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Sypris Sells Test and Measurement Business to Tektronix
Sypris Solutions Inc. announced that it has completed the sale of its Test & Measurement business to Tektronix.
• Sale of Sypris Test & Measurement Inc. completed for $39.0 M of cash on October 26, 2009.
• Proceeds to be used by Sypris Solutions to support growth of its Aerospace & Defense segment and the retirement debt, among other uses.
Commenting on the announcement, Jeffrey T. Gill, President and Chief Executive Officer of Sypris Solutions, said, “The completion of this transaction with Tektronix marks an important milestone for Sypris Solutions. The proceeds from the deal will enable us to support the many growth opportunities in our Aerospace and Defense segment, including those related to global key management, secure communications, identity authentication and cyber warfare. The transaction will strengthen our balance sheet and focus our future investments in two highly scalable platforms represented by our Industrial and Aerospace and Defense segments.”
Gill continued, “We believe that the combination of our Test & Measurement business with Tektronix will result in exciting growth opportunities for our employees and customers. The strategic fit is compelling and the business should benefit from the increased scale and resources that Tektronix has to offer. As a result, the transaction is expected to be a positive event for all stakeholders.”
The Test & Measurement business of Sypris Solutions is a provider of calibration services, testing and component sourcing services, and specialty products. The company serves customers in a variety of markets, including military, aerospace, avionics, telecommunications, automotive, semiconductor, medical and more. Needham & Company LLC acted as exclusive financial advisor to Sypris Solutions Inc. in this transaction.