April 7, 2017, Laguna, Philippines – Integrated Micro-Electronics, Inc. (PH: IMI) announced that it has entered into an agreement with the shareholders of STI Enterprises Limited for the acquisition by IMI on April 6, 2017, through its subsidiary Integrated Micro-Electronics UK Limited, of a 80% stake in STI. The closing of the transaction is subject to completion conditions and regulatory approval.
STI is a private limited company based in the United Kingdom which provided electronics design and manufacturing solutions in both printed circuit board assembly and full box-build manufacturing for high-reliability industries. The company currently has two factories in the United Kingdom in Hook and Poynton as well as one in Cebu, Philippines and operates a design center in London.
As part of IMI’s strategic initiatives, the acquisition will enable IMI to expand into the aerospace and defense markets while strengthening the industrial segment in manufacturing as well as in technology development and engineering.
Arthur R. Tan, IMI Chief Executive Officer, said, “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. 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.”
Following the completion of the acquisition, Simon Best, STI Group Managing Director, will continue to be the Managing Director of STI. Mr. Best said, “We are 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.”
Notice: Images and logos is for illustration purposes only and not intended for patent infringement