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Ayala's IMI Buys Out EPIQ Assets in Bulgaria, Mexico, Czech Republic
Date: 04/05/2011
Ayala's IMI Buys Out EPIQ Assets in Bulgaria, Mexico, Czech Republic

Integrated Micro-Electronics Inc. (IMI), the electronics manufacturing services unit of Philippines-based company Ayala, is buying out EPIQ NV's assets in Bulgaria, Mexico, and the Czech Republic.

Ayala's IMI is buying the three EPIQ facilities for an estimated EUR 43 M in total.

In a statement, cited by ABS-CBN News, IMI said it would pay in cash and 200 million new common shares representing approximately 12% of the company after the transaction.

IMI said the acquisition, which is part of its efforts to bring its services closer to key clients, would be made through its unit, Coцperatief IMI Europe U.A.

"IMI is pursuing this value-enhancing acquisition to expand its customer base and to support its market specialization strategy in the automotive and industrial segments," IMI president and CEO Arthur Tan is quoted as saying.

"As regional manufacturing picks up steam, we are expanding our operations to locations near our global customers in Europe and North America to be of better service to them," he added.

After the transaction, EPIQ CEO Gilles Bernard will join IMI's management team.

"We look forward to providing EPIQ and IMI customers the access to a vastly increased range of facilities and capabilities," said Bernard.

The acquisition is expected to be completed no later than the fourth quarter of 2011. ING Bank N.V. is acting as financial advisor to IMI in the transaction.

EPIQ is composed of 10 entities in 7 countries - Bulgaria, Czech Republic, France, Germany, Italy, Mexico, China. Epiq Electronic Assembly is the Bulgarian division of the electronics and electro mechanical systems subcontracting group, Epiq NV.

EPIQ Electronic Assembly was established in 1997. Its principal business is the production of electronic modules for automotive (Ford, General Motors, Daimler-Chrysler, Delphi, Valeo and others.), Telecommunications (Sony), household (Tefal, Roventa, Seb Group, Calories etc.) sanitary and medical equipment (IEM, Tefal), and sensors.

EPIQ's Bulgarian facility is located in the town of Botevgrad northeast of Sofia and employs about 2000 people.

Topic: Economy

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