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Sypris Wins Awards From Two High-Pressure Energy Projects

first_img Pinterest TAGS  LOUISVILLE, Ky.–(BUSINESS WIRE)–Feb 8, 2021– Sypris Technologies, Inc., a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has recently received orders for its Tube Turns® D-bolt and Tool-less® specialty closures for use in high-pressure oil and gas applications, including the Anchor Field development project in the Gulf of Mexico and the planned upgrade of a natural gas pipeline system in North America. Production for both awards will begin immediately and are expected to be completed prior to year-end. Terms of the purchases were not disclosed. The Anchor Field development project is located in the Green Canyon area, approximately 140 miles off the coast of Louisiana in the Gulf of Mexico in water depths of up to 5,000 feet. The initial development of the project will require an investment of approximately $5.7 billion. Stage 1 of the Anchor Field development consists of a seven-well subsea development and semi-submersible floating production unit. First oil is anticipated in 2024. According to news sources, this will be the first-ever, high-pressure development in the deepwater gulf. The planned facility has a design capacity of 75,000 barrels of crude oil and 28 million cubic feet of natural gas per day. Sypris will provide specialty, high-pressure Tube Turns® D-bolt closures that are rated up to 4,885 psi and use Inconel Alloy 625, a nickel-based superalloy that possesses high strength properties and resistance to elevated temperatures. The Company also received an award to supply the closures for a multiple compressor system upgrade on a natural gas transmission pipeline system located in North America. The project is part of an EPA program to reduce emissions from aging equipment to help reduce the negative impact on the ozone layer. Sypris will supply specialty Tube Turns® Tool-less® closures that are 72” in diameter, weigh 11.25 tons each and are rated to a pressure of 1,200 psi. Brett Keener, General Manager of Sypris Technologies, commented, “Sypris continues to be a leader in supplying engineered products to support major energy projects around the globe. We are able to meet the demanding requirements of these type of projects by leveraging our extensive experience in engineering and manufacturing high-quality products. We are proud to be a part of enhancing energy infrastructure and contributing to environmental protection.” 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 used 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. Forward Looking Statements This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance.Such statements may relate to projections of the company’s revenue, earnings, and other financial and operational measures, our liquidity, our ability to mitigate or manage disruptions posed by COVID-19, and the impact of COVID-19 and economic conditions on our future operations, among other matters. Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including legislation or restrictions that may impact our operations or supply chain; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; our failure to achieve additional orders for existing projects; our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources or other assets to fund operating losses; dependence on, retention or recruitment of key employees and distribution of our human capital; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; disputes or litigation involving governmental, supplier, customer, employee, creditor, product liability or environmental claims; our inability to develop new or improved products or new markets for our products; cost, quality and availability of raw materials such as steel, component parts, natural gas or utilities; our reliance on a few key customers, third party vendors and sub-suppliers; unanticipated or uninsured disasters, public health crises, losses or business risks; unanticipated or uninsured product liability claims; volatility of our customers’ forecasts, scheduling demands and production levels which negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; legal rights to operate, manage our work force or import and export as needed; inaccurate data about markets, customers or business conditions; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law. View source version on businesswire.com:https://www.businesswire.com/news/home/20210208005056/en/ CONTACT: Brett H. Keener General Manager (502) 774-6271 KEYWORD: UNITED STATES NORTH AMERICA KENTUCKY INDUSTRY KEYWORD: OIL/GAS MANUFACTURING OTHER MANUFACTURING ENERGY ENGINEERING SOURCE: Sypris Technologies, Inc. Copyright Business Wire 2021. PUB: 02/08/2021 07:30 AM/DISC: 02/08/2021 07:30 AM http://www.businesswire.com/news/home/20210208005056/en Facebook By Digital AIM Web Support – February 8, 2021 WhatsApp Pinterest Facebookcenter_img Previous articleTumelo Skin Care Introduces So Sensitive! Body LotionNext articleMatterkind Expands Global Reach with Two Strategic Hires Digital AIM Web Support Sypris Wins Awards From Two High-Pressure Energy Projects Twitter Local NewsBusiness Twitter WhatsApplast_img read more

