MANILA-- Ayala-led Integrated Micro-Electronics Inc. (IMI) has acquired 80 percent stake in British firm STI Enterprises Limited, the company disclosed to the Philippines Stock Exchange (PSE) Friday.
IMI said the acquisition of STI will expand its business to aerospace and defense markets, boost its industrial segment, and enhance its technology development and engineering.
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, said IMI Chief Executive Officer Arthur Tan.
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, Tan added.
IMI has yet to disclose the value of acquisition.
UK-based STI provides electronics design and manufacturing solutions for circuit board assembly and full box-build manufacturing.
STI has two production facilities in UK in Hook and Poynton while it has a design center in London.
The British company has manufacturing presence in the Philippines in Cebu.
Source: Philippines News Agency