Hi-P International has completed the acquisition of high-precision engineering plastic component maker South East Asia Moulding Co., or SEAMCO, the contract manufacturer said in a filing to SGX.
Earlier this month, Hi-P had announced it would acquire SEAMCO for US$31 million.
“With the completion of the acquisition, Hi-P has not only acquired a highly automated manufacturing facility and capabilities in ultra-precision engineering, it has also inherited a team of highly experienced employees,” Hi-P said.
Yao Hsiao Tung, executive chairman and CEO of Hi-P, noted that SEAMCO has become a strategic supplier to a renowned blue-chip customer regionally.
“I am convinced that through this acquisition and its resulting combined strength, Hi-P is well positioned to seize more business opportunities by expanding our footprint in the South East Asia region to further grow the acquired business,” he said in the statement.