This will significantly ease pressure on the bottom line as the electronics manufacturer recorded losses of $8.77 million during the first six months of 2024.
Earlier, IMI said it is halting prototyping and manufacturing in IMI USA, which impacts only 0.30 percent of its total revenue.
Restructuring and cost-cutting efforts are also taking place across offices in the US, Japan, Singapore, and Malaysia.
This were part of IMI’s “initiatives to align the cost structure with the current business needs and is not expected to disrupt the company’s operations”.
