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IEC Electronics Corp. has sold its Southern California Braiding Company, Inc. (SCB) business to DCX-CHOL Enterprises, Inc. (DCX), a leading provider of engineered high performance interconnect products, for a purchase price of approximately $2.5 million.
"This divestiture is consistent with the company's strategy to enhance IEC's focus on our core business and vertical markets," said Jeffrey T. Schlarbaum, president and CEO of IEC Electronics. "SCB possesses distinguished capabilities, but absorbed disproportionate resources relative to its size and strategic importance to our overall business. The sale enables us to redirect our resources while having an immediate positive impact on the company's financial health. DCX is the perfect acquirer, providing our employees at SCB the opportunity to join an organization aligned with its business and also committed to its growth. We are fully committed to supporting the smooth transition for customers, employees and partners."
About IEC Electronics
IEC Electronics is a provider of electronic manufacturing services (EMS) to advanced technology companies that require mission-critical applications, primarily in the military and aerospace, medical, industrial and communications sectors. The Company specializes in the custom manufacture of high reliability, complex circuit boards, system level assemblies, a wide array of custom wire and cable harness assemblies, precision metal assemblies, and provides laboratories for advanced research and testing services. As a full service EMS provider, IEC holds all appropriate certifications for the market sectors it supports including ISO 9001:2008, AS9100C, ISO 13485, Nadcap and IPC QML. IEC Electronics is headquartered in Newark, NY (outside of Rochester) and also has operations in Rochester, NY, Albuquerque, NM and Bell Gardens, CA.
Additional information about IEC can be found on its web site.