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Business

Ayala consolidates manufacturing, auto assets

Conglomerate pursues ambition to produce driverless cars

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An assembly line at Ayala's Integrated Micro-Electronics south of Manila.   © Reuters

MANILA -- Ayala Corp. announced on Wednesday the combining of its car distribution and electronics manufacturing ventures within a single investment vehicle.

The Philippine conglomerate's AYC Holdings transferred its 50.6% stake in Integrated Micro-Electronics (IMI) to AC Industrial Technology Holdings, a subsidiary created last year for Ayala's interests in Honda, Isuzu, and Volkswagen car dealerships, as well as local production of KTM motorcycles.

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