Servotronics, Inc. designs, manufactures, and markets control components and consumer products in the United States and internationally. It operates in two segments, Advanced Technology Group (ATG) and Consumer Products Group (CPG). The ATG segment provides servo-control components to the commercial aerospace, aircraft, and government related industries; and medical and industrial markets. This segment's principal components include torque motors, electromagnetic actuators, hydraulic and pneumatic valves, and related devices that convert an electrical current into a mechanical force or movement, and other products. It also offers metallic seals of various cross-sectional configurations to close tolerances from standard and special alloy steels. This segment markets and sells its products to the United States Government, government prime contractors, government subcontractors, commercial manufacturers, and end-users. The CPG segment provides cutlery products, including steak, carving, bread, butcher, and paring knives for household use, as well as for use in restaurants, institutions, and the private industry; fixed and folding knives for hunting, fishing, and camping; and machetes, bayonets, axes, strap cutters, and other tools primarily for military and rescue/first-responder use, as well as for commercial markets. It also offers various specialty tools, putty knives, linoleum sheet cutters, field knives, scalpels, and micro-spatulas; and plastic and metal fabrication, as well as engineering, design, and OEM/white-label manufacturing services to customers in the consumer and commercial industries. This segment markets its products through its sales resources and independent manufacturers' representatives to big box, hardware, supermarket, variety, department, discount, gift, drug, outdoor, and sporting stores, as well as through electronic commerce. The company was incorporated in 1959 and is headquartered in Elma, New York.
IPO Year: 1970
Exchange: AMEX
Website: servotronics.com
Calls for Accountability and Shareholder-Centered Reform BUFFALO, N.Y., April 23, 2025 /PRNewswire/ -- Beaver Hollow Wellness, LLC ("BHW"), the largest active shareholder of Servotronics, Inc. (NASDAQ:SVT), today issued the following statement in response to the Company's amended proxy statement filed April 22, 2025: "Servotronics' latest filing is a clear sign of a board under pressure and out of touch," said Paul L. Snyder III, Chairman of BHW. "The escalation in rhetoric, along with newly inserted language about 'change of control' compensation, demonstrates that the Company is more focused on protecting executive payouts than delivering value to shareholders." Change of Control Provisio
Star Equity Fund Has Repeatedly Called on Company to Explore Strategic Alternatives Since 2022 OLD GREENWICH, Conn., March 25, 2025 (GLOBE NEWSWIRE) -- Star Equity Fund, LP ("Star Equity Fund" or "we"), an investment fund focused on unlocking shareholder value by engaging with management teams across its portfolio companies, comments today on Servotronics, Inc.'s (NYSE:SVT) ("Servotronics" or the "Company") recent announcement that its Board of Directors (the "Board") has commenced a review of strategic alternatives. Star Equity Fund has pushed for change at Servotronics since 2022 In our press releases, SEC filings, and open letters to the Company's Board, issued througho
-- Engages Investment Bank Houlihan Lokey to Manage Review Process -- ELMA, N.Y., March 17, 2025 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT), a designer and manufacturer of servo-control components and other advanced technology products, today announced that its Board of Directors has commenced a review of strategic alternatives for the Company. "The Servotronics team has achieved significant progress in our transformation efforts over the past three years as a valued supplier to the commercial aerospace industry," said Chairman of the Board of Directors Christoph
-- Continued actions to optimize business results in increased sales and margins for the full year ---- Challenging market conditions and customer delays drive lower revenues in the fourth quarter-- ELMA, N.Y., March 17, 2025 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT), a designer and manufacturer of servo-control components and other advanced technology products, today reported financial results for the fourth quarter and full year ended December 31, 2024. "We achieved a number of significant milestones in 2024, posting increased revenues, improved margins and im
