Sypris Appoints Michael D. Sedgwick as Vice President and General Manager of Sypris Electronics, LLC
June 03 2024 - 4:05PM
Business Wire
Sypris Solutions, Inc. (Nasdaq/GM: SYPR) announced today the
appointment of Michael D. Sedgwick to the position of Vice
President and General Manager of Sypris Electronics, LLC, effective
June 3, 2024. Mr. Sedgwick will operate from the Company’s
headquarters located in Tampa, Florida and will report to Jeffrey
T. Gill, Chairman, President and Chief Executive Officer of Sypris
Solutions, Inc.
Mr. Sedgwick will be joining Sypris following a successful
career with SCI Technology, Inc., a division of Sanmina
Corporation, where he most recently served as the Vice President of
Defense and Aerospace Products and was responsible for the
company’s product portfolio and electronics manufacturing services
with annual sales in excess of $180 million per year.
Prior to his last assignment with SCI Technology, Inc., Mr.
Sedgwick served in a number of increasingly responsible
senior-level positions with I3, Abaco Systems Inc. and AAR
Corporation. Mr. Sedgwick began his career with SCI Technology,
Inc. in 2007 as its Senior Program Manager for the Defense and
Aerospace Division, and as Director of Aircraft Systems from 2010
to 2014.
From 2005 to 2007, Mr. Sedgwick served in the U.S. Army as a
Battalion Intelligence Officer (S-2) for the 10th Special Forces
Group (Airborne) operating in Iraq. From 2001-2005, Mr. Sedgwick
served as an Infantry Officer for the 82nd Airborne Division in
Afghanistan and Iraq, where he conducted over 100 combat patrols.
Since 2007, he has continued to serve as a member of the U.S. Army
Reserve.
Mr. Sedgwick’s breadth of experience includes leading business
segments serving the U.S. Department of Defense, prime government
contractors, and the commercial aerospace market with
responsibility over IR&D, Business Development, Sales and
Marketing, and Project and Program Management.
Commenting on the announcement, Jeffrey T. Gill, Chairman,
President and Chief Executive Officer of Sypris Solutions, said,
“We are very pleased to announce the addition of Mike to the Sypris
team. His extensive experience, industry knowledge and successful
track record will be invaluable in the continued development of
Sypris Electronics into a larger, increasingly profitable
company.”
Sypris Solutions is a diversified manufacturing and engineering
services company serving the defense, transportation,
communications, and energy industries. For more information about
Sypris Solutions, 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 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; cost, quality and availability or lead times of
raw materials and electronic components, natural gas or utilities
including increased cost relating to inflation; dependence on,
retention or recruitment of key employees and highly skilled
personnel and distribution of our human capital; 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; 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; 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 shut down reducing the spending on products and
services; adverse impacts of new technologies or other competitive
pressures which increase our costs or erode our margins;
breakdowns, relocations or major repairs of machinery and
equipment, especially in our Toluca Plant; the termination or
non-renewal of existing contracts by customers; the costs and
supply of insurance on acceptable terms and with adequate coverage;
the costs of compliance with our auditing, regulatory or
contractual obligations; health care or other benefit costs; 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, including
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240603790717/en/
Richard L. Davis Chief Financial Officer (502)
329-2000
Sypris Solutions (NASDAQ:SYPR)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sypris Solutions (NASDAQ:SYPR)
Historical Stock Chart
From Jul 2023 to Jul 2024