UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
__________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date
of Report (Date of earliest event reported): July 24,
2007
__________________
Sypris
Solutions, Inc.
(Exact
name of registrant as specified in its charter)
|
Delaware
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0-24020
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61-1321992
|
|
(State
or Other Jurisdiction
of
Incorporation)
|
|
(Commission
File
Number)
|
|
(I.R.S.
Employer
Identification
No.)
|
|
101
Bullitt Lane, Suite 450
|
|
|
|
|
|
Louisville,
Kentucky
|
|
|
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40222
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(Address
of Principal
Executive
Offices)
|
|
|
|
(Zip
Code)
|
Registrant’s
telephone number, including area code: (502) 329-2000
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[
] Written communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
[
] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[
] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[
] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
Section
1 – Registrant’s Business and Operations
|
Item
1.01
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Entry
into a Material Definitive
Agreement
|
On
July
24, 2007, Sypris Solutions, Inc. (the “Company”) and certain of the Company’s
affiliates entered into a Settlement Agreement with Dana Corporation (“Dana”)
and certain of Dana’s affiliates. Under the terms of the Settlement
Agreement, the Company and Dana agreed to (i) enter into a new, long-term master
supply agreement in lieu of the three existing supply contracts, (ii) exchange
production of certain non-core components, (iii) rebalance production among
the
Company’s plants to reduce costs for both parties, and (iv) cease all litigation
with regard to prior contract disputes, including the release of Dana from
certain committed but undelivered production volumes. In addition, Dana will
provide the Company with an allowed general unsecured non-priority claim in
the
amount of $89.9 million. The new master supply agreement will run through 2014
and provides Dana with one-time price reductions for certain commodities
beginning in 2008, with an estimated value of $7.7 million per year based upon
2006 volumes, and improved coverage in the areas of quality and warranty, among
others. Sypris will make additional investments in advanced manufacturing
technology to maximize productivity, increase responsiveness, provide new
services and reduce cycle times, and will continue to be the exclusive supplier
of the components to Dana.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant
has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
| Sypris Solutions, Inc. | |||
|
Date:
July 30,
2007
|
By:
|
/s/ John R.
McGeeney
|
|
| John R. McGeeney | |||
| General Counsel and Secretary | |||
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