-- 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.
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SOURCE Servotronics, Inc.