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Sypris Awarded Contract for Side-by-Side Drivetrain Components
Fourth New Vehicle Model Awarded in Growing Program LOUISVILLE, Ky.--(BUSINESS WIRE)-- Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc.
About this update from Sypris Solutions, Inc.
[{"type":"text","content":"\nFourth New Vehicle Model Awarded in Growing Program\n\n LOUISVILLE, Ky.--(BUSINESS WIRE)--\nSypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it was awarded a new program to supply drivetrain components for use in the production of a new model of side-by-side utility-terrain vehicles. Production is expected to begin in 2024. Terms of the multi-year agreement were not disclosed.\n\nThe new program award provides Sypris with the opportunity for further growth in this burgeoning market. The finished components produced by Sypris to exacting specifications will be incorporated into the differentials of these vehicles. The all-terrain vehicle market is reported to grow at a compound annual growth rate of 16.8% between 2020 and 2025, according to Technavio Research.\n\nCommenting on the announcement, Federico Aviles, Vice President & General Manager of Sypris Technologies Mexico, S. de R.L. de C.V., stated, “We are pleased to have the opportunity to extend and expand our support for this important customer, a relationship which has grown substantially over the past 20 years. We will continue to support them with advanced manufacturing systems to ensure that this valued customer continues to benefit from world-class quality, on-time delivery and cost-competitive products.”\n\nSypris Technologies, Inc. is a premier manufacturer and supplier of drivetrain and other critical components for the commercial vehicle, automotive, recreational vehicle, mining, agriculture, industrial and energy markets. Sypris is headquartered in Louisville, Kentucky. Through its operations in North America, Sypris continues to meet the needs of the industries it serves after more than 90 years of service. For more information about the Company, visit its Web site at www.sypris.com.\n\nForward-Looking Statements\nThis 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. 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: our failure to achieve and maintain profitability on...