The Company was set up as a limited company under the Civil and Commercial Code of Thailand on March 13, 2014, and was converted into a public limited company on 9 December 2015. Its major shareholder and controlling person is Ingress Corporation Berhad (“ICB”), which registered the establishment under Malaysian on 9 August 1999 under the name “Ingress Corporation Sdn. Bhd.” ICB is a holding company.
The Group (consisting of the Company and subsidiaries in Thailand, Malaysia, and Indonesia) operates automotive components manufacturing business (ACM business), and it has undergone continued development in business operations in the ASEAN Region. In early 1993, Ingress Group, by Ingress Engineering Sdn. Bhd (“IESB” ), started its business by manufacturing and distributing moulding parts to PeRusahaan OTOmobil Nasional or Proton, a Malaysian automobile manufacturer. IESB received technical training and assistance from Japan’s Katayama Kogyo Co., Ltd (“KK”). This was the starting point of the Ingress Group and the Group for accumulating knowledge and developing their advanced technical expertise and experience in ACM business. This achievement in conjunction with the rapid growth of the automotive manufacturing markets in Malaysia and the ASEAN region pushed the Ingress Group to set up a joint venture – Ingress Precision Sdn.Bhd. (“IPSB”), which involved cooperation among IESB, KK and Mitsubishi Corporation on 5 January 1994 to manufacture and distributing door sashes. That time, IPSB was the only manufacturer in Malaysia that manufactured roll-formed automotive components. Currently, IPSB is a subsidiary of IIM, and its shares owned by IIM represents 90 percent and by KK, 10 percent.
After the achievement in manufacturing and distributing automotive components to Proton, the Ingress Group and Perusahaan Otomobil Kedua Sdn. Bhd. (“Perodua”) established a joint venture – Ingress Technologies Sdn.Bhd. (“ITSB”) on 3 September 1997 to manufacture “Door-in-White” for Perodua Kancil. At present, ITSB is a subsidiary of IIM, and its shares owned by IIM represents 70 percent and by Perodua, 30 percent. Currently, ITSB is manufacturing and assembling medium to high tonnage pressed parts for customers in Malaysia.
The rapid growth of the automotive industry in the globalization era has enabled the Ingress Group and KK to develop their cooperation as strategic partners to meet ASEAN customers’ needs. On 17 September 1996, Ingress Autoventures Co., Ltd. (“IAV”) was founded to respond to the needs of automobile manufacturers and distributors in Thailand and to expand its business opportunities. With KK’s technical expertise and the Ingress Group’s experience in the automotive industry, IAV has grown so that it has become one of the most successful automotive parts manufacturers in Thailand in terms of automotive parts distribution to global OEMs whose production and export bases are in Thailand.
The Ingress Group’s ACM business has continued to expand in line with ASEAN economic growth. In June 2006, the Ingress Group acquired all shares of Fine Components (Thailand) Co., Ltd. (“FCT”), from Singaporean shareholders. FCT has manufactured and distributed automotive components based on the fine blanking technology and manufactured press dies.
In order to expand the Ingress Group’s business and enhance its long-term competitiveness in the ASEAN region, in March 2003, P.T. Ingress Malindo Ventures (“PT IMV”) was set up in Indonesia. This expanded the Group’s business into another large ASEAN automotive market. PT IMV specializes in manufacturing and distributing molding parts, sashes, and sash related-components for the automotive industry. In addition, ITSB has expanded its ACM business in Indonesia by establishing P.T. Ingress Technologies Indonesia (“PT ITI”) on 3 October 2012. PT ITI’s focuses are stamping small parts and supporting PT IMV’s manufacturing activities.
Expanding its business into large automotive markets in the ASEAN region, consisting of Thailand, Malaysia and Indonesia, has enabled the business of the Ingress Group and the Group to timely reach new customers and business opportunities in the respective countries. This has also allowed them to establish and maintain a close relationship with global leading OEMS from Japan, the USA, and Europe with production bases in all the three countries.
IESB is not part of the Group after the Group’s restructuring before the initial public offering (IPO) and listing on the Stock Exchange of Thailand were completed
in late January 2015. The Group’s restructuring also included acquiring IESB’s molding parts business by IPSB.