IMI now 5th biggest automotive EMS provider
Strong automotive business revenues last year allowed Ayala Corp.’s Integrated Micro-Electronics Inc.’s (IMI) to become the world’s fifth largest electronics manufacturing service (EMS) provider in the segment.
In a disclosure on Monday, IMI said it secured the top five slot, up from sixth in a year earlier, based on a ranking by California-based New Venture Research (NVR).
Automotive segment revenues climbed 18 percent to $446 million from 2016’s $378 million.
Counting the entire business, IMI ranked 18th worldwide as of March 2018.
“Drivers for the increase include the uptake of more electronics in the car via advanced driver assistance systems, body electronics, lighting, power management, safety system and infotainment,” IMI said.
“With the advent of autonomous cars and electric vehicles, demand has increased dramatically and will continue to do so as technologies evolve,” it added.
Last week, IMI reported a 33-percent increase in first half revenues to $668.8 billion, driven by its core businesses and contributions from acquisitions.
Net income for the period hit $31.6 million, boosted by the sale of property in China, from $17 million a year earlier.
European operations — dominated by automotive businesses — contributed $170.1 million to revenues, while China added $162.1 million on the back of new industrial applications and automotive platforms.
Philippine revenues totaling $136 million were up 5 percent, driven by the automotive camera business and new industrial applications.
The company noted that a weaker euro and yuan, along with higher interest expenses and effective tax rates, had weighed on its first half bottomline but CEO Arthur Tan also said that IMI was confident that a trade row between China and the US and the Brexit issue “will have a minimal effect on our business.”
IMI is the manufacturing arm of AC Industrial Technology Holdings, Inc., a subsidiary of Ayala Corp. Established in 1980 as an integrated circuit assembler, the firm has since expanded to provide engineering, manufacturing and support services for industries ranging from automotive to aerospace.
Its shares ended Monday unchanged at P14 apiece amid a 0.93 percent gain for the benchmark index.
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