Ayala-led Integrated Micro-Electronics Inc. (IMI) has completed the sale of its Czech subsidiary for €10.02 million, or around P670 million, as it pushes to streamline operations across Europe.

In a disclosure on Friday, IMI said the divestment was carried out through its wholly owned Dutch unit, Coöperatief IMI Europe U.A., which sold its 100 percent stake in Integrated Micro-Electronics Czech Republic s.r.o. to Germany-based Keboda Deutschland GmbH & Co. KG.

The transaction officially closed on 31 July after all conditions were met.

Strategic divestment

“This strategic divestment is in line with IMI’s ongoing efforts to streamline its global manufacturing footprint,” the company said.

IMI said the sale would allow the firm to enhance operational efficiency and increase facility utilization. Customers previously handled by the Czech site have been transitioned to IMI’s facilities in Bulgaria and Serbia.

Keboda

Keboda Deutschland is a subsidiary of Keboda Technology Co. Ltd., a publicly listed Chinese firm known for its automotive electronics solutions. Maria Romero

Founded in 2003 and based in Shanghai, Keboda provides system solutions for automotive intelligent and energy-efficient electronic components.

IMI, on the other hand, specializes in electronics manufacturing solutions for industries with extended product life cycles.