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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