TAT Technologies Limited announced today it will sell a controlling interest in Piedmont Aviation Component Services LLC and a substantial minority interest in Limco Airepair, Inc. to Stork NV. The projected price amounts to $38 million.
Tulsa-based Limco, is an original equipment manufacturer of heat transfer equipment used in commercial, regional, business and military aircraft and complete environmental control systems and cooling systems for electronics and as a MRO repair station for heat transfer equipment and pneumatic ducting. Limco employs approximately 150 employees.
Piedmont, based in Kernersville, NC, specializes in providing MRO services for auxiliary power units, landing gear and propellers used in many aircraft, including aircraft manufactured by Boeing, ATR, Embraer and Bombardier. Piedmont employs approximately 130 employees.
Stork develops and produces advanced components and systems for aviation and aerospace, and supplies integrated services and products to aircraft owners and operators. Stork most recent acquired AIRINC, based in Fairhope, Ala. AIRINC provides component repair and overhaul services to aircraft operators worldwide and specializes in hydraulic, pneumatic and avionic components installed on a wide variety of aircraft, including Airbus and Boeing.
The letter of intent contemplates a closing date early in 2007.