Servotron

Servotronics Announces Third Quarter 2023 Financial Results

Retrieved on: 
Thursday, November 9, 2023

ELMA, N.Y., Nov. 9, 2023 /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, 2023.

Key Points: 
  • ELMA, N.Y., Nov. 9, 2023 /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, 2023.
  • Servotronics achieved significant growth in revenue, gross margin and operating income in the third quarter of 2023.
  • Unless otherwise noted, all financial results are based on the results of continuing operations.
  • Highlights for the third quarter financial results include:
    Revenues were $11.6 million, up 31.3% from $8.8 million in the third quarter of 2022.

Servotronics, Inc. Names New Sales & Marketing Director

Retrieved on: 
Wednesday, August 16, 2023

ELMA, N.Y., Aug. 16, 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 sales and marketing team with the hiring of Francisco Tizón as Director of Sales & Marketing.

Key Points: 
  • ELMA, N.Y., Aug. 16, 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 sales and marketing team with the hiring of Francisco Tizón as Director of Sales & Marketing.
  • Mr. Tizón joins Servotronics with over 30 years of experience managing global sales, services, program management and commercial functions with the world's power and engine market leaders.
  • Reporting directly to Servotronics' Chief Executive Officer William F. Farrell, Jr., Mr. Tizón will be leading the effective execution of the Company's sales strategy through both existing and new business channels in key end markets.
  • He will also elevate the Company's marketing initiatives by engaging in new channel marketing strategies.

Servotronics Announces 2023 Annual Shareholder Meeting Results

Retrieved on: 
Wednesday, June 14, 2023

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.

Key Points: 
  • 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.
  • "We would like to thank all Servotronics shareholders for their continued support and participation in our Annual Shareholder meeting this year," stated William F. Farrell, Chief Executive Officer of the Company.
  • "The results of this meeting have demonstrated that shareholders believe in our long-term strategy which will generate sustainable growth and maximize shareholder value.
  • The final results of the meeting have been reported on a Current Report filed by Servotronics on Form 8-K with the U.S. Securities and Exchange Commission.

Major Proxy Advisory Firm Recommends Vote "FOR" Servotronics' Highly Qualified Director Nominees on the BLUE Proxy Card

Retrieved on: 
Thursday, June 1, 2023

Over the coming year we aim to recruit a director with essential manufacturing experience to further strengthen our Board.

Key Points: 
  • Over the coming year we aim to recruit a director with essential manufacturing experience to further strengthen our Board.
  • Our belief in the strength of our Board is reflected by the recommendation set forth by leading proxy advisory firm ISS.
  • We urge you to use the BLUE proxy card to vote today "FOR" ALL of Servotronics' nominees.
  • Simply follow the easy instructions on the BLUE proxy card to vote by Internet or by signing, dating and returning the BLUE proxy card in the postage-paid envelope provided.

Star Equity Fund Calls on SVT Board to Conduct Strategic Review For ALL Assets

Retrieved on: 
Wednesday, May 31, 2023

OLD GREENWICH, Conn., May 31, 2023 (GLOBE NEWSWIRE) -- Star Equity Fund, LP (“Star Equity” or “we”) is an investment fund focused on unlocking shareholder value and improving corporate governance at its portfolio companies.

Key Points: 
  • OLD GREENWICH, Conn., May 31, 2023 (GLOBE NEWSWIRE) -- Star Equity Fund, LP (“Star Equity” or “we”) is an investment fund focused on unlocking shareholder value and improving corporate governance at its portfolio companies.
  • Star Equity owns 5.4% of the common stock of Servotronics, Inc. (NYSE American: SVT) (“Servotronics,” “SVT,” or the “Company”) and calls on SVT’s Board to conduct a strategic review for ALL its assets.
  • Rather than pursuing its current strategy, we believe the long-suffering SVT shareholders would be better served by the Company exploring strategic alternatives for ALL its assets.
  • We believe the Company should sell both its Consumer Products Group (CPG) and Aerospace (ATG) segments to strategic buyers and also sell its real estate assets.

Star Equity Fund Launches Proxy Solicitation at Servotronics

Retrieved on: 
Tuesday, May 23, 2023

OLD GREENWICH, Conn., May 23, 2023 (GLOBE NEWSWIRE) -- Star Equity Fund, LP (“Star Equity” or “we”) is an investment fund focused on unlocking shareholder value and improving corporate governance at its portfolio companies. Star Equity owns 5.4% of the common stock of Servotronics, Inc. (NYSE American: SVT) (“Servotronics,” “SVT,” or the “Company”) and announced today it has filed its definitive proxy statement and begun soliciting proxies urging all stockholders to vote the WHITE proxy card to elect G. Mark Pomeroy and Richard K. Coleman, Jr. to the Company’s board of directors (the “Board”) at the Company’s 2023 annual meeting of shareholders (the “Annual Meeting”), which will be held in a virtual format on June 9, 2023 at 9:00 a.m., E.T.

