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Expands presence in Europe, Asia and the Middle East
LOUISVILLE, Ky. , September 15, 2022–(BUSINESS WIRE)–Sypris Technologies, Inc. , a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), today announced that it recently acquired the intellectual asset rights to Pipeline Engineering and Supply Co. ‘s Fast Open End Product Line (“ROC”). Limited (“PE”), in Catterick, United Kingdom. The terms and situations of the transaction have not been disclosed.
The acquisition of the high-tier assets gives Sypris the exclusive right to use the acquired high-tier assets to manufacture and sell the ROC product line to end users worldwide, adding those in the oil, gas, petrochemical and commercial markets. Under the agreement, Sypris also has the ability to obtain spare portions and source box service for any facility containing the ROC product line.
The transaction combines some of PE’s insurance products, with more than 50 years of installed base, with Sypris’ Tube Turns® product brand, which manufactures and sells competitive high-tech products for use in the strategic oil, fuels and petrochemical industries. Infrastructure projects around the world for more than 60 years.
“The strategic compatibility of ROC’s product line with our cap portfolio is perfect,” said Brett Keener, CEO. “We have a long history of supporting the assignment and service desires of our global customers. ROC’s diversity of products Presence in the market in Europe, Asia and the Middle East, further edition of our ability to serve our customers.
Sypris Technologies, Inc. , Tube Turns Products is a global leader in manufacturing traditional products for critical high-voltage programs serving industries such as pipelines, hydrocarbon and petrochemical processing, foodarray pharmaceuticals, water and utilities since 1927. Headquartered in Louisville, Kentucky, the company’s products are advertised internationally and can be discovered in projects ranging from the Trans Alaska pipeline and reserve oil box in the United States to the Tengiz oil box in Kazakhstan and the Bonny Island fuel box in Nigeria. For more information about the Company, please refer to its online page at www. sypris. com.
Forward-Looking Statements
This press release includes “forward-looking” within the meaning of the federal securities laws. The forecasts come with our plans and expectations for long-term monetary and operational functionality. Each of the forward-looking data included herein is subject to risks and uncertainties, as detailed in our most recent Forms 10-K and 10-Q and other filings with the SEC. In summary, ultimately we believe that those dangers also come with the following: our ability to earn and maintain earnings on a timely basis through the steady expansion of our earnings from successful contracts with a variety of client organizations, which would require us to to continue using existing monetary resources to finance operating losses; our ability to negotiate complete final contracts related to our announced “orders”, “earnings” or “awards”; the reliance on, retention or hiring of key workers and highly skilled workforces and the allocation of our human capital; the cargo, quality and availability or delivery times of crude fabrics such as steel, spare parts, herbal fuel or utilities, adding cargo accumulations due to inflation; our ability to win new contracts or expand new or advanced products or new markets for our products; our ability to onboard new customers or suppliers and thereby increase our inventories and maintain capital levels; the effect of COVID-19 and the economic situation on our long-term operations; a possible public policy reaction to the pandemic, adding laws or restrictions from the US or foreign governments that could potentially have an effect on our operations or supply chain; the charge, quality, speed, power and functionality of our operations and capital investments, as well as the influence of inflation, fees, product recalls or similar liabilities, worker education, working capital , production schedules, cycle times, scrap rates, injuries, wages, overtime prices, transportation or shipping prices; disputes or litigation involving supplier, visitor, employee, creditor, guarantee or environmental claims; our reliance on a few key customers, suppliers and outside contractors; stock valuation risks, adding exaggerated or obsolete valuations or value erosions of available fabrics or raw parts or other possible write-downs, non-repossession or write-downs of assets or deferred prices; failure to adequately insure or identify insurable product hazards, environmental or otherwise; unforeseen or uninsured product liskill claims, disaster, public fitness crisis, business loss or peril; the prices of complying with our legal, regulatory or contractual responsibilities; hard working relationships; strikes; union negotiations; our ability to patent or otherwise protect our inventions or other intellectual assets from potential competitors; adverse effects of new technologies or other competitive pressures that increase our prices or erode our margins; our confidence in the benefit of visitors to the oil and fuel markets, with increasing pressure from customers for discounts on environmental effects attributed to greenhouse gas emissions from fuels; adjustments in legal rights to operate, manage our workforce, or import and export as necessary; inflation; war, geopolitical clash, terrorism or political uncertainty, adding disturbances resulting from the clash between Russia and Ukraine as a result of foreign sanctions, currency fluctuations and other economic effects; cybersecurity threats and disruptions, adding ransomware attacks on our systems and the systems of third-party providers and other parties with whom we do business; or unknown dangers and uncertainties. We do not assume any legal responsibility to update our prospective emails, unless required by law.
See the businesswire. com edition: https://www. businesswire. com/news/home/20220915005230/en/
Contacts
Brett H. Keener Managing Director (502) 774-6271