IEC Electronics and Governor Cuomo Announce Expansion of IEC’s Newark, N.Y. Manufacturing Operations; Expected to Create 362 New Jobs in Upstate NY

NEWARK, N.Y., Feb. 28, 2018 -- 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.

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