Ayala subsidiary plans to absorb Eazix

Integrated Microelectronics Inc. (IMI), an Ayala-owned electronics manufacturing service provider, is planning to absorb the operations of Eazix Corp.

Eazix, a division of IMI, is one of the country’s oldest electronics manufacturing service providers with facilities located in China and the US. It is engaged in electronics product design, intended to support the growing need for research and development and product development outsourcing of its existing and future customers.

IMI said the move is intended to achieve operational efficiencies, considering the many interfaces between IMI’s and Eazix’s manufacturing operations.

Under the proposal, Eazix will merge with IMI with the latter as the surviving company. Eazix will transfer to IMI all its assets and liabilities as of May 31, 2007 and other assets.

The plan also calls for IMI’s assumption of any and all liabilities of Eazix.

Considering it already owns 100 percent of Eazix, IMI will no longer issue its shares of stock to Eazix. Eazix will then be dissolved upon the effective date of the merger.

The incumbent directors and officers of IMI will continue to hold their positions in IMI for the balance of their unexpired term and until their successors have been duly elected and qualified in accordance with IMI’s by-laws.

As of July 2007, IMI had a total authorized capital stock of P1.5 billion while Eazix had P120 million.

Eazix’s main objective is to work with original equipment manufacturing customers and distributors for product realization, by offering solutions and design services to reduce product time-to-market. Eazix combines its capabilities with the high-volume manufacturing expertise of IMI, to enable customers realize their ideas into products in the shortest possible time.

Eazix provides a complete engineering design service offering to include system hardware, software, mechanical design, and test equipment development covering the different stages of a product’s life cycle: product development, pre-production (prototyping and product qualification), and manufacturing (production tooling and fixtures, tester development).

IMI, which has facilities in Laguna and Cebu, is seeking to become a $1-billion company by 2011 as it capitalizes on the positive outlook for electronics assembly with a projected compounded annual growth rate of 6.9 percent until 2010.

The company is looking to acquire companies in the US or Europe to enhance engineering competencies, access large programs or increase sales in fast-growing market segments.

It is also considering expanding facilities in low-cost countries like Vietnam and China.

In addition, the company is planning to put up a manufacturing base in Japan following the set-up of a representative office this year.