LAGUNA, PHILIPPINES – Integrated Microelectronics Inc. said it would close a business unit and lay off 405 staff as a result of a client ceasing orders.

The unit to be closed manufactures LCD devices and other subassemblies.

The workers, representing about 3% of the firm’s total staff, have been notified, and will receive benefits and job placement help. More than 1,000 employees were affected; however, 600 were moved to other divisions.

IMI is a global top 30 EMS company. It is a joint venture between Ayala Corp. and Resins Inc.

IMI reported a net income of $10 million last year, compared to a 2008 loss of $17 million. Revenues fell to $400 million in 2009, compared to $441 million in 2008.

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