ENDICOTT — i3 Electronics, Inc., the firm that acquired the former Endicott Interconnect Technologies last October, has announced the layoff of 28 employees.
“This reduction is necessary due to lower-than-expected sales orders and unrealized government funding,” Robert Nead, president of i3 Electronics, said in a statement emailed to CNYBJ.com, the website of The Central New York Business Journal.
The firm’s goal is to make the “right business decisions” that position i3 Electronics for the future of advanced manufacturing, Nead said.
(Sponsored)
You Filed Your 2022 Tax Returns, Now Let’s Look Ahead
Another busy tax filing season is behind us and with a return to normalcy this year, without significant processing delays at the Internal Revenue Service (IRS), we can look forward.
Keeping Your Firm Secure on the Road to Digitization
By Dan Hernborg Sales Engineer With the looming threat of a potential recession and economic downturn, many professional service firms are looking to reduce costs and increase efficiency in preparation.
“We will continue to look for ways to improve our operations, logistics, and efficiency so that we are successful and can grow the company in the coming years,” he added.
i3 Electronics also confirms it employs 465 people following the layoff announcement.
Endicott Interconnect on Nov. 8 announced it had “completed a successful transition” to i3 Electronics from Endicott Interconnect Technologies.
The sale to i3 Electronics closed on Oct. 31, the company said.
Endicott Interconnect Technologies, Inc., and its wholly owned subsidiary, EI Transportation, LLC, had filed for Chapter 11 bankruptcy protection on July 10 of last year.
Headquartered in Endicott, i3 Electronics provides electronic-packaging products for the defense and aerospace, communications and computing, and industrial and medical markets, according to the firm’s website.
Contact Reinhardt at ereinhardt@cnybj.com
