TAT Technologies intents to acquire Chromalloy Israel

TAT Technology, a leading provider of services and products for the commercial and military aerospace and ground defense industries, has entered into a definitive agreement to acquire Chromalloy Israel for approximately US$3.5m (subject to certain price adjustments) in cash payable at the closing of the transaction. TAT shall pay additional amounts of up to US$ 2m in the event that Chromalloy Israel meets certain annual revenue targets in 2015 and 2016. The acquisition is expected to close before the end of September 2015. Chromalloy Israel, located in Kiryat Gat, Israel, specializes in overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes, afterburner flaps and other components. Chromalloy Israel, an FAA and an EASA approved repair station, is ISO 9001 and AS9100 certified and has been approved by major OEMs to perform unique coatings with specific substances. Following the completion of the transaction, Chromalloy Israel is expected to change its name to Turbochrome Ltd.