AYALA-LED semiconductor maker Integrated Micro-Electronics, Inc. (IMI) on Friday said it has acquired an 80 percent stake in UK-based contract electronics manufacturer STI Enterprises Ltd. as part of its bid to expand into the aerospace and defense markets.
STI is a private limited company based in the United Kingdom providing electronics design and manufacturing solutions in both circuit board assembly and full box-build manufacturing for high-reliability industries.
The company currently has two factories in Hook and Poynton in UK. It also has one factory in Cebu in the 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,” IMI said in a disclosure to the Philippine Stock Exchange (PSE).
“As regional manufacturing picks up steam, we are expanding our operations to locations near our global customers in the United Kingdom and grow support from our Philippine home base,” Chief Executive Officer of IMI and AC Industrials Arthur Tan noted.
The acquisition was made through IMI’s subsidiary, Integrated Micro-Electronics UK Limited. IMI added that the closing of the transaction is subject to completion conditions and regulatory approval.
IMI’s statement did not disclose the acquisition cost for the 80 percent STI stake.
“As we ramp up our investments in industrial technologies, we can greatly benefit from STI’s solid manufacturing and engineering capabilities and foothold in the complementary segments of aerospace, industrial, and defense. In turn, we believe that with its industry leadership and diversified global footprint, AC Industrials can add significant value to STI’s existing capabilities,” Ayala Chairman and CEO Jaime Augusto Zobel de Ayala said.
STI’s Managing Director Simon Best said they were “delighted” to become part of the IMI group, adding that they are looking forward to providing STI and IMI customers the access of a vastly increased range of facilities and capabilities.