IEC Completes Asset Sale of Ireland Facility
21 February 2000
IEC Completes Asset Sale of Ireland Facility
NEWARK, N.Y.--Feb. 18, 2000--IEC Electronics Corp. announced today that it has completed the sale of certain assets and transferred the lease of its former Longford, Ireland facility to Donnelly Corp., a Michigan-based automotive supply company. The announcement was made by Lawrence Swol, Vice President of International Operations for IEC Electronics Corp."We are gratified that we have been able to transfer the lease for the 37,000 square foot facility to Donnelly, as well as sell some of our assets, including manufacturing equipment, to this expanding business. Donnelly has indicated to us that it expects to employ a number of our former employees, as well," said Swol.
IEC has three plants in North America, with its headquarters in Newark, NY along with an ISO-9001 certified 300,000 square foot manufacturing facility and 8,000 square foot Technology Center. The Edinburg, Texas plant is almost 90,000 square feet in size, and is located 30 miles from IEC's Reynosa, Mexico facility, which is 50,000 square feet in size; both facilities are ISO-9002 certified.
IEC is a full service contract manufacturer employing state-of-the-art production utilizing both surface mount and pin-through-hole technology. IEC offers its customers a wide range of manufacturing and management services, on either a turnkey or consignment basis, including design prototyping, material procurement and control, concurrent engineering services, manufacturing and test engineering support, statistical quality assurance and complete resource management. Information regarding IEC can be found on its World Wide Web page located at http://www.iec-electronics.com.
Donnelly Corp. is an automotive supply company based in Holland, Michigan. The company plans to start production at the acquired Longford plant in late spring or early summer.
The foregoing, including the discussion regarding the Company's future prospects, contains certain forward-looking statements that involve risks and uncertainties, including uncertainties associated with economic conditions in the electronics industry, particularly in the principal industry sectors served by the Company, changes in customer requirements and in the volume of sales to principal customers, the ability of the Company to assimilate acquired businesses and to achieve the anticipated benefits of such acquisitions, and competition and technological change. The Company's actual results of operations may differ significantly from those contemplated by such forward-looking statements as a result of these and other factors, including factors set forth in the Company's 1999 Annual Report on Form 10-K.