A HOOK based business has announced it has been acquired by a global electronics manufacturing firm.
Shareholders at Surface Technology International, an electronic solutions provider in Osbourn Way, have entered into an agreement with Philippines based company Integrated MicroElectronics, Inc (IMI) to sell an 80 per cent stake through IMI’s subsidiary, Integrated MicroElectronics U.
STI is a private limited company which provides electronics design and manufacturing solutions in both printed circuit board assembly and full boxbuild manufacturing for highreliability industries.
It has a factory in Hook and one in Poynton. As part of IMI’s strategic initiatives, the acquisition will enable IMI to expand into the aerospace and defence markets.
Arthur R. Tan, IMI chief executive officer, said: “IMI is pursuing this value enhancing acquisition to expand its customer base into aerospace and defence segments and to support its market specialisation 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 increasing our support from our Philippines home base.”
Simon Best, STI Group managing director, said: “We’re delighted to become part of the IMI Group and look forward to giving STI and IMI customers access to vastly increased facilities and capabilities.”