(By Balaseshan) Servotronics Inc. (NYSEAMEX:SVT), a maker of advanced control components and consumer products, said it has closed sale of its unit Queen Cutlery Co. located in Pennsylvania.
The company has completed the sale of the assets of its subsidiary, Queen Cutlery, a Pennsylvania facility located in Titusville, to Kenneth Daniels, Daniels Family Cutlery Corp. that will be doing business as Queen Cutlery Co.
The sale of assets was part of a previously announced 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 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.
SVT is trading down 1.65% at $8.60 on Thursday. The stock has been trading between $7.34 and $11.35 for the past 52 weeks.