Visteon: Sypris contract accelerated

Sypris Solutions, Inc. announced on 18 April that its subsidiary, Sypris Technologies, Inc., has been notified by US auto components supplier Visteon Corporation to start production of light axle sha…

Sypris Solutions, Inc. announced on 18 April that its subsidiary, Sypris Technologies, Inc., has been notified by US auto components supplier Visteon Corporation to start production of light axle shafts that were previously scheduled to begin in January 2004. The value of this contract modification approximates US$ 50 million, based upon current market volumes over the terms of the contract, which runs through 2006. The original contract award was announced on 19 February 2002. Under the terms of the agreement, Sypris Technologies was to supply Visteon with light axle shafts for the Ford F-250, F-350 and Ranger series of pickup trucks, and the Ford Mustang GT, beginning January 2004. With the contract modification, Sypris Technologies will begin to supply all of Visteon“s requirements for these part numbers effective immediately. Sypris Solutions is a diversified provider of technology-based outsourced services and specialty products, and performs a wide range of manufacturing and technical services.