LOUISVILLE, KY-Sypris Solutions Inc. has completed the sale of its Test & Measurement business to Tektronix for $39 million in cash. The proceeds of the sale will be used by Sypris to support the growth of its Aerospace & Defense segment, pay retirement debt and will be put to other uses. The Test & Measurement business of Sypris is a provider of calibration services, testing and component sourcing services, and specialty products.
“The completion of this transaction with Tektronix marks an important milestone for Sypris Solutions,” says Jeffrey T. Gill, president and chief executive officer of Sypris Solutions. “The proceeds from the deal will enable us to support the many growth opportunities in our Aerospace & 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 & 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.”
For more information, visit www.sypris.com.
Sypris Sells Test & Measurement Business
October 26, 2009