TAT Technologies Ltd. announced that its fully owned subsidiary, TAT Piedmont Aviation (“TAT-Piedmont”), and Honeywell International, had entered into a 10-year agreement for an exclusive worldwide Auxiliary Power Unit (APU) rental services for OEM authorized GTCP331-500 engine. This engine is installed in all Boeing 777 aircraft around the world. Under this contract TAT-Piedmont will offer rental services to airlines who are operating Boeing’s 777 aircraft and will serve on behalf of Honeywell for any rental of Honeywell GTCP331-500 APUs to all of Honeywell’s customers on an exclusive basis. As part of this agreement, TAT-Piedmont acquired Honeywell’s GTCP331-500 APU rental bank for approximately $6.5 million. In addition, TAT-Piedmont and Honeywell entered into a binding MOU in which Honeywell committed to authorize TAT-Piedmont to provide MRO service to GTCP331-500 APU, and provide TAT-Piedmont relevant knowhow and parts, making TAT-Piedmont an authorized MRO services provider world-wide for this engine.