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IEC Electronics enters agreement to purchase 86,000 square-foot facility in Rochester, NY

The new facility is expected to provide additional capacity and access to a larger pool of qualified resources to support future organic growth

IEC Electronics
The Newark, New York-based firm provides services to companies that produce life-saving and mission-critical products in the aerospace, defense, industrial and medical sectors

IEC Electronics Corp (NASDAQ:IEC) announced Tuesday that it has entered into an agreement to purchase an 86,000 square-foot facility in Rochester, NY. 

The new facility is expected to provide additional capacity and more importantly, access to a larger pool of qualified resources to support future organic growth, the company said in a statement.

“This new facility represents a key building block for our company, establishing a Rochester area campus enabling us to tap into both the eastside and now the westside of the greater Rochester market,” said CEO Jeffrey Schlarbaum.

READ: IEC Electronics sees fiscal 3Q revenue rise by 17% driven by its ability to deliver reliable electronic manufacturing solutions

“The goal is to consolidate our specialty metals operation from its current Rochester location on Emerson Street and combine it with an expanded electronic assembly operation. We believe this new facility provides an ideal footprint and location to support our growing customer demand and more importantly, provides us the ability to recruit skilled resources across the entire Rochester region, addressing a critical need to support ongoing double-digit organic growth,” Schlarbaum added. 

Schlarbaum said the company's focus remains on "strengthening" its capabilities to meet the high complexity manufacturing needs of its customers, who rely on IEC as an electronic manufacturing services provider for life-saving and mission-critical products.

"We continue to see increased interest from the marketplace and believe that this expansion of our manufacturing footprint into Rochester positions us well to achieve continued organic growth as we look ahead into fiscal 2021 and beyond,” he added.

IEC Electronics, based near upstate Rochester in Newark, New York, provides services to companies that produce life-saving and mission-critical products in the aerospace, defense, industrial, and medical sectors.

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Price: 8.56 USD

NASDAQ:IEC
Market: NASDAQ
Market Cap: $90.33 m
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