ELMA, N.Y., Aug. 10, 2017 /PRNewswire/ -- The management team of Servotronics, Inc. (NYSE American: SVT), a designer and manufacturer of servo-control components and other advanced technology products, is saddened to announce that the Company's Founder, Chairman, and CEO, Dr. Nicholas D. Trbovich, has died. Dr. Trbovich passed away peacefully in the presence of his family and loved ones on August 8, 2017.
"All of us at Servotronics are deeply saddened by the passing of our friend and colleague, Dr. Nicholas D. Trbovich. Nick was a dedicated and passionate leader and his entrepreneurial spirit and vision grew the Company into the enterprise it is today," said Edward C. Cosgrove, a member of the Company's Board of Directors. "He was incredibly proud of the Company and all of its employees and he left an indelible mark on the servo-control industry. We owe it to his legacy and honor to continue taking the Company forward in accordance with his vision. On behalf of our Board of Directors, management team and our employees, we extend our deepest sympathies to Nick's family."
Dr. Trbovich founded Servotronics, Inc. on August 20, 1959 and led the Company as its Chairman and CEO for almost 58 years. In addition to his positions at Servotronics, Inc., Dr. Trbovich was also the Chairman and a past-president of The Ontario Knife Company, a wholly owned subsidiary of the Company which was purchased in 1967. Through his leadership, Dr. Trbovich took Servotronics public on March 11, 1970, executed the Company's transition from an engineering firm into a major post-Cold-War manufacturer of motion control components, and oversaw the strong, steady growth that the Company has enjoyed in the 21st century.
Over the course of more than 60 years in the aerospace industry, Dr. Trbovich's patents and engineering expertise contributed to the success of many of the world's most prominent aerospace programs. These programs include components for the Boeing 700 and Airbus 300 series of commercial aircraft, the F-15, F-16, F-18 jet fighter programs, as well as the Hubbell Space Telescope among other land, sea, air, and space applications. An award winning entrepreneur, Dr. Trbovich was an elected Member of the Niagara Frontier Aviation and Space Hall of Fame.
In addition to his contributions to the Company and the aerospace industry, Dr. Trbovich held various directorships at manufacturing companies, banking institutions, and other organizations including serving as the Chairman of the Board of Trustees for two colleges and Vice Chairman of the Board for a third college. He was a Distinguished Alumnus of the prestigious University of Rochester, where he earned two Doctorates and an MBA. He also held Honorary Doctorates from three other colleges.
Dr. Trbovich is survived by his five children, his beloved granddaughters, and many friends and colleagues at Servotronics and The Ontario Knife Company.
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.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE American
SOURCE Servotronics, Inc.