Ayala-led IMI to expand in Bulgaria

ABS-CBN News

Posted at Dec 05 2014 06:49 PM | Updated as of Dec 06 2014 02:49 AM

MANILA, Philippines - Ayala Corp.'s unit Integrated Microelectronics (IMI) says automotive electronics will continue to be a main driver of sales, alongside mobile phones and other electronics.

IMI president Arthur Tan says the P1.6 billion it raised from last month's share sale will help the company accelerate growth in part by funding the expansion of its Bulgaria factory next year.

"We are also looking at the funds to further accelerate the growth that we already have established by means of mergers and acquisitions and funding it for new equipment and new capacity," he told ANC.

Despite the global slowdown, Tan remains bullish it will hit its $1 billion revenue target sooner than 2016.

IMI has 14 manufacturing sites around the world, including four in China. - ANC