Please ensure Javascript is enabled for purposes of website accessibility
Home / Industry / Banking & Finance / IEC acquires New Mexico firm for $14.2 million

IEC acquires New Mexico firm for $14.2 million

IEC Electronics Corp. has acquired General Technology Corp., a contract manufacturer in Albuquerque, N.M. for $14.2 million.

General Technology serves customers in the military and defense markets. An indirect, wholly owned subsidiary of Crane Co. (NYSE: CR), the unit logs annual sales of some $25 million.

Shares of IEC Electronics Corp. jumped 7 percent midday Thursday after the Newark, Wayne County, firm announced the deal, which was financed with a credit facility from M&T Bank Corp.

Shares (NYSE Amex: IEC) were trading midday at $3.66, up from $3.42 at Wednesday’s close.

Barry Gilbert, IEC chairman and CEO, said the company had been looking to acquire a firm with complementary technologies that served similar markets. General Technology’s expertise is in helping its customers, primarily those in the military field, manage legacy products and programs, he said.
“(General Technology) is a well-run company with strong margins that occupies an important niche in the military and defense market,” Gilbert said in a statement.  “(General Technology) not only supports our customers’ emerging needs, but also provides us with an opportunity to diversify our customer base.”

With 370 local employees, IEC ranked No. 20 on the most recent Rochester Business Journal list of manufacturers.

(c) 2009 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail [email protected].


Check Also

Chili Community Center Library Fireplace

Library design and building ideas: A community dialogue (access required)

Library design is perhaps in its most exciting and demanding age. Libraries continue to remain relevant and are constantly changing ...

Best Places to Work For DEI honorees announced (access required)

The Rochester Business Journal has announced the honorees for the inaugural Best Places to Work For DEI awards. This regional ...

Guest opinion: Leadership is born out of a crucible (access required)

“It is not in the still calm of life or the repose of a pacific station that great characters are ...

Seen: 9/30/2022 (access required)

Saturday, Sept. 10 - The Heritage Hero Run + Stroll + Roll took place at Seabreeze Amusement Park in Irondequoit ...