Benzinga | Aug 19, 2020 03:17PM EDT

UPDATE: Sypris Says Project Has Est. Cost Of $300M

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(r)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(r) Tool-less(r) 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(r) Tool-less(r) 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.