MANILA, Philippines - A wholly-owned unit of Integrated Micro-Electronics Inc. (IMI) has acquired a parcel of land in Bulgaria to support capacity expansion.
In a disclosure to the Philippine Stock Exchange, IMI said its wholly-owned and indirect subsidiary Integrated Micro-electronics Bulgaria EOOD (IMI BG) bought a 16,275 square meter property for 1.14 million Euros.
The property has a total built-up area of 12,193 sqm,” IMI said.
“This new development augurs well for IMI BG. With additional capacity, IMI BG can service more OEM requirements, especially in its fast-growing target markets of automotive and industrial electronics,” IMI president Arthur Tan said.
OEM stands for original equipment manufacturer. It refers to manufacturers that resell another company’s product under their own name and branding or when one company makes a part or subsystem that is used in another company’s end product.
The property was previously leased from MB with an area of 7,293 sqm. It is being used by IMI BG as part of its production facilities.
“The acquisition reinforces IMI BG’s strong position in winning new businesses, enhancing IMI’s strategy of providing long lasting partnerships to its customers,” Tan said.
Last year, IMI BG generated revenues of $188.3 million, higher by 29 percent year-on-year. It built 3,150 sqm from greenfield in the last two years and another 6,900 sqm will be completed by end of the first quarter of 2016.
IMI earlier reported it now ranks 18th, having moved up from its previous rank of 21st, on the latest list of Manufacturing Market Insider for the top 50 EMS providers in the world based on the 2014 EMS-related revenues of companies.
It is one of the leading global providers of electronics manufacturing services (EMS) and power semiconductor assembly and test services with manufacturing facilities in Asia, Europe, and North America.
The company serves diversified markets that include those in the automotive, industrial, medical, telecommunications infrastructure, storage device, and consumer electronics industries.