IMI down from 4 to just 1 factory in China
Integrated Micro-Electronics Inc. (IMI), the listed semiconductors and electronics manufacturing arm of Ayala Group, has consolidated its China operations and shuttered its Kuichong facility to further cut losses and return to profitability.
In a regulatory filing on Wednesday, IMI said it would integrate operations into its Pingshan facility over the coming weeks after production activities ended in Kuichong on Sept. 30.
“Throughout this transition period, IMI’s management team will prioritize business continuity and ensure that key customer accounts from IMI Kuichong will be served with minimal disruption,” IMI said.
“This strategic move is expected to further improve operational efficiency, increase capacity utilization in IMI Pingshan and further streamline IMI’s footprint in China.”
This is part of IMI’s restructuring efforts as it seeks to plug financial bleeding. Prior to the COVID-19 pandemic, IMI had four production sites in China. In June, IMI also divested its Czech Republic business.
