Ayala-led Integrated Micro-Electronics, Inc. (IMI) is suspending its operations in Mexico until the end of the month due to the implementation of emergency measures against the coronavirus disease 2019 (COVID-19).
The electronics manufacturer told the stock exchange yesterday IMI Mexico will close facilities until April 30 while a skeletal workforce supports critical business activities.
IMI Mexico contributes about 13% to the company’s global revenues. In 2019, its revenues stood at $160.2 million, 50% higher year on year. But total revenues fell 7% to $1.25 billion, resulting in the company’s attributable net loss of $7.78 million.
“The IMI management team is coordinating with government agencies to explore the possibility of expanding the scope of ‘essential activities’ to our local operations in the region,” the company said.
“IMI will continue to ensure the health, safety and welfare of its employees and will abide by the guidelines mandated by government.”
The government of Mexico declared a health emergency on Monday due to the mounting cases of COVID-19 in the country. The New York Times reported that the order to shut down “non-essential activities” has been extended to the private sector from March 30 to April 30.
Aside from its operations in Mexico, IMI had also closed its facilities in China in late January and implemented a “partial shutdown” in its facilities in Luzon last month to follow government orders in containing COVID-19. Luzon is under quarantine until April 13.
Shares in IMI at the stock exchange slipped seven centavos or 1.55% to P4.45 each on Friday. — Denise A. Valdez