© stevanovicigor dreamstime.com Electronics Production | May 08, 2019
IMI records revenues of $323M in 1Q19
Integrated Micro-Electronics, Inc. (IMI) opened the year with first quarter consolidated revenues of USD 323 million, relatively flat compared to last year.
Margins remain constrained by global market slowdown due to the fallout from the trade wars, political uncertainty in the UK and the ongoing electronic component shortage, the company states in a press release. Gross profit for Q1 is at USD 29.1 million with margins declining to 9.0% from 10.6% last year. The company ended the quarter with USD 335,000 net income versus last year’s net income of USD 5.6 million. IMI continues to grow its target business segments — automotive, industrial, and aerospace which comprise 77% of total revenues for the quarter. Automotive at USD 168 million, grew 27%. Industrial at USD 68 million, grew 10%. Aerospace, which IMI entered through the acquisition of STI, is now at USD13 million, a growth of 6% from last year. However, consumer and telecom segment declined by 59% and 12%, respectively, due to delays in new project awards and China economic slowdown. “Despite the unfavorable business climate, IMI remains committed to our assurance of highest quality and on-time delivery for all our business partners,” says Gilles Bernard, IMI President and Chief Operating Officer, in the press release. Aside from elevated raw materials costs, tight supplies of electronics components raised the need for expedited production cycles and expensive freight deliveries to maintain the standards the company wants to uphold. “As we continue to address the short-term challenges in our supply markets, we remain aggressive in executing our efficiency initiatives to align our cost structure with uncertain external environment and ensure the stability of all our businesses,” Bernard added. Arthur Tan, IMI Chief Executive Officer, adds “Long and healthy relationships with our key customers have enabled us to open discussions to mitigate financial headwinds on IMI as we weather the global component issue. Having positioned ourselves as a top provider of high complexity technology solutions, we are poised to rebound quickly on both revenue and profitability aspects as our investments in the past years come to full utilization.” IMI has utilised USD180M for capital expenditures in the past three years, a significant portion of which was spent to support development of high-tech businesses and the opening of new operating sites that expanded its manufacturing footprint to Serbia and Japan.
dSPACE adds West Coast office Simulation and validation specialist dSPACE has opened a Silicon Valley office in San Jose, California as part of its strategic realignment.
Cogiscan, BasiCAE form strategic partnership Quebec-based Cogiscan Inc. has announced a partnership with China’s BasiCAE Technology, a provider of traditional shop control systems and software customization services.
Korea hits new record of industrial robots in operation The World Robotics report presented by the International Federation of Robotics (IFR) shows a new record stock of about 300,000 operational industrial robots in the Republic of Korea in 2018 (+10%).
Keytronic starts production at its new Vietnam facility Keytronic Corporation says it has started shipping product from its new Da Nang, Vietnam manufacturing facility.
USI's looking to accelerate expansion - acquires Asteelflash It looks like we’re ending 2019 with a bang. One of the worlds biggest EMS providers wants to acquire one of Europe’s largest electronics manufacturers.
Devon manufacturer adds capabilities in Dorset via acqusition Devon-based PCB manufacturer, EuroTech Group, is acquiring PCB manufacturer Lyncolec, based in Poole, Dorset.
Kyocera and TactoTek collaborate on IMSE solution Kyocera and TactoTek has singed a marketing agreement which aims to bring IMSE solutions to several new market segments, including industrial and automotive components, electronic devices, and more.
IPC: Unanimous approval of USMCA needed IPC issued a statement this week expressing support of the recently bi-partisan approval of the United States-Mexico-Canada Agreement (USMCA), and a strong desire for legislative approval by Canada, Mexico, and the U.S.
Nordson's CFO to retire in 2020 after 30 years with the company Nordson's Executive Vice President and Chief Financial Officer, Gregory A. Thaxton, plans to retire in 2020 after thirty successful years with the company, with the last 12 years as CFO.
KUKA restructures subdivision due to economic uncertainty KUKA is restructuring a subdivision in the Robotics segment that is responsible for automated manufacturing solutions such as cells and special machines.
PCB industry recovers slightly in Q3 PCB manufacturers in the D/A/CH region were able to increase sales sequentially in the third quarter of 2019 by 1.1%. However, sales figures are 11% lower than those recorded for the third quarter of 2018, reports the industry association ZVEI PCB and Electronic Systems.
Garz & Fricke moves into new HQ in Hamburg-Harburg Garz & Fricke GmbH continues to expand. As of late October, the business operations of the HMI and Panel PC specialist will be transferring to the new headquarters in in Hamburg-Harburg.
TF Massif Technologies taps new CEO British Columbia-based TF Massif Technologies has announced the appointment of Tom Peregoodoff as the company’s new chief executive officer.
DoJ: Google, Fitbit deal under review The U.S. Justice Department is looking into anti-trust issues concerning Google's bid to buy Fitbit Inc.
L3Harris Tech secures U.S. Marine Corps order L3Harris Technologies received a USD 50 million follow-on delivery order for Falcon III AN/PRC-160 HF radios and related equipment from the U.S. Marine Corps .
Metair completes Romanian lithium-Ion battery cell factory South African energy storage company, Metair Investments, says that its Romanian units Prime Batteries and Rombat have completed the installation of the group's first Lithium-Ion battery cell manufacturing and assembly facility in Bucharest, Romania.
£5m award marks ‘topping out’ of Cardiff research powerhouse An GBP 80 million Cardiff University powerhouse for Welsh scientific research has been ‘topped out’ by Bouygues UK – backed by over GBP5 million support from Welsh Government and industrial partners.
Advanced Energy expands with new lab near Frankfurt Advanced Energy Industries, Inc. has opened its Advanced Materials Processing (AMP) Showcase Lab near Frankfurt, Germany.
TTM Technologies unveils NY engineering center On the heels of its acquisition of manufacturing and IP assets from i3 Electronics Inc., TTM Technologies has announced the opening of a new engineering center in Binghamton, NY.
EU Commission to support pan-European battery development Seven member states will provide, in the coming years, up to EUR 3.2 billion in funding to support research and innovation in the common European priority area of batteries.
The pulse of the electronics industry Growth is slowing worldwide and the industry’s outlook is less optimistic than in previous quarters, although it is still generally positive, according to the results of IPC’s fourth-quarter 2019 Pulse of the Electronics Industry survey.
Teradyne delivers J750 semiconductor test system to Ardentec Teradyne has hit a milestone with the 6,000th shipment of the J750 family of semiconductor testers.
Season Group names new SvP for global business development Season Group has appointed Stephen Tsao as the company's new Senior Vice President, Global Business Development.
Zestron appoints new sales director Europe Mr. Adam Meinert recently joined ZESTRON as the Sales Director of Europe.Load more news