Sypris Wins Contract With Leonardo DRS
August 11 2020 - 8:00AM
Business Wire
Electronic Assemblies for Naval
Application
Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc.
(Nasdaq/GM: SYPR), announced today that it has received an initial
contract award from the Leonardo DRS Naval Electronics business
unit to manufacture and test electronic assemblies for a shipboard
system. Production will begin in 2020. Terms of the agreement were
not disclosed.
“Sypris Electronics has extensive experience working on mission
critical Navy programs,” said Jim Long, Vice President &
General Manager of Sypris Electronics. “Leonardo DRS is an industry
leader in Naval Electronics and the opportunity to support them on
this program is an honor for Sypris Electronics. Our collaborative
approach in providing a tailored manufacturing and test solution
was an important element to this win. We are excited to support
Leonardo DRS on this program and to expand our relationship with
Leonardo DRS.”
Sypris Electronics is a trusted provider of electronic
solutions, addressing customers’ needs for building complex,
mission-critical electronic and electro-mechanical devices and
integrated systems. Backed by 50 years of experience, Sypris’
engineering and manufacturing services span our customers’ product
life cycle all within a culture of continuous improvement and Six
Sigma/Lean thinking. Partners from multiple agencies and tier one
companies in Military (DoD), Space, Medical, Undersea, and
Industrial markets team with Sypris to deliver high-reliability
electronics built with strict adherence to regulated requirements.
For more information, please visit www.sypriselectronics.com.
Forward-Looking Statements
This press release contains “forward-looking” statements
within the meaning of the federal securities laws. Forward-looking
statements include our plans and expectations of future financial
and operational performance. Such statements may relate to
projections of the Company’s revenue, earnings, and other financial
and operational measures, our liquidity, our ability to mitigate or
manage disruptions posed by COVID-19, and the impact of COVID-19
and economic conditions on our future operations, among other
matters. COVID-19 continues to spread throughout the United States
and other countries across the world, and the duration and severity
of its effects are currently unknown. The COVID-19 pandemic has
resulted, and is likely to continue to result, in significant
economic disruption and has and will likely adversely affect our
business. The Company has continued to operate at each location and
sought to remain compliant with government regulations imposed due
to the COVID-19 pandemic.
Each forward-looking statement herein is subject to risks and
uncertainties, as detailed in our most recent Form 10-K and Form
10-Q and other SEC filings. Briefly, we currently believe that
such risks also include the following: the impact of COVID-19 and
economic conditions on our future operations; possible public
policy response to the pandemic, including legislation or
restrictions that may impact our operations or supply chain; our
failure to successfully complete final contract negotiations with
regard to our announced contract “orders”, “wins” or “awards”; the
cost, quality, timeliness, efficiency and yield of our operations
and capital investments, including the impact of employee training,
working capital, production schedules, cycle times, scrap rates,
wages, overtime costs, freight or expediting costs; disputes or
litigation involving governmental, supplier, customer or employee
claims; our inability to develop new or improved products or new
markets for our products; cost, quality and availability of raw
materials and electronic component parts; our reliance on third
party vendors and sub-suppliers; continued shortages and extensive
lead-times for electronic components; failure to adequately insure
or to identify environmental or other insurable risks; volatility
of our customers’ forecasts, scheduling demands and production
levels which negatively impact our operational capacity and our
effectiveness to integrate new customers or suppliers, and in turn
cause increases in our inventory and working capital levels;
adverse impacts of new technologies or other competitive pressures
which increase our costs or erode our margins; U.S. government
spending on our products and services, including the timing of
budgetary decisions; changes in licenses, security clearances, or
other legal rights to operate, manage our work force; cyber
security threats and disruptions; inaccurate data about markets,
customers or business conditions; or unknown risks and
uncertainties. We undertake no obligation to update our
forward-looking statements, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200811005193/en/
Lawrence J. Bernicky Vice President of Finance (813)
972-6040
Sypris Solutions (NASDAQ:SYPR)
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