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Investing.com -- TAT Technologies Ltd. (NASDAQ:TATT) stock rose 2.9% after the aviation and defense supplier announced a new $10 million contract with a leading Israeli defense integrator for the supply of original equipment manufacturer components.
The latest agreement brings TAT’s total expected revenues from defense sector contracts to $22 million year-to-date, according to the company. These contracts include both original equipment manufacturing and maintenance, repair, and overhaul services for the Israeli Air Force and defense integrators.
TAT Technologies serves both commercial and military aviation industries as well as ground defense sectors. The company indicated it is positioning itself to meet growing demand resulting from recent geopolitical developments and the subsequent increase in Israel’s defense budget.
"The contracts supporting the Israeli Air Force and global defense leaders underscore TAT’s strategic role as a supplier of components and a provider of critical maintenance services across multiple aerial platforms," said Igal Zamir, President and Chief Executive Officer of TAT.
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