SVT - Servotronics mulls strategic alternatives for its unit housing the Ontario Knife Company
2023-03-30 18:13:44 ET
- Servotronics ( NYSE: SVT ) on Thursday said it was looking at strategic alternatives for its consumer products group, as it was looking to focus on its core aerospace markets.
- SVT's consumer products group consists of the Ontario Knife Company, a more than 130-year old U.S. manufacturer of knives and other edged and military tools.
- "We are taking actions that are in line with our recently announced long-term strategy, and that centers around our core markets in the aerospace industry. The Ontario Knife Company will be a prime business addition to an organization that is more significantly invested in OKC's primary markets," SVT CEO William Farrell Jr. said in a statement .
- According to the company, the consumer products group generated revenues of approximately $8.6M in 2022.
- SVT said it had engaged Paramax Corporation as its financial advisor to evaluate potential alternatives.
- Servotronics ( SVT ) stock was unchanged at $10.80 after hours.
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Servotronics mulls strategic alternatives for its unit housing the Ontario Knife Company