Lockheed Martin, wherein for some components TAT provides to Lockheed Martin TAT is the sole supplier world-wide. We are fully committed to continue to support Lockheed Martin's F-16 program. We are looking forward to expanding our cooperation with Lockheed Martin for additional programs".
Source: http://www.tat-technologies.com/