IMI buys UK electronics maker
Ayala-led Integrated Micro-Elecronics Inc. has scaled up its global footprint with a new deal to buy 80 percent of UK-based electronics design and manufacturing firm STI Enterprises Ltd.
In a disclosure to the Philippine Stock Exchange on Friday, IMI said the acquisition – still subject to completion conditions and regulatory approval – would be made through IMI UK Ltd.
“IMI is pursuing this value-enhancing acquisition to expand its customer base into the aerospace and defense segments and to support its market specialization strategy in the industrial segment,” IMI chief executive officer Arthur Tan said.
“As regional manufacturing picks up steam, we are expanding our operations to locations near our global customers in the United Kingdom and grow our support from our Philippine home base,” he added.
STI is a private limited company which provides electronic design and manufacturing solutions in both printed circuit board assemble and full box build manufacturing for high-reliability industries. This company has two factories in the UK, located in Hook and Poynton, as well as one in Cebu, Philippines. It also operates a design center in London.
“We would be delighted to become part of the IMI Group and look forward to providing STI and IMI customers the access to a vastly increased range of facilities and capabilities,” said STI Group managing director Simon Best.
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