INTEGRATED Micro-Electronics, Inc. (IMI) will temporarily close its facilities in Shenzhen, China due to the resurgence of coronavirus disease 2019 (COVID-19) cases in the region, the Ayala-led company said.
Southeastern China has been placed under lockdown restrictions starting on March 14 due to a surge in coronavirus cases, it said.
“In compliance with China’s Government COVID Zero strategy, all nonessential activities have been halted until March 20, 2022 or until further notice,” IMI said in a disclosure on Monday.
The technology solutions company said its Shenzhen facilities contribute 10% of its total revenues.
“Local management teams are coordinating with government agencies to safeguard the health and welfare of all its IMI employees. Close coordination with affected customers and government units concerned is ongoing to help mitigate its negative impact on the business,” the company added.
IMI is an exporter of printed circuit board assemblies, flip chip assemblies, electronic sub-assemblies, box build products, and enclosure systems.
The principal products and services the company provides are for automotive, industrial, medical, communications, and consumer electronics; power semiconductor packages; optical bonding, enhanced display solutions, and metal mesh touch sensor technology; precision machining; and aviation.
IMI has four wholly owned subsidiaries, namely: IMI International Pte. Ltd.; IMI USA, Inc.; IMI Japan, Inc.; and PSi Technology, Inc.
The company is also 52.03% owned by AC Industrial Technology Holdings, Inc., a wholly owned subsidiary of Ayala Corp.
In the third quarter of 2021, the company reported an attributable net loss of $6.23 million from a net income of $9.64 million the year before.
For the January-September period, attributable net loss was at $5.32 million, or lower than its P11.9-million loss in the same period the earlier year.
At the stock exchange, IMI shares dropped P0.03 or 0.35% to finish at P8.47 on Monday. — Luisa Maria Jacinta C. Jocson