IMI Completes Acquisition of EPIQ Units in Europe, Mexico
LAGUNA, PHILIPPINES – EMS provider Integrated Micro-Electronics, Inc. has completed its previously announced acquisition of four subsidiaries of EPIQ NV in Bulgaria, the Czech Republic, and Mexico.
The electronics manufacturing services provider had announced in May an agreement with EPIQ for the acquisition of the subsidiaries for approximately €43.5 million ($64 million) in cash payment and new IMI shares.
As part of the deal, IMI will acquire five plants, three in Bulgaria totaling 279,000 sq. ft., a 194,000 sq. ft. plant in Mexico, and a 75,000 sq.. ft. plant in the Czech Republic. The units design and manufacture electronics and electromechanical systems and subsystems for diverse markets that include automotive and industrial equipment.
The acquisition is part of IMI’s globalization efforts to bring its services closer to OEMs in different regions of the world. Arthur R. Tan, IMI president and chief executive officer, said, "Our presence in key areas overseas allows us to participate actively in providing solutions to original equipment manufacturers catering to regional and international markets.”
The deal is expected to push IMI into the Top 20 among the world's EMS providers. "IMI will grow to at least a $500 million company by 2012," IMI spokesperson Fred Blancas told CIRCUITS ASSEMBLY after the deal was announced in May.
IMI now operates in 17 manufacturing sites around the world located in the Philippines, China, Singapore, the US, Mexico, Bulgaria, and the Czech Republic.
