IEC Electronics in Newark announced a new state-of-the-art manufacturing facility, which will create 362 new jobs — while retaining 463.
The new facility will be located at the Silver Hill Technology Park and will open in mid-2019.
President and CEO of IEC Electronics Jeffrey T. Schlarbaum said, “We are pleased that as we grow we can continue to be a part of this great community and remain in Wayne County. 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.” He added, “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.”
“New York will continue to work with businesses as they expand and grow to ensure good-paying jobs remain in our communities,” Governor Cuomo said. “By investing in IEC Electronics’ expansion in the Wayne County, New York has retained a long-standing community business, while supporting the creation of hundreds of new jobs that will help the region continue to move forward.”
IEC’s facility expansion is expected to be a $22 million project, which includes the expected cost of the building, new equipment, and other costs. New York State through Empire State Development, the state’s economic development agency, will provide up to $3 million in performance-based Excelsior Job Program tax credits in return for IEC’s job creation commitments. Through the Upstate Revitalization Initiative, ESD will also provide up to $2 million in capital grants which are tied to investment levels and employment thresholds.