Sypris Wins Two Follow-On Contract Awards for Electronic Warfare Communications and Navigation Program
06 Noviembre 2023 - 7:30AM
Business Wire
Advanced Integrated Electronic Avionic
Module Assemblies for Strategic Combat Aircraft Platform
Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc.
(Nasdaq/GM: SYPR), announced today that it has recently received
two full rate production follow-on multimillion-dollar contract
awards from a U.S. global defense contractor to manufacture
advanced integrated electronic warfare and communications avionics
system modules for one of the largest Government DoD programs.
Production is expected to begin in 2023 and will continue into
mid-year 2025. Terms of the agreement were not disclosed.
The program is for an American family of single-seat,
single-engine, all-weather stealth multirole combat aircraft that
is intended to perform both air superiority and strike missions.
The aircraft is also able to provide electronic warfare and
intelligence, surveillance, and reconnaissance capabilities.
According to news sources, the aircraft’s prime contractor plans to
build over 700 of the various versions of the aircraft through 2030
for sale to the U.S. and its allies.
The first operational supersonic short take-off and vertical
landing stealth fighter, the aircraft emphasizes low observables,
advanced avionics and sensor fusion that enable a high level of
situational awareness and long-range lethality. The U.S. Air Force
considers the aircraft to be its primary strike fighter for
conducting enemy air defense suppression missions, owing to its
advanced sensors and mission systems.
Sypris will produce and test the advanced integrated electronic
avionics system modules for the Communications, Navigation and
Identification suite of the aircraft. This system supports the
simultaneous operation of multiple critical functions, such as
identification of friend or foe, precision navigation, and various
secure voice and data communications.
“We are pleased to receive these follow-on awards supporting
this strategic combat aircraft platform defending our national
security and the security of our global allies,” said Mark R. Kane,
Vice President & General Manager of Sypris Electronics. “Sypris
Electronics has been involved with the production of these complex
electronic assemblies for many years, and are honored to continue
our long-standing partnership with this important customer.”
Sypris Electronics is a trusted provider of engineering and
manufacturing services for complex, mission-critical electronic
solutions for customers in the Defense, Space, Deep Sea
Communications and Industrial markets. Backed by over 50 years of
experience, the Company specializes in producing electronics for
high-cost-of-failure applications. For more information, please
visit www.sypriselectronics.com.
Forward-Looking Statements
This 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: the fees, costs and supply
of, or access to, debt, equity capital, or other sources of
liquidity; our failure to achieve and maintain profitability on a
timely basis by steadily increasing our revenues from profitable
contracts with a diversified group of customers, which would cause
us to continue to use existing cash resources; cost, quality and
availability or lead times of raw materials and electronic
components, natural gas or utilities including increased cost
relating to inflation; dependence on, retention or recruitment of
key employees and highly skilled personnel and distribution of our
human capital; the cost, quality, timeliness, efficiency and yield
of our operations and capital investments, including the impact of
inflation, tariffs, product recalls or related liabilities,
employee training, working capital, production schedules, cycle
times, scrap rates, injuries, wages, overtime costs, freight or
expediting costs; volatility of our customers’ forecasts and our
contractual obligations to meet current scheduling demands and
production levels, which may negatively impact our operational
capacity and our effectiveness to integrate new customers or
suppliers, and in turn cause increases in our inventory and working
capital levels; our failure to successfully complete final contract
negotiations with regard to our announced contract “orders”, “wins”
or “awards”; significant delays or reductions due to a prolonged
continuing resolution or U.S. government shut down reducing the
spending on products and services; adverse impacts of new
technologies or other competitive pressures which increase our
costs or erode our margins; breakdowns, relocations or major
repairs of machinery and equipment, especially in our Toluca Plant;
the termination or non-renewal of existing contracts by customers;
the costs and supply of insurance on acceptable terms and with
adequate coverage; the costs of compliance with our auditing,
regulatory or contractual obligations; health care or other benefit
costs; our failure to successfully win new business or develop new
or improved products or new markets for our products; war,
geopolitical conflict, terrorism, or political uncertainty,
including disruptions resulting from the Russia-Ukraine war arising
out of international sanctions, foreign currency fluctuations and
other economic impacts; our reliance on a few key customers, third
party vendors and sub-suppliers; inventory valuation risks
including excessive or obsolescent valuations or price erosions of
raw materials or component parts on hand or other potential
impairments, non-recoverability or write-offs of assets or deferred
costs; disputes or litigation involving governmental, supplier,
customer, employee, creditor, stockholder, product liability,
warranty or environmental claims; failure to adequately insure or
to identify product liability, environmental or other insurable
risks; unanticipated or uninsured product liability claims,
disasters, public health crises, losses or business risks; our
inability to patent or otherwise protect our inventions or other
intellectual property rights from potential competitors or fully
exploit such rights which could materially affect our ability to
compete in our chosen markets; changes in licenses, security
clearances, or other legal rights to operate, manage our work force
or import and export as needed; cyber security threats and
disruptions, including ransomware attacks on our systems and the
systems of third-party vendors and other parties with which we
conduct business, all of which may become more pronounced in the
event of geopolitical conflicts and other uncertainties, such as
the conflict in Ukraine; possible public policy response to a
public health emergency, including U. S or foreign government
legislation or restrictions that may impact our operations or
supply chain; or unknown risks and uncertainties. We undertake no
obligation to update our forward-looking statements, except as may
be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20231106636342/en/
Lawrence J. Bernicky Vice President of Finance
(813) 972-6040
Sypris Solutions (NASDAQ:SYPR)
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