S.A.V.E. Servotronics Proposal Shareholder Action for Value and Employees BUFFALO, N.Y., Feb. 4, 2025 /PRNewswire/ -- Beaver Hollow Wellness issued the following letters to Servotronics, Inc. (NYSE American – SVT) shareholder and the Board of Directors: Investors, employees, customers, and other interested stakeholders can view our plan, and related materials, at https://saveservotronics.com/ Dear Fellow Shareholders and the Servotronics Board of Directors, We are Beaver Hollow Wellness, LLC, one of the largest shareholders of Servotronics, Inc. ("Servotronics" or "the Company") and we are compelled to present this proposal with urgency and purpose. The goal is to address a critical situat
-- Strong revenue growth despite industry-wide challenges -- ELMA, N.Y., Nov. 8, 2024 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT), a designer and manufacturer of servo-control components and other advanced technology products, today reported financial results for the third quarter and nine months ended September 30, 2024. Highlights of the third-quarter financial results are as follows: Revenues were $12.4 million, up 7.3% from $11.6 million in the third quarter of 2023, driven by higher volumes and improved pricing.Gross profit of $2.3 million, or 18.2% of sales,
-- Continued market demand and operating performance results in year-over-year revenue and profit growth -- ELMA, N.Y., Aug. 8, 2024 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT), a designer and manufacturer of servo-control components and other advanced technology products, today reported financial results for the second quarter ended June 30, 2024. Highlights for the second quarter financial results include the following: Consolidated revenues were $12.3 million, up 15.3% from $10.7 million in the second quarter of 2023. Revenue growth resulted from higher volumes
ELMA, N.Y., Aug. 1, 2024 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) today announced the death of Director Edward C. Cosgrove. Mr. Cosgrove died on July 4, 2024, after a brief illness. "It is with great sadness that we announce the passing of Edward C. Cosgrove. We extend our deepest condolences to Mr. Cosgrove's family, and we are extremely grateful for Ed's long-standing service and unparalleled support of Servotronics. His steady presence, wise and thoughtful guidance, and ethical stewardship will be missed," said Christopher Marks, Chairman of the Board. Mr. C
-- Strong Industry Demand and Production Enhancements Drive 15% Top Line Growth -- -- Volume and Product Mix drive 570 bps Increase in Gross Margins -- ELMA, N.Y., May 10, 2024 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT), a designer and manufacturer of servo-control components and other advanced technology products, today reported financial results for the first quarter ended March 31, 2024. Highlights for the first quarter financial results: Revenues of $10.4 million, up 15.3% from $9.1 million in the first quarter of 2023, driven primarily by higher volumes and
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.
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ELMA, N.Y., Jan. 31, 2024 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT), a designer and manufacturer of servo-control components and other advanced technology products, today announced that Harrison W. Kelly III has been appointed as its new Chief Operating Officer (COO). With over twenty years of experience in executive operations leadership and practical engineering across aerospace, automotive and medical device manufacturing, Dr. Kelly brings a wealth of expertise to lead the Company's operational and strategic initiatives. As the COO of Servotronics, Dr. Kelly
ELMA, N.Y., June 14, 2023 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products today announced the results of voting at the Company's 2023 Annual Shareholder meeting. Shareholders voted to re-elect all six of the current directors to one-year terms, to approve the 2022 "say on pay" proposal as well as to ratify the appointment of Servotronics' Independent Public Accounting firm. On Proposal 1, more than 70% of all shares voted were voted in favor of the election of all six of the
ELMA, N.Y., April 26, 2023 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products announced today that Robert Fraass has been appointed Chief Financial Officer of the Company effective May 1, 2023. He replaces Lisa F. Bencel who will be leaving the Company later in May to pursue other interests. Mr. Fraass most recently comes from Stark Technologies Group, Inc. where he served as Senior Vice President of Finance – Corporate Controller & Treasurer. He has also held several executive finance roles of increasing responsibility at PostProcess Technologies, Ivoclar Vivadent, Integer and Integrys Energ
