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IMI’s revenues grew 22% in the first half of 2017
EMS provider Integrated Micro-Electronics Inc., reports that its first half revenues reached USD 501.0 million, up 22% year-on-year driven by recent acquisitions and expansion programs. Net income also increased 14 percent compared to last year.
The strong revenue growth and net income performance was mainly a result of the company’s focus on its current core markets in the automotive and industrial segments, the company states in a press release. Arthur Tan, IMI chief executive officer, says, “We stand on the brink of a technological revolution that will vitally modify the way of life. The global auto industry is about to undergo a significant transformation gearing towards the development of an electric and automated future.” Revenues from Europe and Mexico operations climbed 12% year-on-year to USD 171.5 million in the first half of 2017 driven by ongoing capacity expansions and new programs. IMI Bulgaria was recently recognized as the second Most Profitable Company in the Machines Sector in Bulgaria while Mexico recently received the Jalisco Export Achievement award. The company’s China operations posted USD 127.5 million in revenues, slightly down 2% year-on-year, due to the impact of soft market demand for network and wireless products and the delay of 5G technology. IMI successfully gained access to China’s electric vehicle (EV) market after one of its customers in the Chengdu operations won a public electric bus project. Revenues for IMI’s EMS operations in the Philippines increased 2% to USD 111.9 million due to the automotive camera and industrial businesses. IMI Philippines recently started operations on motorcycle manufacture and assembly, a joint venture with KTM AG, an Austrian motorcycle company. As expansion continues, the company expects to engage more local suppliers for the assembly plant. Newly acquired companies, Via Optronics GmbH (VIA) and Surface Technology International, Ltd. (STI Ltd.), delivered USD 72.5 million in revenues, with one-month contribution from STI. Gilles Bernard, IMI president and chief operating officer remarks, “We are now seeing acceleration in growth coming from our new businesses. We are projecting an aggregate of USD 475 million won businesses as we expand our capabilities in the automotive and industrial sectors.Other notable wins in the second quarter include automotive displays for our site in Czech Republic, automotive lighting and body control systems in Bulgaria, expansion of power module business in Philippines and IoT security tracker in China.”
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