TAT Technologies (NASDAQ:TATT) stock is getting a major boost on Friday after announcing a deal with Honeywell International (NASDAQ:HON).
The positive news here is that the agreement has TAT Technologies handling the “maintenance repair and overhaul of Honeywell’s 131 Series of Auxiliary Power Units.” This is Honeywell’s leading APU and is found in several aircraft, including the Boeing (NYSE:BA) 737 and Airbus (OTCMKTS:EADSY) 319/320/321.
The strategic MRO and lease agreement with Honeywell is worth noting as there are currently more than 16,000 131 Series APUs in use with more planned for the future. This agreement is also in addition to previous contracts with Honeywell to work on other parts. This opens TATT up to working with several airlines over the coming decades.
Igal Zamir, president and CEO of TAT Technologies, said this about the news sending TATT stock higher today.
“The 131 Series APU is the most common APU in the world. The Company believes that due to the execution of the new strategic agreement with Honeywell, its addressable market size in the MRO segment is expected to grow in a substantial manner, and therefore opens the door to TAT for potentially significant revenue growth in the MRO segment.”
TATT stock is experiencing heavy trading on Friday following news of the HON deal. That has more than 28 million shares of the stock changing hands as of this writing. This is a major jump compared to the company’s daily average trading volume of about 92,000 shares.
TATT stock was up 42.8% as of Friday morning.
There’s still plenty of other stock market news for Friday that investors can find below!
InvestorPlace offers deep dives into all of the latest stock news. A few examples worth looking into today include what has Eco Wave Power (NASDAQ:WAVE), AMC Entertainment (NYSE:AMC), and Alector (NASDAQ:ALEC) shares on the move. You can find all that info at the following links.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.