Servotronics, Inc. Enhances Strategic Focus with Additional Resources

-- 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.

SOURCE Servotronics, Inc.