Sypris Elects Gary L. Convis to Its Board of Directors
July 29 2020 - 9:45AM
Business Wire
Former Toyota Executive and Manufacturing
Expert
Sypris Solutions, Inc. (NASDAQ/GM: SYPR) announced today that
effective July 28, 2020, it has elected Gary L. Convis to join its
Board of Directors (“Board”) as a Class II director. Mr. Convis
previously retired from the Board in May 2019 after more than 7
years of service, and the Board is excited to welcome him back.
Commenting on the announcement, Jeffrey T. Gill, President and
Chief Executive Officer of Sypris Solutions, said, “We are very
pleased to have Gary return to our board. Gary’s successful,
highly-profiled executive leadership experience with Toyota, GM,
Ford and Dana, was previously, and is expected to continue to be an
invaluable resource to Sypris as we remain focused on achieving
long-term growth and a return to profitable operations through
realigning the Company’s cost structure while also diversifying our
book of business in terms of both customers and markets.”
Mr. Convis has served as Senior Advisor for Bloom Energy, a
provider of solid oxide fuel cell technology, since November 2013
and as Chief Operations Officer from January 2012 until November of
2013. Mr. Convis also served in a number of senior leadership
positions with Dana Holding Corporation including, Special Advisor
to the Chief Executive Officer and President (January 2010 to
December 2011), Vice Chairman of Dana Holding Corporation (January
2009 to December 2009) and as Chief Executive Officer and President
(April 2008 to January 2009). From 2003 to 2007, Mr. Convis served
as an Executive Vice President of Toyota Motor Engineering &
Manufacturing North America, Inc. and as Managing Officer of Toyota
Motor Corp. from May 2003 to July 2007. He started his career with
Toyota in 1984 as part of the start-up team for New United Motor
Manufacturing, Inc., Toyota’s joint venture with General Motors.
Additionally, Mr. Convis served 16 years with Ford Motor
Corporation following a three-year tenure with General Motors. Mr.
Convis has served on the Board for a number of companies, including
Toyota Motor Manufacturing Kentucky Inc., where he served as
Chairman of the Board (May 2006 to July 2007); Cooper-Standard
Holdings Inc. (2007 to May 2010); Dana Holding Corporation (January
2008 to December 2009); Achates Power, Inc., a developer of
two-stroke opposed-piston engines (2007 to April 2020) and MW
Industries, Inc., a manufacturer of specialty springs and fasteners
(December 2017 to February 2020).
Sypris Solutions is a diversified provider of truck components,
oil and gas pipeline components and aerospace and defense
electronics. The Company performs a wide range of manufacturing
services, often under multi-year, sole-source contracts. For more
information about Sypris Solutions, visit its Web site at
www.sypris.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
ability to comply with the requirements of the SBA and seek
forgiveness of all or a portion of the PPP Loan; our failure to
achieve and maintain profitability on a timely basis by steadily
increasing our revenues from profitable contracts with a
diversified group of customers, which would cause us to continue to
use existing cash resources or other assets to fund operating
losses; our failure to achieve targeted gains and cash proceeds
from the anticipated sale of certain equipment; the fees, costs and
supply of, or access to, debt, equity capital, or other sources of
liquidity; dependence on, retention or recruitment of key employees
and distribution of our human capital; the cost, quality,
timeliness, efficiency and yield of our operations and capital
investments, including the impact of tariffs, product recalls or
related liabilities, employee training, working capital, production
schedules, cycle times, scrap rates, injuries, wages, overtime
costs, freight or expediting costs; disputes or litigation
involving governmental, supplier, customer, employee, creditor,
stockholder, product liability or environmental claims; our
inability to develop new or improved products or new markets for
our products; cost, quality and availability of raw materials such
as steel, component parts (especially electronic components),
natural gas or utilities; breakdowns, relocations or major repairs
of machinery and equipment, especially in our Toluca Plant; our
inability to regain compliance with the NASDAQ listing standards
minimum closing bid price in a timely manner our reliance on a few
key customers, third party vendors and sub-suppliers; continued
shortages and extensive lead-times for electronic components;
inventory valuation risks including excessive or obsolescent
valuations or price erosions of raw materials or component parts on
hand or other potential impairments, non-recoverability or
write-offs of assets or deferred costs; other potential weaknesses
in internal controls over financial reporting and enterprise risk
management; failure to adequately insure or to identify
environmental or other insurable risks; unanticipated or uninsured
disasters, public health crises, losses or business risks; our
failure to successfully complete final contract negotiations with
regard to our announced contract “orders”, “wins” or “awards”;
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; the costs of compliance with our auditing, regulatory or
contractual obligations; labor relations; strikes; union
negotiations; pension valuation, health care or other benefit
costs; our inability to patent or otherwise protect our inventions
or other intellectual property from potential competitors; adverse
impacts of new technologies or other competitive pressures which
increase our costs or erode our margins; U.S. government spending
on products and services that Sypris Electronics provides,
including the timing of budgetary decisions; changes in licenses,
security clearances, or other legal rights to operate, manage our
work force or import and export as needed; risks of foreign
operations; currency exchange rates; war, terrorism, or political
uncertainty; 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/20200729005077/en/
Anthony C. Allen Vice President & Chief Financial Officer
(502) 329-2000
Sypris Solutions (NASDAQ:SYPR)
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