Integrated Micro-Electronics Inc., a leading global technology and electronics manufacturing solutions expert, remains bullish on the prospects of the company this year despite headwinds.
IMI president Jerome Tan said during the annual shareholders meeting the company put in place measures and contingency plans to mitigate the headwinds in the electronics component supply, the surge of demand for connectivity solutions and rising raw material prices.
Tan said these measures helped increase the company’s operational efficiency and improve overhead costs. He said IMIs collaborated with customers to renegotiate selling prices to share the burden of increased material and labor expenses and protect profitability.
He said more than $20 million worth of elevated costs was realigned with customer pricing this year.
“We have also decided to prune the low-performing businesses within our portfolio and replace them with high-growth, high-margin customers that fit within IMI’s vision of serving the key markets of the future,” Tan said.
IMI ended 2022 with an annual revenue potential from new wins amounting to $352 million.
“As the eighth largest automotive EMS company globally, we are proud to see how major Automotive Tier 1 suppliers, OEMs, power semiconductor companies and heavily-funded start-ups continue to trust and rely on us for technologies and design related to the electric vehicle ecosystem and vehicle electrification,” Tan said.
IMI teamed up with California-based Zero, a global leader in electronic vehicle motorcycles, in March to assemble Zero’s electric motorcycle models and other assemblies in IMI’s facility in Laguna province.
“We shall also continue to expand to bring in more business to our e-bike program in Bulgaria. Further to that, IMI will continue to support the adoption of EVs worldwide and serve the rest of the EV ecosystem through the development of various charging platforms,” Tan said.