TAT Technologies Ltd. announced that its Board of Directors approved a stock repurchase plan in the amount of $2 million over the next six months. The company applied under Rule 10b5-1 of the Securities Exchange Act of 1934.
TAT Technologies Ltd. also reported a net profit of $550,000 or $0.08 per share in the second quarter ending 6/30/09. The company ended the quarter with nearly $41 million in cash and marketable securities.
“We believe that the current market price of the Company’s ordinary shares does not adequately reflect the business and resources of the Company, This stock repurchase plan, reflects our management’s confidence in our current operational strengths and prospects for the future as well as our ongoing commitment to increasing shareholder value,” said Giora Inbar, the Board Chairman of TAT Technologies Ltd.
TAT Technologies Ltd. is a technology company located in Israel. The company manufactures many different types of products, including heat exchangers, cooling systems, cold plates, Air-Cycle and vapor cycle air conditioning systems and fuel systems. These products are used in both military and civilian applications.
TAT Technologies Ltd. owns two U.S. based subsidiaries. Piedmont Aviation is located in North Carolina and provides maintenance and overhaul services to the aviation industry. Limco-Airepair is located in Oklahoma, and designs and manufactures heat transfer equipment for the aerospace industry.