Security & Defense: TAT Technologies, Lockheed Martin Ink F-16 Deal

July 28, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — TAT Technologies Ltd. (NASDAQ: TATT) said it has entered into a memorandum of agreement 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.

According to TAT, the total value of the MOA is $4.1 million over the next two years.

The agreement between the two companies is a continuation of a 27-year business relationship in which TAT has provided Lockheed Martin with components of the emergency power unit and additional related components for the F-16.

TAT said it has also signed a memorandum of understanding with Lockheed Martin and Hamilton Sundstrand formalizing TAT's participation in the United States government's Joint Strike Fighter, 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.

Israel-based TAT Technologies is a provider of services and products to the commercial and military aerospace and ground defense industries.

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