TAT Technologies Ltd. (NASDAQ: TATT) said it has completed the acquisition of Chromalloy Israel for approximately USD3.5 million.
In addition, TAT will pay an earn-out, capped at USD2 million, in the event that Chromalloy Israel meets certain annual revenue targets in 2015 and 2016.
TAT shall include Chromalloy Israel´s financial results in its consolidated financial statements from the date of closing.
Following the completion of the transaction, Chromalloy Israel becomes Turbochrome Ltd.
Chromalloy Israel, located in Kiryat Gat, Israel, specializes in overhaul and coating of jet engine components, including turbine vanes and blades, fan blades, variable inlet guide vanes, afterburner flaps and other components.
TAT Technologies Ltd. is a leading provider of services and products to the commercial and military aerospace and ground defense industries.