LOUISVILLE, Ky.--(BUSINESS WIRE)--Oct. 21, 2009--
Sypris Solutions, Inc. (Nasdaq/NM:SYPR) announced today the appointment
of Paul Larochelle to the position of Vice President of Sypris Solutions
Inc. and as President of Sypris Technologies, Inc., effective October
26, 2009. Mr. Larochelle will be located at the Sypris Technologies,
Inc. headquarters in Louisville, Kentucky and will report to Jeffrey T.
Gill, the President and Chief Executive Officer of Sypris Solutions.
Mr. Larochelle will be joining Sypris following a successful career with
Dana Corporation, where he last served as Vice President of the
Structural Products Group, a global business with sales in excess of
$750 million serving Ford, Toyota and VW, among others. Mr. Larochelle
served as a member of the Executive Committee of Dana Corporation and on
the Boards of Dana Canada and Chassis Systems, Ltd, a Dana joint venture
in the United Kingdom.
Prior to his last assignment, Mr. Larochelle had over twenty-five years
of increasingly responsible executive positions with Dana within the
Engineering, Program Management, Sales and Marketing and Operations
functions. This experience included directing successful new
international joint venture relationships. Mr. Larochelle holds a
Bachelor of Science Degree in Engineering from Carleton University.
Commenting on the announcement, Jeffrey T. Gill, President and Chief
Executive Officer of Sypris Solutions, said, “We are very pleased to
announce the addition of Paul to the Sypris executive team. His
extensive experience, industry knowledge and successful track record
will be invaluable in the continued development of Sypris Technologies
into a larger, increasingly profitable company.”
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 for users of test and measurement
equipment. For more information about Sypris Solutions, visit its Web
site at www.sypris.com.
Each “forward-looking statement” herein is subject to serious
risks and should not be relied upon, as detailed in our most recent Form
10-K and Form 10-Q and subsequent SEC filings. Briefly, we currently
believe that such risks also include: the effects of a continuing
economic downturn which could reduce our revenues, negatively impact our
customers or suppliers and materially, adversely affect our financial
results; our ability to liquidate our equity interests in Dana Holding
Corporation at satisfactory valuation levels; potential impairments,
non-recoverability or write-offs of goodwill, assets or deferred costs,
including deferred tax assets in the U.S. or Mexico; fees, costs or
other dilutive effects of refinancing, compliance with covenants in, or
acceleration of, our loan and other debt agreements; unexpected or
increased costs, time delays and inefficiencies of restructuring our
manufacturing capacity; breakdowns, relocations or major repairs of
machinery and equipment; our inability to successfully launch new or
next generation programs; the cost, 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;
volatility of our customers’ forecasts, financial conditions, market
shares, product requirements or scheduling demands; adverse impacts of
new technologies or other competitive pressures which increase our costs
or erode our margins; failure to adequately insure or to identify
environmental or other insurable risks; inventory valuation risks
including obsolescence, shrinkage, theft, overstocking or underbilling;
changes in government or other customer programs; reliance on major
customers or suppliers, especially in the automotive or aerospace and
defense electronics sectors; revised contract prices or estimates of
major contract costs; dependence on, recruitment or retention of key
employees; union negotiations; pension valuation, health care or other
benefit costs; labor relations; strikes; risks of foreign operations;
currency exchange rates; the costs and supply of debt, equity capital,
or insurance (including the possibility that our common stock could
cease to qualify for listing on the NASDAQ Stock Market due to a
sustained decline in prices per share, or other regulatory compliance
including, shareholder approval requirements, or that any reverse stock
split or other restructuring of our debt or equity financing could be
accompanied by the deregistration of our common stock or other “going
private” transactions); changes in licenses, security clearances, or
other legal rights to operate, manage our work force or import and
export as needed; weaknesses in internal controls; the costs of
compliance with our auditing, regulatory or contractual obligations;
regulatory actions or sanctions; disputes or litigation, involving
customer, supplier, lessor, landlord, creditor, stockholder, product
liability or environmental claims; 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.
Source: Sypris Solutions, Inc.
Sypris Solutions, Inc.
Brian A. Lutes, 502-329-2000
Vice
President & CFO