Nortech Systems Completes Facility Acquisition
MINNEAPOLIS--(BUSINESS WIRE)-- Nortech Systems Incorporated (NAS: NSYS) announced that the company has completed its acquisition of a 58,000-square-foot manufacturing facility in Mankato, Minn., from Winland Electronics, Inc., of Mankato.
In January 2011, Nortech Systems began leasing this facility when the company purchased the electronics manufacturing services (EMS) operations of Winland Electronics; the end date of this lease agreement was January 1, 2017.
"This acquisition puts us in better strategic position, allows us to take advantage of lower financing costs and avoids future accelerators in the lease agreement," said Richard Wasielewski, CFO of Nortech Systems.
"Operating in Mankato for two years has been a very positive experience; it's a great location with a strong workforce," he added. "We're committed to this location for the long term."
At this Mankato facility, Nortech Systems manufactures printed circuit board assemblies and higher-level complete box build assemblies for customers in a variety of markets, including industrial, medical, transportation and scientific instrumentation.
About Nortech Systems, Incorporated
Nortech Systems Incorporated (www.nortechsys.com), based in Wayzata, Minn., is a full-service electronics manufacturing services provider of wire and cable assemblies, printed circuit board assemblies, and higher-level complete box build assemblies for a wide range of industries. Markets served include industrial equipment, aerospace/defense and medical. The company has manufacturing capabilities and operating partners in the U.S., Asia and Latin America. Nortech Systems Incorporated is traded on the NASDAQ Stock Market under the symbol NSYS.
This press release contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. While this release is based on management's best judgment and current expectations, actual results may differ and involve a number of risks and uncertainties. Important factors that could cause actual results to differ materially from the forward-looking statements include, without limitation: volatility in market conditions which may affect market supply of and demand for the company's products; increased competition; changes in the reliability and efficiency of operating facilities or those of third parties; risks related to availability of labor; commodity and energy cost instability; general economic, financial and business conditions that could affect the company's financial condition and results of operations; as well as risk factors listed from time to time in the company's filings with the SEC.
Nortech Systems Incorporated
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952-920-3908 or firstname.lastname@example.org
KEYWORDS: United States North America Minnesota
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