TAT TECHNOLOGIES ANNOUNCES ACQUISITION
TAT TECHNOLOGIES ANNOUNCES ACQUISITION TEL AVIV, Israel, Nov. 3 /PRNewswire/ -- TAT Technologies Ltd.
(formerly Galagraph Limited) (NASDAQ: Units, TAFUF; Shares, TATTF; Warrants, TATWF) today announced that it had signed a letter of intent to purchase a private United States company engaged in development and manufacturing of components and systems for the aerospace and commercial markets. For the fiscal year ended Dec. 31, 1991, this company had sales of approximately $9 million and pre-tax profits of approximately $850,000. The acquisition is pending the approval of the board of directors of TAT Technologies Ltd. and the signing of an agreement.
In July 1992, TAT Technologies Ltd. acquired Airepair International Inc. of Tulsa, Okla., which is primarily engaged in the repair and overhaul of heat exchangers for the commercial airline industry. This new acquisition will increase the product mixture of the TAT Group. It is intended that the transaction will close by Jan. 31, 1993. TAT Technologies Ltd. operates principally in two industries: heat exchangers and computer systems. The heat exchanger division specializes in the manufacturing of high technology, compact heat exchangers, primarily for use in aircrafts and airborne systems. The computer systems division specializes in graphics and video systems, display simulation and transportation systems. -0- 11/3/92 /CONTACT: Shlomo Ostersetzer, chairman of TAT Technologies, in Tel Aviv: 972-3-455-563/ (TATTF) CO: TAT Technologies Ltd. ST: IN: ARO SU: TNM
SM-TS -- NY002 -- 1954 11/03/92 09:40 EST
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|Date:||Nov 3, 1992|
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