© IEC Electronics - Jeff Schlarbaum joined by Lt. Governor Hochul
Electronics Production |
IEC Electronics expands Newark operations – creates 362 jobs
IEC Electronics says it is building a new manufacturing facility in Newark, New York. The new 150’000 square foot facility is expected to open in mid-2019.
Located at the Silver Hill Technology Park, the company’s new business expansion is expected to create 362 new jobs, while retaining 463 positions in New York State, a press release reads. “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,” commented Jeffrey T. Schlarbaum, President and CEO of IEC Electronics. The company’s new facility expansion is expected to be a USD 22 million project, which includes the 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 USD 3 million in performance-based Excelsior Job Program tax credits in return for the company’s job creation commitments. ESD will also provide up to USD 2 million in capital grants which are tied to investment levels and employment thresholds.