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LOUISVILLE, Ky. - Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc. (NASDAQ:SYPR), a $47 million market cap company with annual revenues of $134 million, has secured a long-term agreement to supply drivetrain components for a leading global truck manufacturer’s new electric heavy-duty vehicle, according to a press release statement.
The contract positions Sypris as the sole North American source for these specific components, with initial deliveries scheduled to begin in 2026.
Federico Aviles, Vice President and General Manager of Sypris Technologies Mexico, said the company collaborated closely with the customer through its Development Center to design components meeting "exacting specifications for performance, weight, cost and durability."
The agreement aligns with the truck manufacturer’s decarbonization objectives and stated goal of achieving net zero emissions, though specific financial terms were not disclosed in the announcement.
Sypris Technologies manufactures drivetrain and other critical components for various markets including commercial vehicles, automotive, mining, agriculture, industrial, and energy sectors. The Louisville-based company has operated for over 90 years in North America.
The new components will be used in what the customer describes as a "revolutionary electric drive system" for heavy-duty vehicles, representing Sypris’s continued participation in the commercial electric vehicle supply chain.
In other recent news, Sypris Solutions, Inc. held its annual stockholders’ meeting in Louisville, Kentucky, where several key proposals were voted on. The election of Class II directors resulted in Gary L. Convis and Robert Sroka securing their positions to serve until the 2028 Annual Meeting of Stockholders, with Convis receiving 12,158,191 votes in favor and Sroka receiving 12,225,849 votes in favor. Stockholders also approved the 2025 Sypris Omnibus Plan, with 11,078,046 votes in favor. An advisory resolution on the compensation of the company’s named executive officers passed with 12,223,383 votes in favor. Additionally, stockholders favored an annual advisory vote on executive compensation, with 12,062,270 votes supporting this frequency. Following this preference, Sypris Solutions will conduct an advisory vote on executive compensation every year until the next required vote on the frequency of such votes. These developments were officially reported in an SEC filing by the company.
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