Servotronics Announces Sale of Queen Cutlery Company in Pennsylvania
Servotronics (NYSE: SVT) announced today that it has completed the sale of the assets of its subsidiary, Queen Cutlery Company, a Pennsylvania facility located in Titusville, Pennsylvania, to Kenneth R. Daniels, Daniels Family Cutlery Corporation that will be doing business as Queen Cutlery Company.
The sale of assets was part of a previously reported long-term strategic effort to enhance profit margins through the elimination of certain select components/products. The Company is in the process of further evaluating existing product lines and the consolidation of facilities.
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 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, survival, sporting, agricultural knives and other edged products for both commercial and government applications.
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