Elma, New York, April 29, 2024 /PRNewswire/ — Servotronics, Inc. (NYSE: SVT), a designer and manufacturer of servo control components and other advanced technology products, today issued a revised investor update highlighting its continued commitment to achieving its long-term strategy progress on the vision and confirmed the financial outlook for 2024. A copy of the presentation is available on the company’s website at www.servotronics.com.

In 2023, the company experienced significant transformation and stabilization, with a focus on executing strategic plans aimed at creating long-term value. Highlights this year include:

• Sales performance was strong, improving from the previous quarter for several consecutive quarters, with total sales for the year growing by 24%.

• Leadership enhancements include the addition of chief financial officer, chief operating officer, director of marketing and sales, followed by the addition of chief operating officer in the first quarter of 2024.

• Focus on growth in key markets, leveraging the rebound in commercial aerospace to expand repair and overhaul operations, as well as opportunities in new sectors such as energy and industrials.

• Strategic divestiture, refocusing non-core resources on the profitable server business, and updating the corporate brand by upgrading the website to better highlight the company’s value proposition to customers and investors.

“I am extremely proud of our team’s achievements and the steps we have taken to transform Servotronics into a long-term profitable market leader,” the CEO said. William F. Farrell Jr. “In the year ahead, our goal is to capitalize on strong market trends to continue driving our growth and profitability while strategically targeting new markets for our core servo products. We remain focused on operational efficiency, quality and profitability. Delivering on time provides value to our customers, which in turn creates long-term value for our shareholders.

The story continues

Servotronics provides its latest investor presentation, which includes details on strategic plans, business performance and long-term prospects. This presentation is available on the Investor Relations section of the Company’s website: https://www.servotronics.com/investor-relations.

About Servo Electronics
Servotronics designs, develops and manufactures servo controls and other components for a variety of commercial and government applications, including aircraft, jet engines, missiles, manufacturing equipment and other aerospace applications. elma and Franklinville, New York.

SERVOTRONICS, INC. (SVT) is listed on the New York Stock Exchange American Exchange

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SOURCE Servotronics, Inc.