ELMA, N.Y., Sept. 22, 2016 /PRNewswire/ -- Servotronics,
Inc. (NYSE MKT – SVT) a designer and manufacturer of servo-control
components and other advanced technology products announces a major
reorganization designed to position the Company for projected
growth. The reorganization coupled with the previously reported new
hiring initiative for professional resources and skilled labor on
first and second shift is in response to sustained high demand for
the Company's motion control products. The program includes the
promotion, hiring, and empowerment of key employees and the
flattening of the organization to improve the flow of communication
and the responsiveness of the Company to changes in the
marketplace.
"Servotronics' growth over the recent years is unprecedented in
the 57 year history of the Company," observed Dr. Nicholas D. Trbovich, Sr., Founder, Chairman,
and CEO of Servotronics. "Accordingly, the management team has
taken decisive action to scale the business, starting with the most
fundamental element of organizational structure."
The initial phases of the reorganization were implemented
throughout the first three quarters of the year including the
transition of the Human Resources and Information Technology
departments to report directly to Kenneth
D. Trbovich, President, and the establishment of a Strategy
and Corporate Development group. Now the Company is pleased to
report the promotions and addition of key members of the management
team including: James Takacs'
promotion to Senior Vice President of Operations, Michael Elhage's promotion to Senior Director of
Quality, and the hiring of Jacob R.
Becker as Continuous Improvement Manager. These appointments
coincide with the Board's acceptance of the resignation of Chief
Financial Officer, Cari Jaroslawsky,
which is effective on a mutually agreeable date on or before
October 7, 2016. The Company has put
together a solid financial team and expects a smooth transition as
it conducts a search for a permanent replacement to lead the
Finance & Accounting department.
"On behalf of the Board of Directors I would like to
congratulate our recent appointees on their new roles," said
Kenneth D. Trbovich. "As we wish
Mrs. Jaroslawsky the best of luck in the next chapter of her
career, the Board looks forward to working with the expanding
leadership team to implement our long term strategic plans."
James Takacs, SVP of Operations,
is a lifelong employee of Servotronics having joined the Company in
1987. He previously held positions of increasing importance
including Test Technician, Project Engineer, Quality Assurance
Manager, Director of Operations, and Vice President of Operations,
most recently managing the Company's operations, production, and
engineering teams. Mr. Takacs holds a Bachelor of Science in
Mechanical Engineering from the State
University of New York at Buffalo.
Michael Elhage, Senior Director
of Quality, joined the company in 2007, holding positions of
increasing importance including Quality Control Manager and
Director of Quality & Lean Six Sigma. Prior to joining the
Company, Mr. Elhage held various key engineering and leadership
roles including serving as a Design/Test Engineer at MGA Research
and as a General Manager and later Director of Operations at MGA
Research and Calspan Corporation, manufacturing test equipment for
quality systems. Mr. Elhage holds a Bachelor of Science in
Electrical and Computer Engineering from the State University of New York at Buffalo and is an
ASQ Certified Six Sigma Black Belt (CSSBB).
Jacob R. Becker, Continuous
Improvement Manager, joined the Company in 2016, reporting to
James Takacs, now SVP of Operations.
Prior to accepting his position at Servotronics, Mr. Becker was a
Manufacturing Supervisor and Process Improvement Leader at Thermo
Fisher Scientific and previously served as a Captain in
the United States Army. Mr. Becker
holds a dual Bachelor of Arts degree from the State University of New York at Buffalo and a
Master of Business Administration from the Simon School of Business
at the University of Rochester.
Servotronics, Inc. is composed of two groups – the Advanced
Technology Group (ATG) and the Consumer Products Group (CPG). The
ATG primarily designs, develops and manufactures servo control 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, machetes
and combat, survival, sporting, agricultural, and pocket knives for
both commercial and government applications.
FORWARD-LOOKING STATEMENTS
Certain paragraphs of this release contain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
such as those pertaining to the Company's planned growth efforts
and expectation of new business and success in its entry into new
product programs. Forward-looking statements involve numerous risks
and uncertainties. The Company derives a material portion of its
revenues from fixed price contracts with agencies of the U.S.
Government or their prime contractors. The following factors, among
others discussed herein, could cause actual results and future
events to differ materially from those set forth or contemplated in
the forward-looking statements: uncertainties in today's global
economy, including political risks, adverse changes in legal and
regulatory environments, and difficulty in predicting defense
appropriations, the introduction of new technologies and the impact
of competitive products, the vitality of the commercial aviation
industry and its ability to purchase new aircraft, the willingness
and ability of the Company's customers to fund long-term purchase
programs, and market demand and acceptance both for the Company's
products and its customers' products which incorporate Company-made
components, the Company's ability to accurately align capacity with
demand, the availability of financing and changes in interest
rates, the outcome of pending and potential litigation and the
additional risk factors discussed in the Company's filings with the
Securities and Exchange Commission. 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.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE
MKT
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SOURCE Servotronics, Inc.