Sypris Wins Order for Alberta XPress Gas Project
August 19 2020 - 3:15PM
Business Wire
Closures for Great Lakes Transmission System
Expansion
Sypris Technologies, Inc., a subsidiary of Sypris Solutions,
Inc. (Nasdaq/GM: SYPR), announced today that it has recently
received an order for its Tube Turns® Tool-less® closures.
Production will begin immediately and is expected to be completed
prior to year-end. Terms of the purchase were not disclosed.
Brett Keener, General Manager of Sypris Technologies, commented,
"This is another good example of a project that leverages our
extensive experience in engineering high-quality closures for the
demanding requirements to continually support major energy projects
around the globe. We are proud to be a part of enhancing energy
infrastructure with these types of important global projects."
The Tube Turns® Tool-less® closure has been chosen for the
Alberta XPress Project (AXP). According to the project website, AXP
will utilize existing capacity on the Great Lakes Gas Transmission
(GLGT) system and American Natural Resources (ANR) pipeline system,
with facility expansions taking place along ANR’s Southeast
Mainline (SEML). The combined effort will result in an addition of
165,000 Dth/d of incremental firm transmission capacity from the
GLGT Emerson receipt point in Manitoba to delivery locations along
ANR’s SEML in the Midwestern and Southern U.S.
As part of the ANR expansion, a new compressor station will be
built in Evangeline Parish, Louisiana. This project has an
estimated cost of $300 million USD for compressor station and
pipeline modifications to increase the performance of the system
which will serve the rising demand for natural gas on the U. S.
Gulf Coast and beyond. The Gulf Coast is the principal area in the
U.S. for LNG export terminals. These closures will be up to 58” in
diameter and rated to a pressure of 1,000 psi.
Sypris Technologies, Inc. is a global leader in the manufacture
of custom engineered closures for high pressure critical
applications serving the oil and gas pipeline infrastructure,
hydrocarbon and petrochemical processing, and utility industry
since 1927. Headquartered in Louisville, Kentucky, the Company's
products are marketed worldwide, and can be found in projects
ranging from the Trans Alaska Pipeline and Strategic Petroleum
Reserve in the U.S. to the Tengiz Oil Field in Kazakhstan and the
Bonny Island Gas Field in Nigeria. For more information about the
Company, 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.
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 COVID19 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”; 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; 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, 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, natural gas or utilities; our reliance
on a few key customers, third party vendors and sub-suppliers;
unanticipated or uninsured disasters, public health crises, losses
or business 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; 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; legal rights to operate, manage our work force or import
and export as needed; 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/20200819005676/en/
Brett H. Keener General Manager (502)
774-6271
Sypris Solutions (NASDAQ:SYPR)
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