PETALING JAYA: IQ Group Holdings Bhd
(IQGHB) has announced that its wholly-owned subsidiary will cease manufacturing operations, citing a sustained decline in order volumes and shifting customer preferences.
In a filing with Bursa Malaysia, the group said the unit, which is involved in the design and manufacture of motion sensors and related products, closed its operations yesterday, following the completion of its final production batch.
The decision came after several years of reduced manufacturing volumes, attributed to customers relocating sourcing activities to China in pursuit of cost efficiencies, alongside the tariff impact.
“The remaining production volume in Malaysia has reached a level that is no longer commercially viable,” the company said, noting that it was unable to sustain efficient factory utilisation or absorb fixed operating costs.
