Proactive Investors - Run By Investors For Investors

IEC Electronics stock jumps after it wins $50 million-plus contract from a US defense contractor

The multi-year contract continues IEC's work with a program associated with secured communications equipment for US aircraft, ground vehicles and surface warships
navy
The New York-based company provides electronic-manufacturing services to the defence, industrial, and aerospace sectors

IEC Electronics Corp (NYSEAMERICAN:IEC), a provider of electronic-manufacturing services, announced Wednesday that it has won from a Tier 2 US defense contractor a multi-year contract valued at more than $50 million.

Following the company’s announcement, IEC’s stock traded up 9.6% to $6.60 on higher-than-average volume.

IEC, based in New York, said the contract win expands IEC’s participation with a program its has been working with for several years.

READ: Tel-Instrument Electronics secures $615,000 order from major military customer in the Asia-Pacific region

The company’s role began with a single service line, but now under the new contract it will support the entire outsourcing of the program that’s associated with secured communications equipment for U.S. aircraft, ground vehicles and surface warships, according to a statement.

“We believe the award of this contract for this innovative military communications product is validation of our ability to meet and exceed our customer’s expectations,” said CEO Jeffrey Schlarbaum. 

Founded in 1966, IEC Electronics Corp, together with its subsidiaries provides electronic manufacturing services in the United States. It serves the defence, medical, industrial, and aerospace sectors.

Contact the author: [email protected]

Follow him on Twitter @PatrickMGraham

 

View full IEC profile View Profile

IEC Electronics Timeline

Related Articles

MRI scan
February 22 2019
In February, the firm appointed Dr Tom Oakley, a qualified radiologist and former director of NHS services at telemedicine firm Synergix Health, as the new chief executive of its trading company Feedback Medical
Electrolyser
March 19 2019
ITM Power’s first-half results in January showed the hydrogen energy solutions provider has significantly strengthened its capability to deliver larger industrial scale projects
Turbine
May 15 2019
The multi-faceted energy company builds low-emission, clean-energy microturbine technology for consumer and commercial use globally
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use