IntriCon Acquires PC Werth Ltd
November 03 2015 - 4:05PM
Business Wire
Company Gains Direct Access to U.K.’s
National Health Service, Greater Control Over Sales and Marketing
Initiatives
IntriCon Corporation (NASDAQ: IIN), a designer,
developer, manufacturer and distributor of miniature and
micro-miniature body-worn devices, today announced that it has
acquired, effective today, assets of PC Werth Ltd, a leading
supplier of hearing healthcare products and equipment to the United
Kingdom’s National Health Service (NHS).
In December 2014, IntriCon entered into an exclusive agreement
with PC Werth Ltd, to distribute its high-quality hearing aid
products in the United Kingdom. By acquiring PC Werth, IntriCon
gains direct access to the NHS and greater control over its efforts
to accelerate new market penetration in the United Kingdom.
As previously noted, the NHS is the largest purchaser of hearing
aids in the world, supplying an estimated 1.4 million hearing aids
annually. Post integration, IntriCon expects the acquisition will
generate $4.5 million to $5.5 million in revenue on an
annualized basis, and be accretive to earnings per share.
The transaction will require various NHS contracts to be
novated, which the company anticipates completing in 2015. Going
forward, IntriCon will continue to use the PC Werth tradename and
Kamplex brand. Key management of PC Werth will be retained as part
of the transaction.
Said Mark Gorder, president and chief executive officer of
IntriCon, “Our acquisition of PC Werth provides IntriCon a solid
foundation to expand our presence in the U.K. and establishes a
direct link to the NHS. An immediate initiative will be to increase
our sales and market efforts to drive NHS market share. The NHS is
widely recognized as the most efficient hearing aid delivery system
in the world, and we believe we are well-positioned to serve their
needs.”
About PC Werth LtdEstablished in 1947 by Peter Werth, PC
Werth played an instrumental role establishing the U.K.’s
independent hearing healthcare sector and was instrumental in
developing the U.K. business for three of the world’s six largest
hearing aid manufacturers. Now a leading supplier of hearing
healthcare products and equipment to the NHS and all hearing
healthcare practitioners, PC Werth also supplies communication
products and associated services to schools and learning
establishments. For more information about PC Werth, visit
http://www.pcwerth.co.uk.
About IntriCon CorporationHeadquartered in Arden Hills,
Minn., IntriCon Corporation designs, develops, manufactures and
distributes miniature and micro-miniature body-worn devices. The
company is focused on three key markets: medical, hearing health,
and professional audio communications. IntriCon has facilities in
the United States, Asia and Europe. The company’s common stock
trades under the symbol “IIN” on the NASDAQ Global Market. For more
information about IntriCon, visit www.intricon.com.
Forward-Looking StatementsStatements made in this release
and in IntriCon’s other public filings and releases that are not
historical facts or that include forward-looking terminology are
“forward-looking statements” within the meaning of the Securities
Exchange Act of 1934, as amended. These forward-looking statements
may be affected by known and unknown risks, uncertainties and other
factors that are beyond IntriCon’s control, and may cause
IntriCon’s actual results, performance or achievements to differ
materially from the results, performance and achievements expressed
or implied in the forward-looking statements. These risks,
uncertainties and other factors are detailed from time to time in
the company’s filings with the Securities and Exchange Commission,
including the Annual Report on Form 10-K for the year ended
December 31, 2014. The company disclaims any intent or obligation
to publicly update or revise any forward-looking statements,
regardless of whether new information becomes available, future
developments occur or otherwise.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151103006698/en/
At IntriCon:Scott Longval, CFO,
651-604-9526slongval@intricon.comorAt PadillaCRT:Matt Sullivan,
612-455-1700matt.sullivan@padillacrt.com
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