Ayala’s Tech Arm Shuts China Plant in Quickening Global Retreat
- The shutdown reflects a broader effort to trim costs
- The company has shut offices and downsized across Asia
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Integrated Micro-Electronics, Inc., a unit of Philippine conglomerate Ayala Corp., is shutting down one of its facilities in China as part of broader efforts to cut costs.
The maker of electronic components will focus its operations on more strategic locations, it said in a statement on Friday. The move follows last year’s decision to close its offices in Japan and Malaysia and downsize its operations in Singapore amid high interest rates and inflated inventory levels.