Sypris buys Dana plant; sets supply agreement

Louisville, KY—Sypris Solutions Inc. recently bought a manufacturing plant in Morganton, NC, from Dana Corp. for about $22 million, and will begin furnishing Dana with drive train components as part of an eight-year supply agreement accompanying the purchase.

01/06/2004


Louisville, KY— Sypris Solutions Inc. recently bought a manufacturing plant in Morganton, NC, from Dana Corp. for about $22 million, and will begin furnishing Dana with drive train components as part of an eight-year supply agreement accompanying the purchase. The transaction represents the first phase of a larger deal that was first announced earlier in 2003. The plant currently employs approximately 250 people.

The long-term outsourcing arrangement is expected to generate $55 to $60 million per year, or approximately $440 million over the contract’s full term. In a separate transaction, Sypris and Dana extended an existing contract under which Sypris currently supplies Dana with a range of drive train components from other Sypris plants. The extension, which covers the period from 2008 to 2011, presently represents approximately $50 million of business per year, or $150 million over the new period.

and Systems Group with components used in medium and heavy-duty trucks.

Control Engineering Daily News Desk
Jim Montague, news editor
jmontague@reedbusiness.com





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