-- Carrie Czerwinski Brings Nearly Two Decades of Experience to Role-- ELMA, N.Y., Feb. 20, 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 appointed Carrie Czerwinski as Director of Human Resources. "We are pleased to welcome Carrie Czerwinski as our new Director of Human Resources, bringing a wealth of experience in managing and developing talent across all levels in a range of organizations. Carrie's leadership in solidifying talent attraction and retention, organizational development, and increasing employee engagement, will play an integral role in
-- Brent D. Baird Joins the Board and Enters into Cooperation Agreement with the Company -- ELMA, N.Y., Feb. 15, 2023 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products today announced the appointment of Brent D. Baird to the Board and the entry into a Cooperation Agreement between the Company and Mr. Baird. Mr. Baird will serve as a director effective February 16, 2023, with an initial term through the Company's 2023 Annual Meeting of Shareholders, and the Company has agreed to include Mr. Baird in the Company's slate of director nominees for election at the 2023 Annual Meeting. "We are plea
-- The Board of Directors and Management Remain Committed to Maximizing Shareholder Value by Executing the Company's Strategic Plan -- ELMA, N.Y., Nov. 16, 2022 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products today responds to recent claims from Star Equity Holdings, Inc. ("Star Equity") about its indication of interest to combine with Servotronics. Beginning in July 2022 the Servotronics Leadership Team has been developing a strategic plan designed to increase long-term shareholder value that is focused on strengthening the corporate culture, delivering quality products on time, growing t
Was Change Agent for Recent Board ChangesWill Continue to Monitor Company's Progress and Act if Needed OLD GREENWICH, Conn., May 13, 2022 (GLOBE NEWSWIRE) -- Star Equity Fund, LP ("Star Equity Fund", "we", "our"), a shareholder of Servotronics, Inc. (NYSE:SVT) ("Servotronics" or "the Company"), seeks to unlock shareholder value and improve corporate governance at its portfolio companies. We are pleased to announce that our campaign at Servotronics, including our nomination of a diverse, highly qualified slate of director candidates for election to the Company's board of directors (the "Board") and advocacy for various improvements in the Company's corporate governance, caused the Company
ELMA, N.Y., April 27, 2022 /PRNewswire/ -- The Board of Servotronics, Inc. (NYSE American – SVT) announced the appointment of two new independent directors and a non-executive Chairman, as well as the accelerated expiration of the company's shareholder rights plan. Evan Wax, Managing Member of one of Servotronics' largest shareholders, Wax Asset Management LLC, and retired public company finance and business executive Karen L. Howard have joined the Board as independent directors. In addition, sitting independent director Christopher M. Marks was appointed Chairman of the Board. Today's announcements follow Servotronics' previously disclosed appointment of William F. Farrell, Jr. to serve a
-- Revenue expected to increase in the fourth quarter of 2022 driven by increasing order volume from Servotronics' Advanced Technology Group -- ELMA, N.Y., Nov. 14, 2022 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products today reported financial results for the quarter and nine months ended September 30, 2022. The Company reported third quarter 2022 net loss of $(316,000), or $(0.13) per diluted share as compared to third quarter 2021 net income of $3.2 million, or $1.34 per diluted share. In the third quarter of 2021, the Company's net income included non-recurring other income related to
-- Revenue expected to increase in the third quarter of 2022 driven by increasing order volume from Servotronics' Advanced Technology Group -- ELMA, N.Y., Aug. 15, 2022 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products today reported financial results for the second quarter ended June 30, 2022, including 12% growth in revenue. The company reported second quarter 2022 net loss of $(810,000), or $(0.33) per diluted share. Second quarter 2021 net income of $1,186,000, or $0.49 per diluted share, included a $1.9 million or $0.62 per share contribution to earnings from government-provided employe
-- Anticipated first quarter 2022 total revenue growth on improving Advanced Technology Group sales is attributed to process improvements and maintenance of production capabilities, including Servotronics' highly skilled workforce, over the last two years -- ELMA, N.Y., March 31, 2022 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products today reported financial results for the fourth quarter and twelve months ended December 31, 2021 including net income growth and record high levels of operating cash flow and year-end cash. The company reported net income of $4.1 million, or $1.68 per diluted s
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