Ayala unit IMI completes 43.5-M euro purchase of 4 global electronic firms

MANILA, Philippines - Ayala-led electronics manufacturing services firm Integrated Micro-Electronics Inc. (IMI) said yesterday it has completed the purchase of EPIQ NV’s four subsidiaries in Bulgaria, Czech Republic and Mexico.

In a disclosure to the stock exchange, IMI said the purchase consideration of approximately €43.5 million was made through a combination of cash payment and 200 million new IMI shares, worth approximately €24.4 million or 12 percent of the common shares on a fully diluted basis.

The cash component requires IMI to pay EPIQ €4.8 million upfront and the balance over the next seven years.

The four EPIQ subsidiaries are involved in the design and manufacture of electronic and electro-mechanical systems and subsystems for diverse markets that include automotive and industrial equipment.

Arthur Tan, IMI president and chief executive officer, said the acquisition is part of IMI’s globalization efforts to bring its services closer to original electronic device manufacturers in different regions of the world.

“Our presence in key areas overseas allows us to participate actively in providing solutions to original equipment manufacturers catering to regional and international markets. Moreover, our global representation gives us access to the finest talents anywhere in the world.”

A subsidiary of conglomerate Ayala Corp., IMI currently operates in 17 manufacturing sites around the world located in the Philippines, China, Singapore, the US, Mexico, Bulgaria and the Czech Republic.

The company is a leading provider of electronics manufacturing services (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.

Committed to cost-effective and top-quality customized solutions, IMI is consistently ranked among the top 30 EMS providers in the world.