Ionics to close manufacturing operations of subsidiary Iomni Precision

LISTED electronics manufacturer Ionics, Inc. said its subsidiary Iomni Precision, Inc. will cease production on May 15 to improve the company’s financial performance.

The decision was confirmed during a board meeting last week, Ionics said in a regulatory filing on Monday.

“After a lengthy review of the conditions affecting the plastic molding business, the management of Iomni recommended and its board of directors approved the cessation of its manufacturing operations, effective May 15, 2025,” Ionics said.

“The cessation of manufacturing operations is not expected to have any significant impact on the financials of the group and, moving forward, will improve its overall financial performance,” it added.

Iomni is engaged in the production and assembly of precision injection-molded plastic products. The company is located in the Light Industry & Science Park II in Calamba City, Laguna.

For the first nine months of 2024, Iomni posted a $0.4-million net loss, a reversal of the $0.01-million net income recorded in the prior year. Revenue fell by 46% to $1.51 million due to lower customer orders.

Iomni’s weaker performance dragged Ionics’ overall financials.

For January to September last year, Ionics’ attributable net income dropped by 30.5% to $2.85 million. Revenue rose by 7% to $78.35 million on higher sales from turnkey customers.

Gross profit declined by 17% to $8.17 million due to weak market demand for products under the consignment business model.

Ionics provides solutions for the telecommunications, automotive, computer, consumer, industrial, plastics, and medical sectors.

On Monday, Ionics shares rose by 20.25% or 16 centavos to 95 centavos each. — Revin Mikhael D. Ochave