Sypris Solutions (NASDAQ:SYPR) stock is soaring higher on Wednesday after winning a defense contract.
According to a news release from the company, this award is for Sypris Electronics, a subsidiary of Sypris Solutions. SYPR also notes that this is a follow-on award from a prime contractor of the U.S. Department of Defense.
The contract will have Sypris Electronics manufacturing and testing electronic power supply modules. These modules will be used in a “mission-critical, long range, precision-guided anti-ship missile system.”
The missile system in the contract is able to pick out specific targets for attack. That includes individual ships among a fleet. This is possible due to advanced tech that doesn’t heavily rely on “intelligence, surveillance and reconnaissance platforms, and GPS navigation in contested environments.”
Jim Long, VP and general manager of Sypris Electronics, said this about the deal sending SYPR stock up today.
“Our customer is a worldwide leader in the development and delivery of advanced technologies for the commercial and military electronics markets. Our technical and operational experience in successfully scaling early life cycle products in a collaborative way with our customer were key to this win. We are excited to have this opportunity to expand our relationship with this important customer.”
The exact details of the deal weren’t revealed by Sypris Solutions. However, we do know that its contract will have it working to meet the needs of the U.S. Navy and Air Force.
SYPR stock was up 138.7% as of Wednesday morning.
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.