ELMA, N.Y., June 1, 2018 /PRNewswire/ -- Servotronics, Inc. (NYSE AMERICAN: SVT) a designer and manufacturer of servo-control components and other advanced technology products announces the promotion of James "Jim" Takacs to Chief Operating Officer (COO). The Company's promotion of Mr. Takacs to the COO position is a major step in a larger initiative to scale out the operations group of Servotronics in tandem with recent and expected growth. To support Mr. Takacs in this effort, the Company is actively recruiting additional managerial resources including a Director of Engineering to spearhead research & development and a Vice President of Operations to directly manage day-to-day manufacturing operations.
"After several years of record-setting revenues, the additional business has created the need to expand our operational leadership team," said Kenneth D. Trbovich, Chairman and CEO of Servotronics. "Jim Takacs has been a major contributor to Servotronics for over 30 years and is the natural choice to fill the role of Chief Operating Officer to lead that team. I look forward to working with Jim and his growing team as we position the organization for future growth."
James Takacs is a lifelong employee of Servotronics, having joined the Company in 1987. He previously held positions of increasing responsibility including Test Technician, Project Engineer, Quality Assurance Manager, Director of Operations, Vice President of Operations, and Senior Vice President of Operations. In his department head level and executive officer positions, Mr. Takacs has directly managed the Company's operations, production, and engineering teams for over 10 years. Over the course of his career, Mr. Takacs participated in the design and development of nearly all of the Company's current products and services, the relocation of the Company's manufacturing facility and corporate headquarters to its current location in Elma, New York, the implementation of the Company's first enterprise resource planning software suite, extensive enhancements to the FAA regulated repair station, and several capital investment projects to improve the facility and its manufacturing capabilities. He holds a Bachelor of Science in Mechanical Engineering from the State University of New York at Buffalo.
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.
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 AMERICAN