Sypris Reports Strong Orders for New Patent-Pending Closure
LOUISVILLE, Ky.-September 16, 2009 - The Tube Turns Division of Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc., today announced that it has received significant orders for its new Tool-less® closure product line in recent months for a variety of important international energy projects, including Sonatrach in Algeria, the Gas Authority of India, the Kuwait Oil Company and PVDSA, the national oil and gas company of Venezuela.
The Tube Turns Tool-less® closure was developed over the last two years to meet the needs of the most demanding customer requirements in the energy field, where the cost of failure can be significant. The closure, which is often used in oil and gas pipelines, is designed to be very robust, while at the same time operates smoothly with even the largest unit opening and closing easily in a matter of seconds by a single operator.
Brett Keener, General Manager of the Tube Turns Division, commented, "The initial demand for the Tool-less® closure has clearly exceeded our expectations. We are proud to have united over 80 years of experience in engineering high-quality closures and our strong brand name with an innovative new product line that meets the demanding requirements of major energy projects around the globe. We believe that this new product technology will serve as an important platform for the future growth of our business."
The Tube Turns Division of Sypris Technologies, Inc. is a global leader in the manufacture of custom engineered closures for high pressure critical applications serving the oil and gas pipeline infrastructure, hydrocarbon and petrochemical processing, and utility industry since 1927. Headquartered in Louisville, Kentucky, the Company's products are marketed worldwide, and can be found in projects ranging from the Trans Alaska Pipeline and Strategic Petroleum Reserve in the U.S. to the Tengiz Oil Field in Kazakhstan and the Bonny Island Gas Field in Nigeria. For more information about the Company, visit its Web site at www.sypris.com.
