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IEC Electronics Corp. has confirmed a workforce reduction of approximately 73 full time employees at its Newark, New York facility.
"We continue to proactively manage our expense structure as we move through the turnaround. As an outsourced contract manufacturer, our workforce needs fluctuate commensurate with the demands of customer programs," said Jeffrey T. Schlarbaum, president and CEO of IEC Electronics. "To that end, we have seen a softening in our near term backlog as we look into early fiscal 2017, and have taken proactive steps to align our cost structure with a workforce reduction at our Newark, New York facility."
He said he remains confident about the long term prospects of the company and look forward to providing a further update in mid-December when they announce their fourth quarter and fiscal year-end financial results.
Dr. Ronald C. Lasky, Indium Corp.
It may be difficult to see any bright spots in the current and recent economic situation. We have all experienced the devastation of the pandemic, supply chain issues, and most recently, inflation. However, as a senior technologist for an international materials supplier (Indium Corporation) and a professor of engineering at an Ivy League research university (Dartmouth College), I offer these four silver linings for those of us in the electronics industry.
Chris Peters, USPAE
Events of the past two years have clearly demonstrated the value of strong trading relationships. When materials become constrained, as in the recent microchip shortage or any of the pandemic-driven supply chain snafus, the companies that have those materials have a choice to make. Which customers will be put at the front of the line, and which will be placed at the rear? Too often, company executives assume that since they are a large buyer, they automatically will be prioritized when supplies are constrained. Research has shown that this is not always the case, and that assumption can leave a company in a weakened position.
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