IMI REMAINS ROBUST AMIDST HEADWINDS
April 15, 2020, Laguna, Philippines — In the light of the current COVID-19 global pandemic, Integrated Micro-Electronics Inc. (IMI), a leading global manufacturing and technology solutions expert held its Annual Stockholders’ Meeting earlier today via live streaming.
“Last year (2019) was an exceptionally challenging year for IMI, as the company experienced many of the same geopolitical headwinds that contributed to the world economy’s slowest year-over-year expansion since the financial crisis a decade ago,” said Jaime Augusto Zobel de Ayala, chairman of the board of directors of IMI in his speech. “In the face of these market conditions, we take comfort in the fact that IMI continues to demonstrate resilience and is able to consistently weather the volatile, rapidly evolving nature of the global manufacturing space,” asserted Zobel de Ayala.
In the web simulcast, Arthur R. Tan, IMI chief executive officer articulated how the company ended 2019 reflecting on the achievements accomplished and the challenges IMI was able to overcome despite several business constraints. “Last year proved to be more volatile than we had anticipated,” Tan said in his message.
Despite the headwinds, Tan remains undaunted saying that “the pipeline remains healthy with the significant new projects we won in 2019 worth $407 million of annual revenue potential. In fact, as we continue to drive the development of next generation platforms, we were even able to grow our automotive segment by 9% from the previous year, completely outpacing the market.”
“Business wins related to the automotive camera continue to rise and provide IMI with leverage in offering more advanced technologies such as mirror replacement and camera-video system level modules. Revenues in this group is seen to double to US$ 124 Million in the next five years,” Tan added.
“Our reputation as a leading intelligent solutions provider in automotive, industrial and aerospace markets continue to reinforce our partnerships with more opportunities in the face of newer and faster technologies. We continue to establish our niche in higher value markets and expanded levels of the standard business models. With our experience and reputation, we get to collaborate with the best in the industry in project management from design concept to manufacturing and delivery. To illustrate, back in 2018, among the products that we built, only about 30% of these were classified as those belonging in emerging technologies. By the end of 2019, that number rose to 44%. All these are consistent with IMI’s trajectory over the past ten years. Over this period, the compounded annual growth rate of IMI registered at 13% resulting in the tripling of the company’s global size,” maintained Tan.
Tan spoke about the current global pandemic outbreak as a very dynamic situation affecting the global market in unprecedented ways. “As a global manufacturing partner, we have systems in place for these kinds of market disruptions currently enforced in our sites today. Our capabilities across all the major markets puts us in a unique position to not only survive but to rebuild and emerge stronger and better. Part of our operations now is to sustain and support most of the essential industrial and medical products that the world desperately needs,” he added.
One of IMI’s subsidiaries, Surface Technology International (STI) Ltd. based in the UK, has joined the #VentilatorChallengeUK consortium in producing critically needed medical ventilators in the fight against COVID-19 in the region. It is a consortium of UK industrial, technology and engineering businesses from across the aerospace, automotive and medical sectors, has come together to produce medical ventilators for the country.
IMI is also currently producing printed circuit board assemblies used for ultrasonic welding equipment commissioned by a medical device manufacturer. It is a critical equipment needed to produce medical textiles and filters for syringes and other medical devices.
“As IMI enters its 40th year in 2020, and with the digital age at the forefront of global megatrends, our corporate values remain as strong as ever in our more than 17,000 employees worldwide. We believe these are the true drivers of success (…) We shall remain true to our aspirations and our goals as we integrate sustainability, risk management and corporate governance in our global strategies. We share in the commitment our parent company ACI and principal Ayala Corporation, to address long term targets in the UN Sustainability Development Goals,” Tan concluded.