ELMA,
N.Y., April 29, 2024 /PRNewswire/ --
Servotronics, Inc. (NYSE American – SVT), a designer and
manufacturer of servo-control components and other advanced
technology products, today released a revised investor update
highlighting its progress in achieving its long-term strategic
vision, along with an affirmed 2024 financial outlook. A copy of
the presentation is available on the Company's website at
www.servotronics.com.
In 2023, the Company has undergone significant transformation
and stabilization, focused on executing a strategic plan aimed at
long-term value creation. Highlights for the year include:
- Robust sales performance with consecutive quarters of
sequential improvement leading to total sales growth of 24% for the
year.
- Leadership enhancements including the addition of a Chief
Financial Officer, Director of Operations, Director of Marketing
& Sales, followed by the addition of a Chief Operating Officer
in the first quarter of 2024.
- Focused growth in key markets, leveraging the rebound in
commercial aerospace to expand presence in repair and overhaul, as
well as opportunities in new sectors such as energy and
industrial.
- Strategic divestiture to refocus non-core resources on
profitable servo business, and corporate brand renewal with
upgraded website to better highlight the Company's value
proposition to customers and investors.
"I'm exceptionally proud of our team's accomplishments and the
steps we've taken to transform Servotronics into a profitable
market leader for the long term," said Chief Executive Officer
William F. Farrell, Jr. "Over the
coming year, we aim to take advantage of strong market trends to
continue to drive our growth and profitability, while strategically
targeting new markets for our core servo products. We remain
focused on operational efficiencies, quality, and on-time delivery
to provide value to our customers and, in turn, generate long-term
value for our shareholders."
Servotronics has provided an updated investor presentation that
includes detailed information regarding the strategic plan,
business performance and long-term outlook. The presentation
is available on the investor relations section of the Company's
website: https://www.servotronics.com/investor-relations.
ABOUT SERVOTRONICS
Servotronics designs, develops and
manufactures servo controls and other components for various
commercial and government applications including aircraft, jet
engines, missiles, manufacturing equipment and other aerospace
applications at its operating facilities in Elma and Franklinville, New York.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE American
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SOURCE Servotronics, Inc.
