Sales from wholly owned subsidiaries declined 12 percent year-on-year, hit by sluggish recovery in the automotive and industrial sectors.
To counter challenges, IMI restructured operations, flattening its management structure and optimizing its global footprint by closing sites in California, Malaysia, Singapore, Japan, and Chengdu.
Impairment
These restructuring efforts led to one-time expenses, resulting in an additional $11.9 million impairment of goodwill from non-core subsidiaries. Adjusted net income, excluding these costs, stood at $3.7 million for wholly owned subsidiaries.
VIA Optronics posted $118 million in revenue but recorded a US$13.3 million net loss, including $4.3 million in delisting and workforce restructuring expenses.
IMI CEO Louis Hughes acknowledged the impact of these changes, stating, “2024 was a transformative year for IMI as we took decisive steps to position the company for sustainable growth in a rapidly evolving market. While the restructuring efforts resulted in one-time expenses, they were essential to creating a leaner, more agile organization.”
Opportunity in industrial, medical sectors
“One of our goals now is to extend this expertise and absolute commitment to quality into new markets including the industrial and medical sectors,” Huges said.
“We believe that this direction will allow us to unlock more opportunities for sustainable and profitable growth for IMI. As we move into 2025, our highly motivated team is energized by the opportunities ahead and we remain dedicated to delivering value to our customers, employees, and shareholders,” he added.
