IEC will open facility in Mexico

IEC Electronics Corp. (NASDAQ: IECE) announced that, in February, it will open a 50,000 sq. ft. facility in Reynosa, Mexico. The plant will manufacture printed circuit board assemblies, wire harnesses and box build assemblies.

This newest IEC facility is strategically located in a modern industrial park approximately 32 miles from its established Edinburg, Texas operation. The IEC facility in Newark is located on Norton St.

Lawrence W. Swol, Vice President and General Manager - Texas, noted, "The close proximity of our new Mexican facility will allow IEC to leverage the excellent purchasing, program management, engineering, quality and transportation infrastructure in Edinburg, thus offering our customers a low-risk transition into low-cost manufacturing in Mexico."

The Company also announced that revenue for the first fiscal quarter of 1999 is expected to range between $35 million and $37 million with a loss between $.30 and $.32 per share.

Russell E. Stingel, Chairman and Chief Executive Officer, commented, "In recent quarters we have been restructuring IEC as we transition to a more diverse portfolio of customers in market segments other than the personal computer industries... We have moved aggressively to lower our overall cost structure, improve our operating efficiency and focus on business development. The addition of our Ireland facility and the new Mexico facility are important steps in positioning the Company to pursue new market and customer opportunities."

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