In a disclosure made to the stock exchange on Friday, the company said its board of directors ratified the memorandum of agreement entered into by Ionics with Continental Temic Philippines, Inc. on May 29.
Ionics and Continental Temic signed a deal to construct and lease a build-to-suit production facility on Ionics’ property in the Light Industry and Science Park II, Calamba City, Laguna.
The $13.8-million project will be funded by internally generated cash and bank borrowings.
In a June 24 disclosure to the exchange, Ionics said its first quarter performance may miss targets because of supply chain disruptions from China and Taiwan, due to the coronavirus pandemic.
The Philippines’ own lockdown,which started in mid-March, affected Ionics’ facilities in CALABARZON, and resulted in limited local operations for the company.
“This quarantining of Luzon for a month, with minimal operation allowed, is anticipated to impact adversely on the performance of the first quarter of 2020,” it said.
Ionics has not disclosed its first quarter earnings results yet. In 2019, its earnings were trimmed 8% to $3.82 million amid a 5% growth in revenues to $60.1 million.
Shares in the company at the stock exchange climbed three centavos or 2.91% to close at P1.06 each. — Denise A. Valdez|BusinessWorld
Source: Peso Economics
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