Sypris Solutions Inc. (SYPR) stock surges in the current market trading. Here’s what you should know?

Sypris Solutions Inc. (SYPR) stock gains by 32.74% at last check in the current market trading. Sypris Solutions manufactures vehicle parts, oil and gas pipeline components, and aerospace and defense equipment. SYPR manufactures a diverse variety of materials, often under multi-year sole-source contracts.Sypris collaborates with various agencies and tier one companies in the Military (DoD), Space, Medical, Undersea, and Industrial sectors to produce high-reliability electronics that conform to stringent regulatory requirements

What is happening?

Sypris Electronics, LLC, a Sypris Solutions subsidiary, reported today that it has been awarded a follow-on contract by a US Department of Defense prime contractor to produce and test electronic assemblies for a government spacecraft program. In 2021, production is scheduled to begin. The agreement’s terms were not made public.

The spacecraft will be used as an exploration platform, carrying the crew to orbit, providing emergency abort capabilities, sustaining flights, and ensuring secure re-entry from deep space return velocities. According to press releases, the spacecraft will use innovations in propulsion, communications, life support, structural architecture, navigation, and control. The spacecraft is intended to bring astronauts into a new age of discovery, with targets including near-Earth asteroids, the Moon, Mars’ moons, and finally Mars itself.

Jim Long, Vice President & General Manager of Sypris Electronics commented:

For several years, Sypris has been producing space electronic hardware for top-tier instrumentation, radio, and spacecraft providers. Sypris Electronics considers it a pleasure to be able to continue and extend their involvement in this initiative. SYPR’s client is a space industry pioneer, and they look forward to collaborating with them to ensure the success of this mission-critical initiative.