AYALA-LED Integrated Micro-Electronics, Inc. (IMI) is suspending work at some of its facilities in Luzon due to the government’s month-long lockdown to contain the spread of the new coronavirus.
In a disclosure to the stock exchange yesterday, the electronics manufacturer said it will be implementing a “partial shutdown” of its plants from March 17 to April 13.
However, it will still be observing a skeletal workforce system in “critical business operations” in Luzon.
“Given the Philippine government’s approval for export-oriented companies to remain operational, IMI is collaborating with units in the local and national levels to explore the ability to maintain the appropriate production levels within its factories,” it said.
“IMI will continue to ensure the health, safety and welfare of its employees and will abide by the guidelines mandated by government,” it added.
Among the authorized persons to leave their residences during enhanced community quarantine are personnels of “export-oriented businesses,” based on the guidelines by the Joint Task Force Corona Virus Shield released Wednesday.
IMI is an exporter of electronic materials such as printed circuit board assembly, flip chip assemblies, electronic sub-assemblies, box build products and enclosure system. It has factories in the Philippines, China, Bulgaria, Czech Republic, Germany, Japan, Mexico, Serbia, the United Kingdom and the United States.
Before the Luzon-wide quarantine to fight the rising cases of coronavirus disease 2019 (COVID-19) in the Philippines, IMI’s facilities in China have shut down in late January when the country was hit with the outbreak.
IMI posted a net loss of $7.78 million in 2019, a turnaround from a net profit of $47.19 million a year ago, due to lower revenues from a declining market environment.
Shares in IMI at the stock exchange lost 82 centavos or 19.52% to P3.38 each on Thursday. — Denise A. Valdez