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Epiq buys strengthen IMI's position in automotive segment

Posted: 12 May 2011 ?? ?Print Version ?Bookmark and Share

Keywords:IMI? Epiq? acquisition? automotive segment?

Integrated Micro-Electronics Inc. (IMI), disclosed last week that it will acquire three subsidiaries of EPIQ NV. IMI will purchase through its subsidiary Co?peratief IMI Europe U.A., Epiq subsidiaries in Bulgaria, Mexico and the Czech Republic for about $62.07 million (?43 million). The payment will be a combination of cash and 200 million newly-issued IMI shares representing about 12-percent ownership in common shares on a fully diluted basis. The acquisition is expected to be completed by the end of the year.

Arthur R. Tan

Tan: IMI is likely to be among the top five EMS providers for the automotive segment by 2012.

"The impact of the acquisition on IMI's balance sheet will be determined upon the completion of the transaction," Arthur R. Tan, IMI president and CEO, told EE Times-Asia. "The contribution will depend on the exact date of closing. It is expected to be accretive on an annualized basis."

EPIQ is an EMS provider that emphasizes electronic and electro-mechanical systems and subsystems for the automotive and industrial equipment markets. The Belgium-based company has manufacturing and engineering facilities in France, Bulgaria, the Czech Republic and Mexico.

The EPIQ subsidiaries being sold generated a combined turnover of $129.91 million (?90 million) and net income of approximately $5.77 million (?4 million) for the financial year ended Dec. 31, 2010.


IMI Laguna facility

IMI, a subsidiary of Ayala Corp., has facilities in Laguna, Philippines.

With these acquisitions, IMI aims to expand its customer base and support its specialization strategy in the automotive and industrial segments. Epiq is considered among the top five EMS providers in the world for the automotive electronics segment, IMI told EE Times-Asia. "This will intensify our play in the automotive and industrial electronics segments, which happen to be part of IMI's target markets. With the acquisition, IMI is likely to be among the top five EMS providers in the world for the automotive segment by 2012," said Tan.

This announcement comes close on the heals of another in April that IMI will start mass production this year of solar panels using prototypes made by a Fremont, California-based energy unit. The company serves the automotive, industrial, medical, solar energy, telecommunications infrastructure, storage device, and consumer electronics industries.

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