On April 6th 2017, Integrated Micro-Electronics, Inc. (PH:IMI), a publicly-listed subsidiary of the newly-formed AC Industrial Technology Holdings (AC Industrials), signed an agreement to purchase, subject to closing conditions, 80% of the ordinary shares of STI Enterprises Limited (STI), an electronics manufacturing services (EMS) company based in the United Kingdom, with factories in Hook and Poynton in the United Kingdom and Cebu, Philippines.
As part of IMI’s diversification and expansion strategy, the acquisition of STI will help strengthen its industrial and automotive manufacturing competencies, broaden its customer base, and will also provide access to the UK market through two acquired factories. Further, the partnership allows the group’s entry into the aerospace and defense sectors.
“IMI’s investment in STI is part of AC Industrial’s deliberate and focused strategy to own, develop, enable, manufacture, and commercialize disruptive technologies and solutions across various industries including industrial and automotive. The addition of STI to AC Industrials is also expected to generate significant synergies with other business units within the group,” said Arthur Tan, CEO of IMI and AC Industrials.
“We are excited to partner with STI and establish our manufacturing presence in the UK. As we ramp up our investments in industrial technologies, we can greatly benefit from STI’s solid manufacturing and engineering capabilities and foothold in the complementary segments of aerospace, industrial, and defense. In turn, we believe that with its industry leadership and diversified global footprint, AC Industrials can add significant value to STI’s existing capabilities,” Ayala Chairman and CEO Jaime Augusto Zobel de Ayala said. “We look forward to working with STI as we jointly pursue exciting opportunities amid the rapidly changing technology trends in the global environment,” Mr. Zobel noted.
“Earlier this week in Manila, I had the pleasure of meeting Jaime Zobel de Ayala and his team. Yesterday’s signing at the British Ambassador’s Residence paves the way for a great partnership with Surface Technology International in the UK. The UK continues to be a very attractive destination for investment, including from the Philippines. Our Embassy has continued to forge an excellent relationship with both parties and my Department will continue to provide ongoing support to this exciting venture,” said the Rt Hon Liam Fox MP, UK Secretary of State for International Trade.
The signing ceremony was attended by, among others, the British Ambassador to the Philippines, Asif Ahmad; Jaime Augusto Zobel de Ayala; Vice Chairman of AC Industrials, Fernando Zobel de Ayala; Arthur Tan; Managing Director and Founder of STI, Simon Best; and Director of STI, Tony Best.
About Ayala Corp.
Ayala Corporation is the holding company of one of the oldest and largest business groups in the Philippines. It maintains a tradition of excellence, and integrity has run continuously through seven generations, adhering to the principles and ideals that had brought it to existence more than 180 years ago. Today, Ayala has leadership positions in real estate, financial services, telecommunications, water infrastructure, electronics manufacturing, automotive distributorship and dealership, and new investments in power generation, transport infrastructure, education and healthcare.
Publicly listed in the Philippine Stock Exchange (PSE:AC), Ayala and its subsidiaries have a market capitalization that reaches nearly P2 trillion, accounting for 20% of the Philippine Stock Exchange index. Ayala has leveraged its portfolio of assets, brand equity, and competitive advantages to enhance its position of leadership in its key lines of business. It continues to contribute to Philippine economic and social growth through its diverse business interests, maintaining its tradition of excellence in every endeavor.
Ayala’s commitment to corporate social responsibility is largely expressed through Ayala Foundation’s programs that cover education, youth leadership, sustainable livelihood, and art and culture. Gearing up to move further forward, Ayala draws on its heritage and experience to fulfill its brand promise of “Accelerating the Future”.
About AC Industrials
AC Industrials, a wholly-owned subsidiary of Ayala Corporation currently houses Ayala’s existing assets in manufacturing and vehicle distribution and dealership, creating a platform to execute on Ayala’s vision to assemble a portfolio of businesses that own, develop, enable, manufacture, and commercialize automotive and other industrial technologies across various platforms to capture opportunities in the domestic and global markets.
About IMI
Integrated Micro-Electronics Inc. (IMI) is a leading provider of electronics manufacturing services (EMS) and power semiconductor assembly and test services. It serves diversified markets that include those in the automotive, industrial, medical, solar energy, telecommunications infrastructure, storage device, and consumer electronics industries. Committed to cost-effective and top-quality customized solutions, IMI’s comprehensive capabilities and global manufacturing presence allow it to take on specific outsourcing needs. IMI’s flexible solutions encompass design and product development, manufacturing, and order fulfillment. IMI is consistently ranked among the top 30 EMS providers in the world. A subsidiary of Ayala Corporation, IMI is listed in the Philippine Stock Exchange. IMI has manufacturing and engineering facilities in the Philippines, Singapore, China, and the U.S.A.
For more information, visit http://www.global-imi.com
About STI
Surface Technology International is a specialist Contract Electronics Manufacturer, serving world-class customers in high-reliability industries by providing a complete set of electronics design and manufacturing solutions in both printed circuit board assembly (PCBA) and full box-build manufacturing. We are organized into Manufacturing, Supply-Chain, Research & Development. Headquartered and operating from a manufacturing site in the UK since 1989, we purchased a second manufacturing facility in South East Asia in 2010; with both platforms equipped with the same machinery and processes. STI purchased a further manufacturing site in 2015 in Poynton, Manchester, UK – to manufacture airborne and naval Satcom products. STI can now offer its full range of capabilities at an optimal cost point to meet most CEM requirements. Our ongoing success depends on consistently delivering superlative customer satisfaction based upon quality and performance.
For more information, visit http://www.sti-limited.com.
Press Contact:
Yla Patricia G. Alcantara
Corporate Communications Head
Ayala Corporation
+63 2 908 3000