Sypris Solutions, Inc. (Nasdaq/NM: SYPR) announced today that effective
November 11, 2013 it has elected Gary L. Convis to join its Board of
Directors as a Class III director.
Gary L. Convis has served as Chief Operations Officer for Bloom Energy
since January 2012. Mr. Convis served as Special Advisor to the Chief
Executive Officer and President of Dana Holding Corporation from January
2010 to December 2011 and as Vice Chairman of Dana Holding Corporation
from January 2009 to December 2009. Mr. Convis served as Chief Executive
Officer and President of Dana Holding Corporation from April 2008 to
December 2008. From 2003 to 2007, Mr. Convis served as an Executive Vice
President of Toyota Motor Engineering & Manufacturing North America,
Inc. and as Managing Officer of Toyota Motor Corp from May 2003 to July
2007. He started his career with Toyota in 1984 as part of the start-up
team for New United Motor Manufacturing, Inc., Toyota's joint venture
with General Motors. Additionally, Mr. Convis served 18 years with Ford
Motor Corporation following a three-year tenure with General Motors. Mr.
Convis has served on the Board for a number of companies, including
Toyota Motor Manufacturing Kentucky Inc., where he served as Chairman of
the Board (from May 2003 to July 2007); Cooper-Standard Holdings Inc.
(from 2007 to May 2010); Dana Holding Corporation (from January 2008 to
December 2009); and Achates Power, Inc. (since 2007) a developer of
internal combustion engines.
Commenting on the announcement, Jeffrey T. Gill, president and chief
executive officer of Sypris Solutions, said, "We are very pleased to
have Gary join our board. Gary’s successful, highly-profiled executive
leadership experience with Toyota, GM, Ford and Dana, is expected to be
of invaluable resource to Sypris as we continue to develop our global
position as a leading supplier to the commercial vehicle, off highway
and automotive industries."
Sypris Solutions is a diversified provider of outsourced services and
specialty products. The Company performs a wide range of manufacturing,
engineering, design and other technical services, typically under
multi-year, sole-source contracts with corporations and government
agencies in the markets for truck components and assemblies and
aerospace and defense electronics. For more information about Sypris
Solutions, visit its Web site at www.sypris.com.
Each forward-looking statement herein is subject to risks and
uncertainties, as detailed in our most recent Form 10-K and Form 10-Q
and other SEC filings. Briefly, we currently believe that such risks
also include the following: declining revenues and backlog in our
aerospace and defense business lines as we attempt to transition from
legacy products and services into new market segments and technologies;
reliance on major customers or suppliers, especially in the automotive
or aerospace and defense electronics sectors, including the risk of
potentially adverse outcomes in ongoing contract renewal negotiations
with Dana Holding Corporation and Meritor Inc.; our ability to
successfully develop, launch or sustain new products and programs within
the Electronics Group; dependence on, retention or recruitment of key
employees especially in challenging markets; adverse impacts of new
technologies or other competitive pressures which increase our costs or
erode our margins; the costs of compliance with our auditing, regulatory
or contractual obligations; potential impairments, non-recoverability or
write-offs of assets or deferred costs; inventory valuation risks
including excessive or obsolescent valuations; volatility of our
customers’ forecasts, production levels, financial conditions, market
shares, product requirements or scheduling demands; the cost, quality,
timeliness, 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; regulatory actions or sanctions (including FCPA, OSHA
and Federal Acquisition Regulations, among others); potential weaknesses
in internal controls over financial reporting and enterprise risk
management; the costs and supply of, or access to, debt, equity capital,
or insurance; fees, costs or other dilutive effects of refinancing, or
compliance with covenants; disputes or litigation involving customer,
supplier, employee, lessor, landlord, creditor, stockholder, product
liability or environmental claims; U.S. government spending on products
and services that our Electronics Group provides, including the timing
of budgetary decisions; changes in licenses, security clearances, or
other legal rights to operate, manage our work force or import and
export as needed; breakdowns, relocations or major repairs of machinery
and equipment; pension valuation, health care or other benefit costs;
labor relations; strikes; union negotiations; cyber security threats and
disruptions; changes or delays in customer budgets, funding or programs;
cost and availability of raw materials such as steel, component parts,
natural gas or utilities; failure to adequately insure or to identify
environmental or other insurable risks; revised contract prices or
estimates of major contract costs; risks of foreign operations; currency
exchange rates; 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. There can be no assurance that our expectations,
projections or views expressed in any forward-looking statements will
come to pass, and undue reliance should not be placed on these
forward-looking statements. We undertake no obligation to update these
statements, except as required by law.
Copyright Business Wire 2013