spot_img
28.1 C
Philippines
Friday, March 29, 2024

IMI completes British acquisition

- Advertisement -

Integrated Micro-Electronics Inc. said it completed the acquisition of an 80-percent stake in STI Enterprises Limited, an electronics manufacturing services company based in the United Kingdom, as a part of a diversification strategy.

IMI said in a disclosure to the stock exchange the acquisition was completed by subsidiary Integrated Micro-Electronics UK Limited, after closing all conditions and obtaining regulatory approvals.

The acquisition is expected to strengthen IMI’s industrial and automotive manufacturing competencies, broaden its customer base, enable it to have 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. 

- Advertisement -

LATEST NEWS

Popular Articles