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Two Sypris Subsidiaries Active in the Market
December 31, 1969 |Estimated reading time: Less than a minute
LOUISVILLE, Ky. - Sypris Solutions Inc. announced that its subsidiary, Group Technologies Inc., signed a subcontract with Raytheon Command Control & Communications Segment for the production of circuit card assemblies valued at $7.0 million. Initial funding of $4.7 million has been issued to begin the first year of this potentially multi-year program. Raytheon will use the delivered assemblies in support of the Navy`s cooperative engagement capabilities.
"We are pleased to have been selected by Raytheon," said Thomas Lovelock, president and CEO of Group Technologies, "and believe our demonstrated ability to handle the most complex programs was a factor in this selection."
Sypris also announced that another subsidiary, Bell Technologies Inc., completed a previously announced contract to purchase the Calibration and Repair Service Business of Lucent Technologies.
"We are pleased to have completed this strategic acquisition," said Jeffrey T. Gill, president and CEO of Sypris. "We are now ... the leading independent provider of calibration and repair services of electronic instruments in the United States."