ITEM 1
TAT
Technologies Ltd. announces appointment of new director and the
appointment of new CEO of
its subsidiary Limco-Piedmont Inc.
GEDERA, ISRAEL (August 13,
2009)
/PRNewswire-FirstCall/ TAT Technologies Ltd (TAT)
announced today the appointment of Dr. Avraham Ortal, as CEO of its wholly-owned
subsidiary, Limco-Piedmont Inc (Limco), effective September 1
st
,
2009; and the election of Mr. Jan H. Loeb as a member of its Board of Directors. Mr.
Loeb will be replacing Dr. Ortal as a member of TATs Board of Directors.
Dr. Ortal
has served as the chief executive officer of KMN Capital Ltd., a subsidiary of
Kaman Holdings Ltd., (KMN), and as the vice president of KMN, since
February 2008. In such capacities Dr. Ortal was responsible for the
international operations of KMN and its subsidiaries. From March 1999 to
January 2008, Dr. Ortal was a partner in the law firm of Zellermayer, Pelossof
& Co. of Tel Aviv, Israel. Prior to joining Zellermayer, Pelossof & Co.,
Dr. Ortal was an associate at the New York law firm Davis Polk & Wardell
and was an Adjunct Lecturer (Mergers & Acquisitions) at the Duke University
School of Law. Dr. Ortal holds an LL.B. degree from the College of Management,
an L.L.M. degree from Duke University School of Law and an S.J.D. degree from
Duke University and he is currently completing an MBA degree from Northwestern
University Kellogg Business School
Mr. Loeb has been the President of
Amtrust Capital Management, Inc., a capital investment firm, since 2007. From
February 2005 through 2007 he served as a portfolio manager for Amtrust Capital
Management, Inc. From February 2004 through January 2005 Mr. Loeb was a
portfolio manager for Chesapeake Partners, a capital investment firm. Prior
thereto, Mr. Loeb was a Managing Director at various investment banking firms.
Mr. Loeb is also a director of American Pacific Corp. and Golf Trust of
America, Inc.
About the Company
TAT Technologies Ltd. provides a
variety of services and products to the military and commercial aerospace and ground
defense industries through its Gedera facility in Israel, as well as through its
subsidiaries, Bental Industries Ltd., in Israel and Limco Piedmont, Inc., in the
U.S.
TAT operates under four operational
segments: (i) OEM of Heat Transfer products (ii) OEM of Electric Motion Systems (iii) MRO
services; and (iv) parts services, each with the following characteristics.
TATs activities in the area of
OEM of Heat Transfer products primarily relate to the (i) design, development, manufacture
and sale of a broad range of heat transfer components (such as heat exchangers,
pre-coolers and oil/fuel hydraulic coolers) used in mechanical and electronic systems
on-board commercial, military and business aircraft; and (ii) manufacture and sale of
environmental control and cooling systems and (iii) a variety of other electronic and
mechanical aircraft accessories and systems such as pumps, valves, power systems and
turbines.
TATs activities in the area of
OEM of Electric Motion Systems primarily relate to the design, development, manufacture
and sale of a broad range of electrical motor applications for airborne and ground
systems. TAT activities in this segment commenced with the acquisition of Bental in August
2008 and accordingly, the results in this segment for fiscal year 2008 are not compared
with the previous years.
TATs MRO services include the
remanufacture, overhaul and repair of heat transfer equipment and other aircraft
components, APUs, propellers and landing gear. TATs Limco subsidiary operates FAA
certified repair stations, which provide aircraft component MRO services for airlines, air
cargo carriers, maintenance service centers and the military.
TATs parts segment focuses on
inventory management and sale of APU parts, propellers and landing gear. TAT offers parts
services for commercial, regional and charter airlines and business aircraft owners.
TATs executive offices are
located in the Reem Industrial Park, Neta Boulevard, Bnei Ayish, Gedera 70750,
Israel, and TATs telephone number is 972-8-862-8500.
Safe Harbor for
Forward-Looking Statements
This press release contains
forward-looking statements which include, without limitation, statements regarding
possible or assumed future operation results, synergies, customer benefits, growth
opportunities, financial improvements, expected expense savings and other benefits
anticipated from the merger. These statements are hereby identified as
forward-looking statements for purposes of the safe harbor provided by the
Private Securities Litigation Reform Act of 1995. These forward-looking statements involve
risks and uncertainties that could cause our results to differ materially from
managements current expectations. Actual results and performance can also be
influenced by other risks that we face in running our operations including, but are not
limited to, general business conditions in the airline industry, changes in demand for our
services and products, the timing and amount or cancellation of orders, the price and
continuity of supply of component parts used in our operations, and other risks detailed
from time to time in the companys filings with the Securities Exchange Commission,
including its registration statement on form F-4, its annual report on form 20-F and its
periodic reports on form 6-K. These documents contain and identify other important factors
that could cause actual results to differ materially from those contained in our
projections or forward-looking statements. Stockholders and other readers are cautioned
not to place undue reliance on these forward-looking statements, which speak only as of
the date on which they are made. We undertake no obligation to update publicly or revise
any forward-looking statement.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereto duly authorized.
|
|
TAT TECHNOLOGIES LTD.
(Registrant)
By: /s/
Yaron Shalem
Yaron Shalem
Chief Financial Officer
|
Date: August 13, 2009
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