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Sypris Awarded Multi-Year Contract Extension with Global Truck OEM
April 20, 2022 | Sypris Solutions Inc.Estimated reading time: 1 minute
Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc., announced that it has entered into a multi-year contract extension to provide drivetrain components for use in the production of medium and heavy-duty commercial vehicles with a leading global commercial vehicle original equipment manufacturer. Terms of the agreement were not disclosed.
The components produced by Sypris for use in the drivetrain of medium and heavy-duty trucks are essential to the performance of the drive axles of the vehicles. The award of the contract extension is timely, for the commercial vehicle market is in the midst of a multi-year expansion. The production of heavy-duty vehicles increased 23.4% in 2021 from 2020, while the outlook for 2022 and 2023 includes additional growth of 11.9% and 21.6%, respectively, according to an ACT Research report dated April 11, 2022.
This award follows the recent contract announcement made in March regarding the long-term, sole-source contract extension to provide drivetrain components for another longstanding customer, which also included the addition of a new program to provide components for use in the differential of side-by-side all-terrain vehicles. The requirements for both customers are produced at the Sypris manufacturing campus located in Toluca, Mexico.
Commenting on the announcement, Paul Larochelle, Vice President and General Manager, stated, “We are pleased to extend our strategic relationship with this key customer which is entering its 18th year. This partner is a global leader in the commercial vehicle industry and we are a proud to supply them with quality products in support of their reputation for high performance and durability.”
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