AYALA-LED Integrated Micro-Electronics Inc. (IMI) has embarked on an overseas restructuring in a bid to enhance margins and boost profitability and efficiency.
AYALA-LED Integrated Micro-Electronics Inc. has embarked on an overseas restructuring in a bid to enhance margins and boost profitability and efficiency.In particular, subsidiary IMI USA will enter into a partnership with California-based XLR8 Corp., a firm recognized for its prototyping expertise, IMI told the stock exchange. IMI will channel the prototyping needs of selected customers to XLR8, while XLR8 will transition its mass production projects to IMI as its preferred manufacturing partner.
It added that there was also an 'ongoing downsizing' of its Singapore and Malaysia offices as part of its commitment 'to streamline operations and drive improved margins across its global footprint.'For the first half of 2024, IMI managed to narrow its net loss to $8.8 million from a net loss of $83.7 million last year.Group revenues fell 18 percent to $566 million from $692 million a year ago, partly attributed to the divestment of STI Enterprises Ltd.
Restructuring Overseas Operations
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