TAT Technologies closes acquisition of Chromalloy Israel

TAT Technologies, a leading provider of services and products for the commercial and military aerospace and ground defense industries, has completed the acquisition of Chromalloy Israel for approximately US$3.5m. In addition, TAT will pay an earn-out, capped at US$2m, in the event that Chromalloy Israel meets certain annual revenue targets in 2015 and 2016. TAT will include Chromalloy Israel’s financial results in its consolidated financial statements from the date of closing. Following the completion of the transaction, Chromalloy Israel is going to change its name to Turbochrome Ltd.