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8-K - IEC ELECTRONICS CORP | v169304_8k.htm |
Exhibit
99.1
Newark,
NY – December 17, 2009 – IEC Electronics Corp. (NYSE Amex: IEC) announced the
acquisition of General Technology Corporation (GTC), an indirect, wholly-owned
subsidiary of Crane Co. (NYSE: CR). GTC is a contract manufacturer located
in Albuquerque, New Mexico.
With
revenue of approximately $25,000,000, GTC serves a number of leading customers
in the military and defense markets. The combination will be accretive to
IEC shareholders. The purchase price of $14.2 million has been
financed with a credit facility from Manufacturers and Traders Bank
(M&T). No Company stock was
issued.
W. Barry
Gilbert, Chairman of the Board and CEO, stated, “We have been searching for a
company with a strong quality culture, complementary technologies and serving
similar markets. GTC is a well run company with strong margins that
occupies an important niche in the military and defense market. Its expertise is
in helping its customers, primarily military “primes”, manage their legacy
products and programs. This is a unique niche market for which we envision
continued growth. GTC not only supports our customers’ emerging needs, but also
provides us with an opportunity to diversify our customer base. While any
acquisition entails risk, we are encouraged by the depth and quality of its
management team and see some exciting opportunities before
us.”
As a full
service EMS provider, IEC is AS9100, IEC is ISO-9001:2000 and ISO 13485
registered, and a NSA approved supplier under the COMSEC standard. The
Company offers its customers a wide range of services including design,
prototype and volume printed circuit board assembly, material procurement and
control, manufacturing and test engineering support, systems build, final
packaging and distribution. Information regarding IEC can be found on its web
site at www.iec-electronics.com.
The
foregoing, including any 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, competition and technological change, the ability of the
Company to control manufacturing and operating costs, satisfactory relationships
with vendors. The Company's actual results of operations may differ
significantly from those contemplated by any forward-looking statements as a
result of these and other factors, including factors set forth in the Company's
2009 Annual Report on Form 10-K and in other filings with the Securities and
Exchange Commission.
Contact:
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Heather
Keenan
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John
Nesbett/Jennifer Belodeau
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IEC
Electronics Corp.
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International
Marketing Services
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(315)
332-4262
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(203)
972-9200
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hkeenan@iec-electronics.com
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JohnNesbett@InternationalMS.com
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