LOUISVILLE, Ky.--(BUSINESS WIRE)--Sypris Solutions, Inc. (Nasdaq/NM: SYPR - News) today announced that it has completed the sale of its Test & Measurement business to Tektronix.
* Sale of Sypris Test & Measurement, Inc. completed for $39.0 million of cash on October 26, 2009. * Proceeds to be used by Sypris Solutions to support growth of its Aerospace & Defense segment and the retirement debt, among other uses.
Commenting on the announcement, Jeffrey T. Gill, president and chief executive officer of Sypris Solutions, said, “The completion of this transaction with Tektronix marks an important milestone for Sypris Solutions. The proceeds from the deal will enable us to support the many growth opportunities in our Aerospace and Defense segment, including those related to global key management, secure communications, identity authentication and cyber warfare. The transaction will strengthen our balance sheet and focus our future investments in two highly scalable platforms represented by our Industrial and Aerospace and Defense segments.”
Gill continued, “We believe that the combination of our Test & Measurement business with Tektronix will result in exciting growth opportunities for our employees and customers. The strategic fit is compelling and the business should benefit from the increased scale and resources that Tektronix has to offer. As a result, the transaction is expected to be a positive event for all stakeholders.”
The Test & Measurement business of Sypris Solutions is a leading provider of calibration services, testing and component sourcing services, and specialty products. The company serves customers in a variety of markets, including military, aerospace, avionics, telecommunications, automotive, semiconductor, medical and more. Needham & Company, LLC acted as exclusive financial advisor to Sypris Solutions, Inc. in this transaction.
Sypris Solutions is a diversified provider of technology-based outsourced services and specialty products. The Company performs a wide range of manufacturing and technical services, typically under multi-year, sole-source contracts with major corporations and government agencies in the markets for aerospace and defense electronics, truck components and assemblies, and test and measurement services. For more information about Sypris Solutions, visit its Web site at www.sypris.com.
Sypris Solutions awarded up to $200M contract from Department of Defense Sypris Electronics, a subsidiary of Sypris Solutions, announced that it has been awarded an Indefinite Delivery Indefinite Quantity contract from the United States Department of Defense for its RASKL electronic key fill device. The contract is for a five-year period with a not-to-exceed value of $200M.
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