Sypris Appoints Curtis S. Petrie as Vice President of Administration
August 07 2024 - 4:15PM
Business Wire
Sypris Solutions, Inc. (Nasdaq/GM: SYPR) (the “Company”)
announced today the appointment of Curtis S. Petrie, a corporate
director of the Company, to the position of Vice President of
Administration, effective September 1, 2024. Mr. Petrie will remain
located at the Company’s headquarters in Louisville, Kentucky and
will report to Jeffrey T. Gill, Chairman, President and Chief
Executive Officer of Sypris Solutions, Inc.
Mr. Petrie has served as Corporate Director of Information
Technology, Human Resources and Internal Audit since October 2022
and as Corporate Director of Information Technology and Human
Resources from August 2019 to September 2022. Prior to 2019, Mr.
Petrie served as the Corporate Director of Information Technology
since joining the Company in 2007. Prior to Mr. Petrie's tenure
with Sypris, he served as Chief Information Officer for F+W Media,
Inc., a media content and e-commerce company headquartered in
Cincinnati, Ohio, from 2006 to 2007 and as Chief Information
Officer for Lexmark International, Inc., Asia Pacific Group from
2002 to 2006. Mr. Petrie began his career with Lexmark
International, Inc. in 1995 and served in a number of increasingly
responsible senior-level positions in multiple expatriate global
assignments. In addition, Mr. Petrie served on the Robertson
County, Kentucky Board of Education from 2000 to 2002 and is a
Kentucky Governor’s Scholar. Mr. Petrie holds a Bachelor of Science
in Electrical Engineering from the University of Kentucky.
Commenting on the announcement, Jeffrey T. Gill, Chairman,
President and Chief Executive Officer of Sypris Solutions, Inc.
said, “We are delighted to announce the advancement of Curtis to
the role of Vice President of Administration. He has a long,
accomplished history with the Company. During his tenure, Curtis
has provided leadership through his in-depth knowledge of technical
matters, as well as through his comprehensive knowledge of business
operations and skilled management of organizational dynamics.”
Sypris Solutions, Inc. is a diversified manufacturing and
engineering services company serving the defense, transportation,
communications, and energy industries. For more information about
Sypris Solutions, Inc., visit its Web site at www.sypris.com.
Forward Looking Statements
This press release contains “forward-looking” statements
within the meaning of the federal securities laws.
Forward-looking statements include our plans and expectations of
future financial and operational performance. 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: the fees, costs and supply
of, or access to, debt, equity capital, or other sources of
liquidity; our failure to achieve and maintain profitability on a
timely basis by steadily increasing our revenues from profitable
contracts with a diversified group of customers, which would cause
us to continue to use existing cash resources or require us to sell
assets to fund operating losses; dependence on, retention or
recruitment of key employees and highly skilled personnel and
distribution of our human capital; the cost and availability of
full-time accounting personnel with technical accounting knowledge
to execute, review and approve all aspects of the financial
statement close and reporting process; volatility of our customers’
forecasts and our contractual obligations to meet current
scheduling demands and production levels, which may negatively
impact our operational capacity and our effectiveness to integrate
new customers or suppliers, and in turn cause increases in our
inventory and working capital levels; risks of foreign operations,
including foreign currency exchange rate risk exposure, which could
impact our operating results; cost, quality and availability or
lead times of raw materials such as steel, component parts
(especially electronic components), natural gas or utilities
including increased cost relating to inflation; the cost, quality,
timeliness, efficiency and yield of our operations and capital
investments, including the impact of inflation, tariffs, product
recalls or related liabilities, employee training, working capital,
production schedules, cycle times, scrap rates, injuries, wages,
overtime costs, freight or expediting costs; the termination or
non-renewal of existing contracts by customers; our failure to
successfully complete final contract negotiations with regard to
our announced contract “orders”, “wins” or “awards”; significant
delays or reductions due to a prolonged continuing resolution or
U.S. government shutdown reducing the spending on products and
services that Sypris Electronics provides; adverse impacts of new
technologies or other competitive pressures which increase our
costs or erode our margins; the costs and supply of insurance on
acceptable terms and with adequate coverage; breakdowns,
relocations or major repairs of machinery and equipment, especially
in our Toluca Plant; the costs of compliance with our auditing,
regulatory or contractual obligations; pension valuation, health
care or other benefit costs; our reliance on revenues from
customers in the oil and gas and automotive markets, with
increasing consumer pressure for reductions in environmental
impacts attributed to greenhouse gas emissions and increased
vehicle fuel economy; our failure to successfully win new business
or develop new or improved products or new markets for our
products; war, geopolitical conflict, terrorism, or political
uncertainty, or disruptions resulting from the Russia-Ukraine war
or the Israel and Gaza conflict, including arising out of
international sanctions, foreign currency fluctuations and other
economic impacts; our reliance on a few key customers, third party
vendors and sub-suppliers; inventory valuation risks including
excessive or obsolescent valuations or price erosions of raw
materials or component parts on hand or other potential
impairments, non-recoverability or write-offs of assets or deferred
costs; disputes or litigation involving governmental, supplier,
customer, employee, creditor, stockholder, product liability,
warranty or environmental claims; failure to adequately insure or
to identify product liability, environmental or other insurable
risks; unanticipated or uninsured product liability claims,
disasters, public health crises, losses or business risks; labor
relations; strikes; union negotiations; costs associated with
environmental claims relating to properties previously owned; our
inability to patent or otherwise protect our inventions or other
intellectual property rights from potential competitors or fully
exploit such rights which could materially affect our ability to
compete in our chosen markets; changes in licenses, security
clearances, or other legal rights to operate, manage our work force
or import and export as needed; cyber security threats and
disruptions, including ransomware attacks on our systems and the
systems of third-party vendors and other parties with which we
conduct business, all of which may become more pronounced in the
event of geopolitical conflicts and other uncertainties, such as
the conflict in Ukraine; our ability to maintain compliance with
the Nasdaq listing standards minimum closing bid price; risks
related to owning our common stock, including increased volatility;
possible public policy response to a public health emergency,
including U.S. or foreign government legislation or restrictions
that may impact our operations or supply chain; or unknown risks
and uncertainties. We undertake no obligation to update our
forward-looking statements, except as may be required by law.
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Richard L. Davis Chief Financial Officer (502)
329-2000
Sypris Solutions (NASDAQ:SYPR)
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