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Friday, March 29, 2024

IMI buys 80% of UK-based company

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Integrated Micro-Electronics Inc., a unit of conglomerate Ayala Corp., is acquiring 80 percent of STI Enterprises Ltd., an electronics manufacturing services company based in the United Kingdom, as part of diversification.

IMI said the acquisition would strengthen its industrial and automotive manufacturing competencies, broaden customer base, give it access to the UK and facilitate its entry in the aerospace and defense sectors.

“IMI’s investment in STI is part of AC Industrial’s deliberate and focused strategy to own, develop, enable, manufacture and commercialize disruptive technologies and solutions across various industries, including industrial and automotive. The addition of STI to AC Industrials is also expected to generate significant synergies with other business units within the group,” IMI chief executive Arthur Tan said.

STI has factories in Hook and Poynton in the UK and Cebu. It is a specialist contract electronics manufacturer, serving world-class customers in high-reliability industries by providing a complete set of electronics design and manufacturing solutions in both printed circuit board assembly and full box-build manufacturing

“We are excited to partner with STI and establish our manufacturing presence in the UK. As we ramp up our investments in industrial technologies, we can greatly benefit from STI’s solid manufacturing and engineering capabilities and foothold in the complementary segments of aerospace, industrial, and defense,” Ayala chairman and chief executive Jaime Augusto Zobel de Ayala said. 

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“In turn, we believe that with its industry leadership and diversified global footprint, AC Industrials can add significant value to STI’s existing capabilities,” he said.

“We look forward to working with STI as we jointly pursue exciting opportunities amid the rapidly changing technology trends in the global environment,” Zobel added.

IMI is a leading provider of EMS and power semiconductor assembly and test services. It serves diversified markets that include those in the automotive, industrial, medical, solar energy, telecommunications infrastructure, storage device and consumer electronics industries.

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