ELMA, N.Y., Aug. 2, 2013 /PRNewswire/ -- Servotronics Inc. announces the completion of a new state-of-the-art environmental test facility, a leading stage of a forward thinking plan to enhance operations at Servotronics and its subsidiaries. Engineered to meet stringent safety requirements, the approximate 1,100 square-foot building is outfitted with upgraded performance evaluation equipment, which expands the range and volume of testing that can be performed at the Elma, NY site. Demand from prospective and existing customers were the catalysts for this expansion project, and with this new facility the Company will now have the ability to more closely simulate the on-wing environmental conditions for which its servo components and systems are designed. The new facility is capable of both development and production testing over a wide range of temperatures and other key performance variables.
"In addition to the enhanced volume and increased range of testing, the facility provides greater flexibility for supporting research and development programs, which are the foundation of the Company's continuing success," said Dr. Nicholas Trbovich, Sr., the Chairman of the Board, CEO, and Founder of Servotronics, Inc.
"It is a significant indication of Servotronics strong commitment to its future," commented Company President Kenneth D. Trbovich. "The increased production and design capacities will help drive growth through new customer acquisition and new product development."
Additionally, Servotronics, Inc. confirmed the issuance of a dividend for the sixth straight year with its May 24, 2013 declaration of a $0.16 per share cash dividend. The dividend was paid on July 15, 2013 to shareholders of record on June 24, 2013. The Board of Directors will continue to consider the distribution of cash dividends as an option, going forward. Recently, the Company was recognized as one of the top four small-cap stocks in the industrial electrical equipment industry with the highest dividend yield, according to Monica Gerson at the media outlet Benzinga.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.
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts