LOUISVILLE, Ky.--(BUSINESS WIRE)--Sypris Technologies, Inc. (Sypris), a subsidiary of Sypris Solutions, Inc. (Nasdaq/NM: SYPR), announced today that it has been awarded a long-term contract with Detroit Diesel Corporation, a subsidiary of Daimler Trucks North America, to supply the Sypris Ultra™ series lightweight axle shaft for use in Detroit™ Axles.
The Sypris Ultra™ series lightweight axle shaft reduces the weight of the drive axle assemblies by an estimated 16 pounds for the typical heavy-duty commercial vehicle. This important weight savings translates into lower material costs for the manufacturer, and contributes to shorter braking distances and greater fuel efficiency for the fleet owner. The unique design characteristics of the Sypris Ultra™ series axle shaft are patent pending.
The agreement entered into by Detroit Diesel Corporation and Sypris encompasses both current and new business. Both companies anticipate that the Sypris Ultra™ series will bring significant value to Detroit™ Axles as well as Daimler Trucks North America.
Commenting on the announcement, Paul Larochelle, Vice President of Sales and Strategic Initiatives, stated, “We are pleased to expand and extend our strategic relationship with Detroit Diesel Corporation and the Daimler family of companies. Daimler is the global leader in the commercial vehicle industry and we are proud that the Sypris Ultra™ series will provide it with important competitive and performance advantages in the market place for years to come.”
Sypris Technologies is a premier manufacturer and supplier of drivetrain and other critical components for the commercial vehicle, automotive, recreational vehicle, mining, agriculture and energy markets. Sypris is headquartered in Louisville, Kentucky. With facilities located throughout North America, Sypris continues to meet the needs of the industry after more than 80 years of service.
Detroit™ offers a complete line of heavy duty diesel engines, axles, transmissions, safety systems and telematics products for the commercial vehicle industry in both the on-highway and vocational markets. Detroit products are sold and serviced through a network of hundreds of locations throughout North America. For more information, or to locate the nearest Detroit location, visit DemandDetroit.com.
This press release contains “forward-looking” statements within the meaning of federal securities laws. Actual results could differ materially from those projected in such forward-looking statements as a result of certain risk factors, including but not limited to: any early termination of the supply contract or any of those risk factors set forth in the Annual Report on Form 10-K, dated and filed March 31, 2015 with the Securities and Exchange Commission (SEC) by our parent company, Sypris Solutions, Inc. and other filings that Sypris makes with the SEC from time to time.