Integrated Micro-Electronics Inc. (IMI), a publicly listed electronics manufacturing firm under Ayala Corp., announced Wednesday it is divesting its Czech Republic operations for €10.02 million as part of a broader corporate restructuring strategy.
In a disclosure to the Philippine Stock Exchange, IMI said the sale involves all shares in its Czech subsidiary, IMI Czech Republic s.r.o., through its wholly owned unit Coöperatief IMI Europe U.A. The buyer is Keboda Deutschland GmbH & Co. KG, a subsidiary of Shanghai-based Keboda Technology Co., Ltd., a publicly listed Chinese automotive electronics firm.
The deal is a strategic move under IMI’s ongoing “footprint rationalization” program initiated in the second half of 2024, aimed at consolidating European operations to its more cost-efficient sites in Bulgaria and Serbia. “This sale was executed as part of IMI’s restructuring and footprint rationalization program,” the company said.
The €10.02 million consideration will be settled in three tranches: €1 million upon signing, €8.52 million at closing, and the final €500,000 ten business days after the finalization of closing accounts.
Founded in 2003, Keboda specializes in intelligent and energy-efficient automotive electronics, serving global OEMs and Tier 1 suppliers. The acquisition of IMI Czech Republic expands Keboda’s manufacturing footprint in Europe and potentially enhances its service capabilities across the region.
While IMI is exiting the Czech market operationally, it assured continued service to existing clients in the region. Most customers have already been transitioned to IMI’s Bulgaria and Serbia facilities. For those remaining, the company will maintain support through a manufacturing services agreement with Keboda, set in motion alongside the share purchase agreement.
Final closing of the transaction is subject to regulatory approvals, completion of carve outs to other IMI European sites, and the execution of the agreed manufacturing support agreement, IMI said.
The sale reflects IMI’s effort to streamline its global operations in response to shifting cost structures and demand dynamics in the electronics manufacturing services (EMS) industry.
