IEC Electronics Corp (NASDAQ:IEC) announced that it has been awarded a multi-year contract, valued in excess of $45 million, from a Tier 2 Department of Defense contractor.
The Newark, New York-based company said the award is a follow-on order extending IEC’s participation with a program it has supported for several years. In 2019 the contractor awarded IEC the entire outsourcing of this program associated with secured communications equipment for US aircraft, ground vehicles and surface warships.
Investors responded well, sending shares nearly 5.6% higher to $10.80 in morning trade.
READ: IEC Electronics building solid manufacturing niche that is exclusively 'US made'
In a statement IEC Electronics (NASDAQ:IEC) CEO Jeffrey T Schlarbaum said: “We are pleased to have received this contract extension from a valued, longstanding customer, which we believe demonstrates their recognition of our capabilities and expertise as an advanced manufacturing partner for high complexity, life-saving and mission critical programs.”
“Since the beginning of the relationship, IEC has consistently performed to rigorous standards, from our initial role working with a single service line, to our current role supporting their entire life-cycle outsourcing needs. As a 100% US-based manufacturer with a full portfolio of vertically integrated production services, IEC is a particularly attractive partner for companies in the aerospace and defense industry and we welcome this opportunity to continue to support a premier defense contractor.”
IEC manufactures 100% of its products in the US, unlike many of its competitors. In the aerospace and defense areas, the company produces encrypted satellite-communication, weapons and flight-control systems as well as handheld tactical radios for US troops in war zones.
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