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Stingy defense shuts down Minnesota’s offensive attack

first_imgJEFF SCHORFHEIDE/Herald photoIt must seem like the opponent is playing defense with six people for the Minnesota Golden Gophers when they play Wisconsin.The first time the two teams met, Wisconsin held the high-scoring Minnesota to a season-low 47 points in a 63-47 win for the Badgers.On Saturday, it was much the same story, as the 14th-ranked Badgers frustrated the Golden Gophers into shooting just 33.3 percent from the field as UW won again, 65-56.For Minnesota, which entered the game ranked second in the Big Ten in scoring with just over 68 points per game in conference play, the 56 points was its second-lowest scoring output of the season.“They do a good job of guarding the basket; they don’t give up many easy baskets in transition,” Minnesota head coach Tubby Smith said following the game.“You’ve got to be patient. That’s the key. They’re not going to gamble, and usually you’re going to be taking a shot at the end of the shot clock.”When Minnesota was patient enough to work the ball inside to its post players, the Golden Gophers found it tough to convert, stymied by their own missed layups and the Badgers’ tough interior defense.“You have to score over them,” Smith said. “They’ve got good, long defensive people inside and good physical inside; [they] play great position defense.”Wisconsin dominated points in the paint, outscoring Minnesota by a 22-12 margin.“We made sure to chest up and not foul them and make sure that they made some difficult shots,” Wisconsin forward Brian Butch said. “Anytime you do that ? it’s tough to make baskets.”One of the most effective defenses for the Badgers was their own offense. For the second straight game, UW was able to hold on to the ball and limit its turnovers (10). Against a team like Minnesota, which likes to get easy baskets in transition off of steals and opponents’ turnovers, that ball control can be just as important as anything defensively.“You have to get back, you?ve got to not let people get to the rim or get wide-open threes,” UW head coach Bo Ryan said.For as poorly as they shot overall, the Golden Gophers were able to find some open looks from 3-point range in transition.Minnesota burned Wisconsin with three fast-break 3-pointers in the second half, including two by guard Lawrence McKenzie ? the second of which tied the game at 45 with just under nine minutes left in the game.That look for McKenzie came off a missed free throw by Joe Krabbenhoft. With the Badgers aggressively going for an offensive rebound, McKenzie’s defender was late to get back on defense and no one helped out defensively.“That’s one of the few in transition that we give up,” Ryan said. “We don’t give up very many, but he was wide open.”Hughes returns to formAfter three consecutive games in which his scoring output was considerably below average, point guard Trevon Hughes hinted at a return to form with his 11-point, six-rebound, two-steal outing against Minnesota.Having scored just 16 points in the previous three games combined, it was Hughes’ decision-making that made the difference Saturday.“He was more consistent because his decision making was more rational and calculated,” Ryan said.And while Hughes failed to record an assist during Saturday’s win, he also kept the ball safe. Hughes did not turn the ball over at all in 34 minutes, marking the first time he has done so this season.“A guy like Trevon isn’t going to get a lot of assists in a game where we go to the free-throw line 33 times,” Ryan said.last_img read more

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Jimmy Butler free agency rumors: Wing ‘has interest in being’ Lakers’ third star

first_imgButler began the season with the Timberwolves before he was dealt to the 76ers in mid-November. He averaged 18.2 points and 5.3 rebounds while shooting 33.8% from 3-point range in 55 regular season games with Philadelphia.The 76ers are hoping to re-sign Butler while the Rockets will push to acquire him in a sign-and-trade, according to ESPN. The Nets reportedly want to sign him, as well. Related News Lakers free agency rumors: Los Angeles is Carmelo Anthony’s ‘most likely destination,’ executives believe Lakers free agency rumors: Here are three players LA could pursue if it can’t land third star “Hopefully I’ll get a max contract anywhere I choose to go,” Butler told reporters about his free agency last month. “You always want to be able to win, I think that’s key for sure. You’re looking at coaches, you’re looking at the city. There’s a lot that goes into it.”The Lakers, meanwhile, completed one of the biggest trades in NBA history earlier this month when they acquired Anthony Davis from the Pelicans in exchange for Lonzo Ball, Brandon Ingram, Josh Hart and three first round picks.Los Angeles then cleared cap space for a third max player ⁠— LeBron James has at least two more seasons left on his contract with the team ⁠— after it reportedly agreed to send Mo Wagner, Jemerrio Jones and Isaac Bonga, along with a 2022 second-round pick, to the Wizards on Thursday.The Lakers are also reportedly considering pursuing Kyrie Irving, Kemba Walker, D’Angelo Russell and Kawhi Leonard. Jimmy Butler rumors: Rockets will ‘push’ 76ers to complete sign-and-trade for wing Jimmy Butler appears like he’ll seriously consider joining the Lakers.The 29-year-old wing “has interest in being” the Lakers’ third star, according to a report from Bleacher Report, which cites unidentified league sources. Butler would even be open to accepting “slightly less than” a max deal with Los Angeles, the report says. Los Angeles may elect to add multiple role players, instead, and have been linked to Patrick Beverley, Enes Kanter, Danny Green, Terrence Ross as well as Seth Curry, amongst others.The Lakers are “the most likely” landing spot for Carmelo Anthony, as well.last_img read more

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