TAT Technologies buying Piedmont Component Services
TAT Technologies, through its fully owned subsidiary Limco Airepair,announced it will acquire Piedmont Aviation Component Services. The agreement is expected to close this month.
Located in Kernersville, N.C., Piedmont is an FAA and EASA Part 145 repair station with nearly 60 years of experience in propeller and landing-gear overhaul and more than 20 years of experience in overhauling Honeywell auxiliary power units and related components.
With this acquisition TAT and itsOklahoma-based subsidiary, Limco Airepair, will increase significantly their presence in the aircraft overhaul, repair and maintenance market. Under the terms of the acquisition, TAT willpay $5.5 million for Piedmont and repay $9.5 million of outstanding debt. TAT will fund this acquisition through equity and bank loans.
TAT Technologies manufactures and sells heat transfer equipment used in mechanical and electronic systems on board commercial and military aircraft and in other electronic equipment. Limco Airepair is both an aftermarket repair station and OEM manufacturer. Its repair services extend to components of other manufacturers, providing a full range of capabilities for the commercial, military, regional and general aviation markets. Limco’s heat transfer repair subdivision specializes in after-market repair of heat transfer equipment in the aerospace industry.