Description
IEC Electronics Corp. (NASDAQ: IEC) was set up in 1966 and now is based in Newark, New York. The company focuses on electronic contract manufacturing services (EMS), such as the circuit cards, loads of cable and wire harness assemblies, and precision sheet metal components, for military, aerospace, medical devices, and other industry markets. In addition, the company provides services like testing and detection of counterfeit electronic parts, component risk mitigation and advanced failure analysis. IEC Electronics acquired Southern California Braiding, Inc. in 2010 to further develop IEC’s subsidiary, IEC Electronics Wire and Cable, Inc.. The company also has another subsidiary, namely Albuquerque.
History
In June 2013, Glancy Binkow & Goldberg LLP, on behalf of investors of IEC, filed a class action lawsuit against the Company for issuing false and/or misleading statements.
On February 17, 2015, the company received a deficiency letter from the New York Stock Exchange (NYSE). The reasons for deficiency included failure to file a quarterly report in a timely manner. The company has been actively trying to prevent their stock from being delisted. IEC had until May 11, 2015, to submit a plan to the NYSE. Failure to submit and follow their approved plan, would get them delisted.
In February 2018, IEC Electronics announced they would be building a new facility in Newark, New York to expand production capabilities. The new 150,000 square foot facility, which will be located at the Silver Hill Technology Park, is projected to open in mid-2020. This business expansion is expected to create 362 new jobs while retaining 463 positions in New York State.
Products
All the related products are based on the company’s on-site analytical laboratories, real-time and automated data surveillance, component tracking systems, and the new product incubation centers, under ISO 9001:2008, ISO 13485 and ISO 14001 and many other standards, with Six Sigma to manage quality. In the market of medical, the company provides products like resuscitation systems, surgical navigation systems, imaging devices, and remote/wireless diagnostics; In the market of aerospace & defense, the company provides products like secured cockpit encryption systems, weapons/missile launch platforms, MRAP ground vehicles, UAV control systems, and rocket guidance & spacecraft navigation; In the market of Industrial & Transportation, the company provides products tracking & monitoring systems, railway signaling, bus/mass transit communication systems, commercial aircraft lighting, weather detection & ranging instruments.
