Industrial News

KTM AG, the largest European motorcycle manufacturer from Austria that specializes in “Ready to Race” on and off road vehicles, has cut ties with Adventure Cycle Philippines Inc. (ACPI), a member of the Ayala Group. In a social media post last Friday, KTM Philippines said that ACPI will cease operations as KTM and Husqvarna distributor on Sept. 30, as ACPI had “mutually agreed” with KTM AG to pre-terminate the importer agreement after eight years of partnership. Thus effective Oct. 1, Lucky MAPI will take over as the new exclusive distributor of KTM and Husqvarna motorcycles and products in the Philippines. [...]

MANILA Electric Co. (Meralco) has tapped its subsidiary Meralco Industrial Engineering Services Corp. (MIESCOR) to link the P200-billion Terra Solar project to the Luzon grid. MIESCOR signed a contract with Terra Solar Philippines, Inc. (TSPI) to design and construct critical infrastructure that will connect the solar plant to the grid, the company said in a statement on Thursday.   The connection will ensure the delivery of the energy it would generate once the project becomes operational. It involves a 34.5/230/500-kilovolt (kV) main collector substation, two 34.5/230-kV solar photovoltaic satellite collector substations, and two double-circuit 230-kV transmission lines. “The project, formalized [...]

MANILA -- Over 6,000 Filipino students initially will be part of the semiconductors workforce development program funded by the US government in partnership with the Philippine Department of Trade and Industry (DTI), Board of Investments and other local government agencies. This program aims to provide training and education for Filipinos who wish to enter the semiconductor industry, which is one of the priority sectors of the Philippine government. This is part of the International Technology Security and Innovation (ITSI) program, a $500 million fund provided by the US Creating Helpful Incentives to Produce Semiconductors CHIPS and Science Act, which is [...]

MUMBAI, India and WILMINGTON, Mass., Sept. 18, 2024 /PRNewswire/ -- Tata Group, a global enterprise headquartered in India, and Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced a strategic alliance to explore potential cooperative manufacturing opportunities. MoU signing ceremony as Tata and Analog Devices announce a strategic alliance to explore joint opportunities for the semiconductor ecosystem in India. Tata Electronics, Tata Motors, and Tejas Networks signed a Memorandum of Understanding (MoU) with ADI to enhance strategic and business cooperation, explore opportunities for semiconductor manufacturing in India, and use ADI's products in Tata applications like electric vehicles and network infrastructure. The companies also agree to have strategic [...]

This story appears in the August 2024 issue of Forbes Asia.  Ramon Ang’s food and beverage conglomerate San Miguel has loaded up on debt and is remaking itself into an infrastructure giant. The opening photo on the website of San Miguel, best known for its eponymous 134-year-old beer brand, isn’t that of its brewery but of a 39-kilometer elevated expressway connecting Metro Manila with nearby provinces to its north and south. That pictorially depicts the biggest stakes for the storied conglomerate today. Under chairman Ramon Ang, the company has repositioned itself as a nation builder with an ambitious push into infrastructure, winning bids for [...]

Malaysia is racing to become a global tech hub. It is competing with regional rivals such as Singapore, Vietnam and Thailand in attracting investments from big tech companies. The Malaysian states of Penang, Selangor and Johor are leading the charge. Penang wants to tap into the front end chip manufacturing supply chain, which involves wafer fabrication, advanced testing and packaging. Selangor is positioning itself as a potential powerhouse in the global integrated circuit design industry. Meanwhile, the southern state of Johor is now the largest data centre market in Malaysia, driven by a boom in investments by multinational corporations with [...]

Over the course of less than two years, the once-darling of the industry was forced to fire workers to cut costs, restate earnings and default on a credit agreement. In 2024, the firm replaced its chief executive officer, restructured its operations and lost its accountant. Industry headwinds added to the woes: High interest rates and subsidy changes in California — the US sector’s biggest market — have been a drag for solar firms that expected big growth from President Joe Biden’s signature climate law of 2022. SunPower said in court papers that it’s carrying about $2 billion in long-term debt [...]

Infineon Technologies (IFXGn.DE) has announced significant restructuring after a challenging Q3, missing revenue and profit expectations. The German chipmaker will cut 1,400 jobs and relocate another 1,400 positions to lower-cost countries. CEO Jochen Hanebeck cited slow market recovery and high inventory levels as key issues. For Q3, Infineon reported €3.702 billion in revenue, below the €3.8 billion forecast and down 9% YoY. Net profit was €403 million, missing the €447 million consensus. Consequently, the company downgraded its annual revenue forecast to ~€15 billion, its third revision this year. Despite these setbacks, Infineon's segment result, a preferred profitability measure, exceeded expectations [...]

Ayala Corp. and Japan’s biggest bank MUFG invest in Mynt, GCash parent company. Globe Fintech Innovations, Inc. (“Mynt”), the parent company of the Philippines’ number one finance super app and largest digital cashless ecosystem, GCash, has successfully secured fresh strategic investments from Ayala Corporation (“Ayala”), one of the largest and most enduring conglomerates in the Philippines, and Mitsubishi UFJ Financial Group (“MUFG”), Japan’s largest banking group and one of the largest financial institutions globally. This latest deal pushed Mynt’s valuation to $5 billion, more than doubling its $2 billion valuation from the last funding round in 2021. As of 2023, [...]

Intel plans to lay off more than 15% of its workforce by the end of the year, the company announced today, meaning roughly 15,000 employees or more (potentially up to 17,475 based on recent Intel headcount numbers of 116,500) — a vast restructuring that comes amid troubling financial results this quarter. The layoffs rank among the most severe in Intel's 56-year history. The news came during an earnings call for the semiconductor giant, which also announced that it has encountered yield issues with its Meteor Lake processors, problems that negatively impacted the bottom line. The company lost $1.6 billion in [...]