Sypris Solutions Awarded $120 Million Contract With Meritor
19 January 2000
Sypris Solutions Awarded $120 Million Contract With Meritor Automotive
LOUISVILLE, Ky.--Jan. 18, 2000--Sypris Solutions, Inc. today announced that its subsidiary, Tube Turns Technologies, Inc. ("Tube Turns"), has been awarded a contract with an estimated value of $120 million that expands and extends its position as a supplier to Meritor Automotive, Inc. ("Meritor") through 2004. Under the terms of the contract, Tube Turns will serve as Meritor's sole supplier in the United States of drivetrain axles for use in Class V-VIII heavy-duty trucks.Commenting on the announcement, Jeffrey T. Gill, president and chief executive officer of Sypris Solutions, said, "We initially formed a strategic partnership with Meritor five years ago and are very pleased to have the opportunity to expand its scope and term through 2004. We will continue to support Meritor with investments in technology and capacity to meet its growing needs, and we look forward to the chance to expand our relationship further in the future."
John M. Kramer, president and chief executive officer of Tube Turns, added, "Our work with Meritor is a key component of our long-term growth strategy. We also believe that the capabilities required to meet the needs of Meritor can be further leveraged to support additional growth opportunities with other major manufacturers in the medium and heavy-duty truck markets."
Sypris Solutions is a diversified provider of technology-based outsource services and specialized industrial products. The Company performs a wide range of manufacturing and technical services, typically under long-term contracts with major manufacturers. The Company also manufactures and sells complex data storage systems, magnetic instruments, current sensors, high-pressure closures and a variety of other industrial products. For more information about Sypris Solutions, visit its Web site at http://www.sypris.com.
Meritor, with 1998 sales of more than $3.8 billion, is a global supplier of a broad range of components and systems for commercial, specialty and light vehicle OEMs and the aftermarket. Meritor consists of two businesses: Heavy Vehicle Systems, which is a leading supplier of drivetrain systems and components for medium and heavy-duty trucks, trailers and off-highway equipment and specialty vehicles, including military, bus and coach, and fire and rescue; and Light Vehicle Systems, which is a major supplier of roof, door, access control, suspension and seating adjustment systems and wheels for passenger cars, light trucks and sport utility vehicles. Headquartered in Troy, Michigan, Meritor employs approximately 16,900 people.
This press release may contain projections and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the Company's current views with respect to future events and financial performance. No assurance can be given, however, that these events will occur or that these projections will be achieved and actual results could differ materially from those projected as a result of certain factors. A discussion of these factors is included in the Company's periodic reports filed with the Securities and Exchange Commission.