Key Points: 
  • OLD GREENWICH, Conn., May 23, 2023 (GLOBE NEWSWIRE) -- Star Equity Fund, LP (“Star Equity” or “we”) is an investment fund focused on unlocking shareholder value and improving corporate governance at its portfolio companies.
  • Star Equity Fund, LP (“Star Equity Fund”), together with the other participants named herein (collectively, “Star Equity”), intends to file a definitive proxy statement and accompanying WHITE proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit votes for the election of its slate of highly-qualified director nominees at the 2023 annual meeting of stockholders of Servotronics, Inc., a Delaware corporation (the “Company”).
  • STAR EQUITY STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.
  • IN ADDITION, THE PARTICIPANTS IN THIS PROXY SOLICITATION WILL PROVIDE COPIES OF THE PROXY STATEMENT WITHOUT CHARGE, WHEN AVAILABLE, UPON REQUEST.

Servotronics Urges All Shareholders to Vote "FOR" All Highly Qualified Directors on the BLUE Proxy Card Today

Retrieved on: 
Thursday, May 25, 2023

What the dissidents miss is that these two directors have been instrumental in implementing solutions to address a difficult situation at Servotronics.

Key Points: 
  • What the dissidents miss is that these two directors have been instrumental in implementing solutions to address a difficult situation at Servotronics.
  • We urge you to use the BLUE proxy card to vote today "FOR" ALL of Servotronics' nominees.
  • Simply follow the easy instructions on the BLUE proxy card to vote by Internet or by signing, dating and returning the BLUE proxy card in the postage-paid envelope provided.
  • Shareholders who have any questions or need assistance voting may contact the Company's proxy solicitors, Georgeson, LLC, toll-free at (866) 767-8867.

Servotronics Announces First Quarter 2023 Financial Results

Retrieved on: 
Monday, May 15, 2023

ELMA, N.Y., May 15, 2023 /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, 2023.

Key Points: 
  • ELMA, N.Y., May 15, 2023 /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, 2023.
  • Highlights for the first quarter financial results include the following:
    Consolidated revenues were $10.8 million, down 3.3% from $11.2 million in the first quarter of 2022.
  • Selling, General and Administrative ("SG&A") costs increased $0.3 million to $2.8 million in the first quarter of 2023 compared to $2.5 million in the first quarter of 2022.
  • Operating loss for the quarter was $1.9 million compared with operating income of $0.5 million in the first quarter of 2022.

Servotronics Sends Letter to Shareholders

Retrieved on: 
Thursday, May 4, 2023

ELMA, N.Y., May 4, 2023 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products today sent a letter to shareholders in connection with its June 9, 2023 Annual Meeting of Shareholders (the "2023 Annual Meeting"). Shareholders of record as of April 24, 2023, will be entitled to vote at the 2023 Annual Meeting.

Key Points: 
  • ELMA, N.Y., May 4, 2023 /PRNewswire/ -- Servotronics, Inc. (NYSE American – SVT) a designer and manufacturer of servo-control components and other advanced technology products today sent a letter to shareholders in connection with its June 9, 2023 Annual Meeting of Shareholders (the "2023 Annual Meeting").
  • The full text of the letter being sent to shareholders follows:
    The past year has been one of transformation and progress at Servotronics.
  • As a Servotronics investor, you face a critical decision at the Company's annual meeting of shareholders to be held on June 9, 2023.
  • While we have a plan to continuously improve our operational and financial performance, shareholders should understand the differential performance of Servotronics relative to Star.

Servotronics Appoints Robert Fraass as Chief Financial Officer

Retrieved on: 
Wednesday, April 26, 2023

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.

Key Points: 
  • 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.
  • Mr. Fraass most recently comes from Stark Technologies Group, Inc. where he served as Senior Vice President of Finance – Corporate Controller & Treasurer.
  • "Rob is a seasoned professional who comes to Servotronics with over twenty years of experience developing financial strategies for sustainable growth, working collaboratively to achieve strategic goals and providing accurate and timely financial reporting," said William F. Farrell, Jr., Chief Executive Officer of Servotronics.
  • Mr. Fraass attended Bucknell University in Pennsylvania where he graduated with a Bachelor of Science degree in Business Administration and Accounting.