NEWARK, N.Y. — An electronics manufacturing company in Wayne County is investing more than $20 million to build a new facility. 

IEC Electronics in Newark will build a new, state-of-the-art facility a couple miles away from its current location.

The company says the move is expected to create 362 new jobs while retaining more than 400 current positions.

IEC plans to make the move and begin operations in the new facility by the middle of next year.

The total cost for the project is about $22 million.

Empire State Development is providing $2 million in funding and another $3 million is being committed through the Excelsior Jobs Program.