Servotronics, Inc. Enhances Strategic Focus with Additional Resources

Rhea-AI Summary

Servotronics (NYSE: SVT), a manufacturer of advanced technology products, announced the addition of two experienced professionals to strengthen its leadership team as part of its strategic plan. David Speich will temporarily lead business development for the Advanced Technology Group, while Joseph Bell joins as a business analyst for the Consumer Products Group. Speich brings over 35 years of experience and will focus on developing market analysis and new business pipelines. Bell, with 30 years in strategic implementation, will assist in driving operational improvements and strategic planning for Ontario Knife Company. These appointments aim to enhance shareholder value.

Positive

• Addition of experienced leaders will enhance business development and operational efficiency.
• David Speich and Joseph Bell bring a combined 60 years of industry experience, strengthening leadership.

Negative

• None.

-- Adds Two Veteran Professionals to Strengthen Operations and Business Development--

ELMA, N.Y., Feb. 21, 2023 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT), a designer and manufacturer of servo-control components and other advanced technology products, today announced that it has strengthened its leadership team in-line with its recently adopted strategic plan.

The Company has named David Speich to a temporary role to lead the business development efforts of the Advanced Technology Group (ATG) and Joseph Bell as a business analyst at the Consumer Products Group (CPG), responsible for implementation of Ontario Knife Company's strategic plan and evaluating future strategic priorities.

"We are excited to welcome Dave and Joe to the Servotronics team.  They offer a combined 60 years of experience to the leadership team which we believe will be instrumental in meeting our internal goals and driving long-term shareholder value," said William F. Farrell Jr., Chief Executive Officer of Servotronics.

Mr. Speich will be joining the ATG Business in a temporary capacity to stimulate the business development efforts through extensive market analysis and building a targeted and effective new business pipeline. His efforts will include the development of additional resources on the external facing sales team. Mr. Speich brings over 35 years of sales, design, and manufacturing experience to this role.

Mr. Speich has previously served as the Director of Sales and Business Development in the Simulation and Test unit at Moog where he managed a network of sales offices across the globe. Prior to his position at Moog, Mr. Speich served as an Engineering Manager at Koike Aronson, Inc., and Vice President of Engineering at CNB International. Mr. Speich holds a bachelor's degree in mechanical engineering from Rochester Institute of Technology.

Mr. Bell has a tenured career in strategic implementation and will be assisting the Ontario Knife Company as the CPG business pursues profitable growth and continued operational excellence. Mr. Bell will utilize his 30 years of experience to drive operational improvements as well as assisting in identifying and implementing future strategic plans for the business.

Mr. Bell has previously held multiple positions at Moog, including Quality Manager in the Space and Defense Group, Vice President of Quality Assurance, Vice President of Acquisitions and Integrations and Group Vice President and General Manager. Mr. Bell holds a bachelor's degree from Canisius College and an Executive Masters of Business Administration from the State University of New York at Buffalo.

About Servotronics
Servotronics, Inc. (NYSE American: SVT) is a U.S. advanced manufacturing company serving commercial, government, aerospace, defense, consumer and other markets. The Company is composed of two groups – the Advanced Technology Group (ATG) and the Consumer Products Group (CPG). The ATG primarily designs, develops and manufactures servo controls and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, manufacturing equipment, etc.). The CPG designs and manufactures cutlery, bayonets, pocket knives, machetes and combat knives, survival, sporting, agricultural knives and other edged products for both commercial and government applications. The company's advanced manufacturing and engineering workforce and facilities are located in Western New York, including at Servotronics' headquarters in Elma, NY. More information is available at Servotronics.com.

Forward-Looking Statements
This news release contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  When used in this release, the words "project," "believe," "plan," "anticipate," "expect" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements involve numerous risks and uncertainties which may cause the actual results of the Company to be materially different from future results expressed or implied by such forward-looking statements.  Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management's analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements, whether as a result of new information, future events or otherwise.

View original content:https://www.prnewswire.com/news-releases/servotronics-inc-enhances-strategic-focus-with-additional-resources-301750959.html

SOURCE Servotronics, Inc.

FAQ

What new leadership changes were announced by Servotronics on February 21, 2023?

Servotronics announced the appointment of David Speich to lead business development for the Advanced Technology Group and Joseph Bell as a business analyst for the Consumer Products Group.

How will David Speich contribute to Servotronics?

David Speich will focus on stimulating business development efforts through market analysis and building a new business pipeline.

What experience does Joseph Bell bring to Servotronics?

Joseph Bell has 30 years of experience in strategic implementation, aiming to drive operational improvements at Ontario Knife Company.

What is the mission of Servotronics' Advanced Technology Group?

The Advanced Technology Group designs and manufactures servo controls and components for commercial and government applications.

How does Servotronics plan to enhance shareholder value?

By strengthening its leadership team and focusing on strategic planning and operational efficiencies.