Standard of Excellence: Anticipating Customer Needs Early and Often
The Knowledge Base: At the Forefront of Electronics Manufacturing
Global Citizenship: Training the Next Generation of Talent
Nortech Systems Secures New Credit Facility of Up to $21 Million
June 16, 2017 | Nortech SystemsEstimated reading time: 1 minute
Nortech Systems Inc. has closed a new credit facility of up to $21 million with Bank of America Merrill Lynch, with an additional $20 million accordion feature.
"This important agreement is an endorsement of the corporate strategies we outlined at last month's annual shareholder meeting," said Rich Wasielewski, Nortech Systems' president and CEO. "As we have expanded globally to serve larger multinational customers, we are pleased to be working with a world leader like Bank of America Merrill Lynch. They are well-qualified to serve our financial needs through their U.S. and international treasury services."
Aided by this new agreement, Nortech's initiatives to increase shareholder value include: further penetrating the higher-growth medical market with enhanced engineering services; transforming core contract manufacturing business by earlier engagement with customers and efficient process management; and funding investments in automation and intellectual property. Additional features of the new line of credit include lower costs and the ability to utilize the accordion feature to expand the credit facility, subject to further conditions, to fund research and development activities and potential strategic acquisitions.
"We're committed to helping our customers succeed by providing competitive solutions through our highly skilled personnel and specialized engineering resources," concludes Wasielewski. "We look forward to the guidance and support Bank of America Merrill Lynch will provide to help us grow Nortech for the benefit of our shareholders, employees and customers."
About Nortech Systems Inc.
Nortech Systems Incorporated, based in Maple Grove, Minn., is a full-service electronics manufacturing services (EMS) 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 medical, industrial and aerospace/defense. The company has operations in the U.S., Latin America and Asia. Nortech Systems Incorporated is traded on the NASDAQ Stock Market under the symbol NSYS. For more information, click here.
Share on:
Suggested Items
Vertical Aerospace Adopts Universal Fast-Charging Standard to Accelerate eVTOL Deployment
04/01/2025 | BUSINESS WIREVertical Aerospace (Vertical), a global aerospace and technology company that is pioneering electric aviation, announces it will adopt the Combined Charging Standard (CCS) for the VX4, joining BETA Technologies and Archer Aviation in driving a universal, fast-charging system for electric vertical take-off and landing (eVTOL) aircraft.
Nokia, Honeywell Aerospace Technologies Partner with Numana to Advance Quantum-safe Networks
04/01/2025 | HoneywellNokia and Honeywell Aerospace Technologies announced a strategic partnership with Numana to advance Quantum-Safe Networks (QSN) in Montreal, Canada, and worldwide.
Molex Releases New Report on Strategies for Advancing Rugged, Reliable Connectivity in Modern Aerospace and Defense Applications
04/01/2025 | MolexMolex, a global electronics leader and connectivity innovator, has released a new report from AirBorn, a Molex company, which explores the unrelenting demands for constant, continuous connectivity to support the rigors of modern aerospace, defense and space-industry applications.
Airbus Foundation Joins Forces with the Solar Impulse Foundation to Boost Climate Action
03/28/2025 | AirbusThe Airbus Foundation and Solar Impulse Foundation have launched a three-year partnership aimed at driving global progress on sustainability through fostering innovation and collaboration.
LN Phase Modulator, ASE Light Source Module for Fiber Optic Gyroscope
03/26/2025 | POINTekPOINTek, Inc., a global leader and provider of high performance athermal AWG products, announced launching of a new family of aerospace application products: Lithium Niobate Phase Modulator and ASE Light Source Module for Fiber Optic Gyroscope (FOG).