Servotronics Provides Investor Update on Strategic Vision to Maximize Long-Term Shareholder Value and Affirms 2024 Outlook
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.