Benzinga | Feb 1, 2021 07:35AM EST

Sypris Awarded Contract Extension With Major Customer

Sypris Technologies, Inc. (Sypris), a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has entered into an agreement to extend its long-term contract with a leading commercial vehicle manufacturer (OEM). The new contract continues our existing product lines and includes the award of two additional axle shaft model lines to be produced by Sypris beginning in 2021 and the use of certain Sypris Ultra(r) series axle shaft design features on an existing model line supplied by Sypris for the OEM.

The patented Sypris Ultra(r) series lightweight axle shaft reduces the weight of the drive axle assemblies by an estimated 16 pounds for the typical Class 8 commercial vehicle. This important weight savings is believed to contribute to shorter braking distances and greater fuel efficiency for the fleet owner. It is also believed that by reducing the weight of these shafts, more horsepower may be transferred to the pavement, thereby further enhancing the performance of the vehicle.

Commenting on the announcement, Paul Larochelle, Vice President and General Manager, stated, "We are pleased to expand and extend our strategic relationship with the OEM and its family of companies. It is a global leader in the commercial vehicle industry and we are proud that certain of the patented Sypris Ultra(r) series design features will provide it with important competitive and performance advantages in the marketplace for years to come."

Sypris Technologies is a premier manufacturer and supplier of drivetrain and other critical components for the commercial vehicle, automotive, recreational vehicle, mining, agriculture and energy markets. Sypris is headquartered in Louisville, Kentucky with facilities located throughout North America.