IEC Electronics and Governor Cuomo Announce Expansion of IEC’s Newark, N.Y. Manufacturing Operations; Expected to Create 36...
February 28 2018 - 1:45PM
IEC Electronics Corp. (NYSE American:IEC) and New York State
Governor Andrew Cuomo today announced that IEC will open a new
state-of-the-art manufacturing facility in Newark, N.Y.
The new 150,000 square foot facility, which will be
located at the Silver Hill Technology Park, is projected to open in
mid-2019. This business expansion is expected to create 362 new
jobs while retaining 463 positions in New York State.
Jeffrey T. Schlarbaum, President and CEO of IEC
Electronics commented, “We are pleased that as we grow we can
continue to be a part of this great community and remain in Wayne
County. IEC has made its home in Newark since 1973 in a
100 year old former paper factory building that would require
extensive capital investment to modernize the facility.
Constructing this new building enables us to design, from the
ground up, a state-of-the-art, advanced technology facility that
can support our growth as a leading U.S. based provider of
electronic manufacturing design and production services for
life-saving and mission critical products. We partner with
some of the leading and most innovative global companies that
choose to outsource the manufacturing of their products in the
United States, and we believe this custom facility will offer our
growing customer base unmatched capabilities for their
manufacturing needs. We’d like to thank Governor Cuomo and Empire
State Development for their support and assistance enabling us to
reinvest in upstate New York and build on IEC’s long and successful
history as a Newark based company.”
“New York will continue to work with businesses as they expand
and grow to ensure good-paying jobs remain in our
communities,” Governor Cuomo said. “By
investing in IEC Electronics’ expansion in the Wayne County, New
York has retained a long-standing community business, while
supporting the creation of hundreds of new jobs that will help the
region continue to move forward.”
IEC’s facility expansion is expected to be a $22
million project, which includes the expected cost of the building,
new equipment, and other costs. New York State through Empire
State Development (ESD), the state’s economic development agency,
will provide up to $3 million in performance-based Excelsior Job
Program tax credits in return for IEC’s job creation commitments.
Through the Upstate Revitalization Initiative, ESD will also
provide up to $2 million in capital grants which are tied to
investment levels and employment thresholds.
Currently, the company is recruiting for
manufacturing, engineering and other professional positions.
For more information please visit the website at
www.iec-electronics.com.
About IEC Electronics
IEC Electronics is a provider of electronic manufacturing
services ("EMS") to advanced technology companies that produce
life-saving and mission critical products for the medical,
industrial, aerospace and defense sectors. The Company
specializes in delivering technical solutions for the custom
manufacture of complex full system assemblies by providing on-site
analytical testing laboratories, custom design and test engineering
services combined with a broad array of manufacturing services
encompassing electronics, interconnect solutions, and precision
metalworking. As a full service EMS provider, IEC holds all
appropriate certifications for the market sectors it supports
including ISO 9001:2008, AS9100D, ISO 13485, and Nadcap. IEC
Electronics is headquartered in Newark, NY and also has operations
in Rochester, NY and Albuquerque, NM. Additional information
about IEC can be found on its web site at
www.iec-electronics.com.
Note Regarding Forward-Looking Statements
References in this release to “IEC,” the “Company,” “we,” “our,”
or “us” mean IEC Electronics Corp. and its subsidiaries except
where the context otherwise requires. This release contains
forward-looking statements. In some cases, you can identify
forward-looking statements by terms such as “will,” “expects,”
“projects,” “believes,” or “continue” or the negative of these
terms or other similar words or phrases. These forward-looking
statements include, but are not limited to, statements regarding
future sales and operating results, future prospects, the
capabilities and capacities of business operations, any financial
or other guidance and all statements that are not based on
historical fact, but rather reflect our current expectations
concerning future results and events. The ultimate correctness of
these forward-looking statements is dependent upon a number of
known and unknown risks and events and is subject to various
uncertainties and other factors that may cause our actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
these forward-looking statements. For a list and description
of various risks, relevant factors and uncertainties that could
cause future results or events to differ materially from those
expressed or implied in our forward-looking statements, see our
Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and
our other filings with the Securities and Exchange Commission.
All forward-looking statements included in this release are made
only as of the date indicated or as of the date of this release. We
do not undertake any obligation to, and may not, publicly update or
correct any forward-looking statements to reflect events or
circumstances that subsequently occur or which we hereafter become
aware of, except as required by law. New risks and uncertainties
arise from time to time and we cannot predict these events or how
they may affect us and cause actual results to differ materially
from those expressed or implied by our forward-looking statements.
Therefore, you should not rely on our forward-looking statements as
predictions of future events.
Contact: |
Michael T.
Williams |
Audra Gavelis |
|
Chief Financial
Officer |
Director of Marketing
& Investor Relations |
|
IEC Electronics
Corp. |
IEC Electronics
Corp. |
|
(315)332-4324 |
(315) 332-4559 |
|
mwilliams@iec-electronics.com |
agavelis@iec-electronics.com |
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