LOUISVILLE, Ky.--(BUSINESS WIRE)--Jan. 7, 2015--
Sypris Solutions, Inc. (Nasdaq/NM: SYPR) announced today that Anthony C.
Allen has been appointed to the position of Vice President and Chief
Financial Officer, effective January 1, 2015. Mr. Allen will be located
at the Company’s headquarters in Louisville, Kentucky and will report to
Jeffrey T. Gill, the President and Chief Executive Officer of Sypris
Solutions.
Mr. Allen previously served as Vice President, Treasurer, and Assistant
Secretary of Sypris Solutions, Inc. (“Sypris”) since December 2004 and
as Vice President of Finance and Information Systems and Assistant
Secretary from 2003 to December 2004. Mr. Allen served as Vice
President, Controller and Assistant Secretary of Sypris from 1997 to
2003. He served as Vice President of Finance of Sypris’ predecessor from
1994 to 1998 and as Vice President and Controller from 1987 to 1994.
Prior to 1987, Mr. Allen served in a variety of management positions
with Armor Elevator.
Mr. Allen holds a Bachelors degree in Business Administration from
Eastern Kentucky University and an MBA from Bellarmine University.
Commenting on the announcement, Jeffrey T. Gill, President and Chief
Executive Officer of Sypris Solutions, said, “We are very pleased to
announce the promotion of Tony to the role of Chief Financial Officer.
His extensive experience, knowledge of our business and track record of
success will be invaluable in overseeing the continued development of
Sypris Solutions into a larger, increasingly profitable company.”
Sypris Solutions is a diversified provider of outsourced services and
specialty products. The Company performs a wide range of manufacturing,
engineering, design and other technical services, typically under
multi-year, sole-source contracts with corporations and government
agencies in the markets for truck components and assemblies and
aerospace and defense electronics. For more information about Sypris
Solutions, visit its Web site at www.sypris.com.
This press release contains “forward-looking” statements within
the meaning of the federal securities laws. 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: reliance on major customers or suppliers, especially in the
automotive or aerospace and defense electronics sectors, including the
risk of potentially adverse outcomes in ongoing contract renewal
disputes and negotiations with Dana Holding Corporation and Meritor
Inc.; our failure to develop and implement plans to mitigate the impact
of any loss of or reduction in the Dana supply relationship or to
adequately diversify our revenue sources on a timely basis; our ability
to successfully develop, launch or sustain new products and programs;
dependence on, retention or recruitment of key employees especially in
challenging markets; inventory valuation risks including excessive or
obsolescent valuations; potential impairments, non-recoverability or
write-offs of assets or deferred costs; our inability to successfully
complete definitive agreements for our targeted acquisitions due to
negative due diligence findings or other factors; volatility of our
customers’ forecasts, scheduling demands and production levels which
negatively impact our operational capacity and our effectiveness to
integrate new customers; declining revenues and backlog in our aerospace
and defense business lines as we attempt to transition from legacy
products and services into new market segments and technologies; the
costs of compliance with our auditing, regulatory or contractual
obligations; the costs and supply of, or access to, debt, equity
capital, or insurance; fees, costs or other dilutive effects of
refinancing, or compliance with covenants; adverse impacts of new
technologies or other competitive pressures which increase our costs or
erode our margins; the cost, quality, timeliness, efficiency and yield
of our operations and capital investments, including working capital,
production schedules, cycle times, scrap rates, injuries, wages,
overtime costs, freight or expediting costs; cost and availability of
raw materials such as steel, component parts, natural gas or utilities;
regulatory actions or sanctions (including FCPA, OSHA and Federal
Acquisition Regulations, among others); potential weaknesses in internal
controls over financial reporting and enterprise risk management;
disputes or litigation involving customer, supplier, employee, lessor,
landlord, creditor, stockholder, product liability or environmental
claims; U.S. government spending on products and services that our
Electronics Group provides, including the timing of budgetary decisions;
changes in licenses, security clearances, or other legal rights to
operate, manage our work force or import and export as needed;
breakdowns, relocations or major repairs of machinery and equipment;
pension valuation, health care or other benefit costs; labor relations;
strikes; union negotiations; cyber security threats and disruptions;
changes or delays in customer budgets, funding or programs; failure to
adequately insure or to identify environmental or other insurable risks;
revised contract prices or estimates of major contract costs; risks of
foreign operations; currency exchange rates; war, terrorism, or
political uncertainty; unanticipated or uninsured disasters, losses or
business risks; inaccurate data about markets, customers or business
conditions; or unknown risks and uncertainties. There can be no
assurance that our expectations, projections or views expressed in any
forward-looking statements will come to pass, and undue reliance should
not be placed on these forward-looking statements. We undertake no
obligation to update these statements, except as required by law.
Source: Sypris Solutions, Inc.
Sypris Solutions, Inc.
John R. McGeeney, 502-329-2000
Vice
President, General Counsel & Secretary