Fire hits IMI China factory
A PORTION of Ayala-led Integrated Micro-Electronics Inc. (IMI)’s factory in Jiaxing, mainland China was hit by a fire on Wednesday but the company assured that the impact on overall revenues will be minimal.
In a disclosure to the Philippine Stock Exchange on Thursday, Laguna-based IMI said the fire had struck at 8:05 a.m. at the second floor of one of the company’s four buildings located at the Economic Industrial Zone in Jiaxing City, Zhejiang. This facility caters to the automotive industry.
The fire was completely put out by 9:45 am. No employee was injured or required medical attention, the disclosure added.
“Other production facilities in the three buildings were not damaged and have resumed normal operations,” IMI said, adding that an emergency response plan was executed.
The exact cause of the fire is currently under investigation by the authorities, IMI said.
For its part, IMI’s management is in the process of assessing the total loss incurred but noted that damages to equipment and inventories were covered by fire insurance.
Article continues after this advertisement“Based on the first nine months of 2015, revenue contribution from the affected production lines is not material,” IMI said.
“The company does not anticipate any significant effect to its revenues arising from the incident,” it added.
