LAGUNA, PHILIPPINES – A subsidiary of Integrated Micro-Electronics Inc. has entered into an agreement to acquire STI Enterprises Ltd.

The deal, signed on Apr. 6, calls for Integrated Micro-Electronics UK Ltd. to pay an undisclosed amount for an 80% stake in STI.

Closing is subject to completion conditions and regulatory approval. STI Group managing director Simon Best will continue as managing director of STI, following completion of the acquisition.

UK-based STI is a privately held provider of electronics design and manufacturing. It performs printed circuit board assembly and full box-build manufacturing at two factories totaling 64,000 sq. ft. in Hook and Poynton, England, and an 18,000 sq. ft. plant in Cebu, Philippines. The firm also operates a design center in London. It employs 426 workers in the UK and 289 in the Philippines and elsewhere. It has sales of more than 50 million euros, according to the CIRCUITS ASSEMBLY Directory of EMS Companies.

As part of IMI’s strategic initiatives, the acquisition will enable IMI to expand into the aerospace and defense markets while strengthening the industrial segment in manufacturing as well as in technology development and engineering.

In a statement, IMI chief executive Arthur R. Tan said, "IMI is pursuing this value-enhancing acquisition to expand its customer base into the aerospace and defense segments and to support its market specialization strategy in the industrial segment. As regional manufacturing picks up steam, we are expanding our operations to locations near our global customers in the United Kingdom and grow our support from our Philippine home base.”

"We are delighted to become part of the IMI Group and look forward to providing STI and IMI customers the access to a vastly increased range of facilities and capabilities, Best said.”

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