IMI's Bulgaria unit buys property for capacity expansion

Integrated Microelectronics Inc. (IMI) on Wednesday said subsidiary Integrated Micro-Electronics Bulgaria EOOD (IMI BG) acquired a 16,275 sqm. property from Melexis Bulgaria EOOD to help meet its capacity expansion.

 

In a disclosure to the Philippine Stock Exchange, the electronic manufacturer noted the transaction involved the acquisition of a 16,275 sqm. property with a building in Botevgrad, Bulgaria for €1.14 million. 

 

IMI President and Chief Executive Officer Arthur Tan said this development will help the company meet its expansion targets. “With additional capacity, IMI BG can service more OEM (original equipment manufacturer) requirements, especially in its fast-growing target markets of automotive and industrial electronics.”

 

IMI BG posted $188.3 million in revenues last year, up 29 percent from a year earlier.

 

IMI shares were down P0.06 or 1% to P5.94 apiece at the close of trading at the PSE on Wednesday. – Jon Viktor Cabuenas