Sypris Solutions, Inc. (NASDAQ: SYPR) declared that it has been awarded by a US DoD prime contractor a follow-on award to build and assess electronic power supply segments for a mission-crucial, long-range, accuracy-driven anti-ship missile system. The firm has disclosed that the manufacturing will commence in 2021. The firm has not disclosed the terms of the agreement.
The purpose of this program is to fulfill the requirements of Air Force warfighters and the US Navy. The missile system is designed with high precision and has also the ability of routing and guidance, in all weather conditions day and night.
The system is also developed to identify and wipe out particular targets within groups of vessels by utilizing sophisticated technologies that lessen reliance on intelligence, supervision and exploration platforms, and GPS routing in disputed locations. Furthermore, the system also offers range, resilience, and technology that no other existing system offers.
The follow-on award sends the firm stock soaring as the share of Sypris rose 81.95% at the time of writing on Wednesday. In the past 52-weeks of trading, the share of the firm has surged 800.65% and 24.36% from its 52-week low and high, respectively. At the time of writing, the market value of the firm reached $50.83 million.
Sypris has gained recognition as the respected and prominent supplier of electronic solutions and also fulfilling the demands of its customers for years. With its 50 years of experience, the design and production services of Sypris cover its clients’ product life cycle all within a culture of constant improvement and Six Sigma/Lean thinking.