IntriCon Completes Divestiture of Security, Certain Microphone and Receivers Businesses
January 28 2014 - 4:01PM
Business Wire
Sierra Peaks Corporation of New Mexico
Acquires IntriCon Tibbetts
IntriCon Corporation (NASDAQ: IIN), a designer,
developer, manufacturer and distributor of miniature and
micro-miniature body-worn devices, today announced that it has
completed the previously announced divestiture of Camden,
Maine-based, IntriCon Tibbetts and its associated security, certain
microphone and receivers businesses. IntriCon sold the business to
Sierra Peaks Corporation, an Albuquerque, New Mexico-based
corporation. The sale of security, certain microphone and receivers
businesses, which closed on January 27, 2014, marks the final
milestone in the global strategic restructuring plan announced by
the company in June 2013. Financial terms of the deal were not
disclosed.
“The conclusion of our global strategic restructuring plan will
allow us to accelerate the company's future growth by focusing our
resources on the highest potential growth areas: medical
biotelemetry and value hearing health,” said Mark S. Gorder,
president and chief executive officer at IntriCon. “We are very
pleased to have found excellent ownership to take over IntriCon
Tibbetts and retain many of our skilled and dedicated
employees.”
IntriCon had previously disclosed its plan to divest the
securities, certain microphone and receivers businesses, and
results of operations for the businesses have been reported in
discontinued operations since the second quarter of 2013.
Said John Rockwell, President of Sierra Peaks Corporation,
“Sierra Peaks Corporation is the established leader in designing,
developing and manufacturing high-quality customized systems. The
acquisition of IntriCon Tibbetts provides a multitude of synergies
for our existing business as we look to further broaden our
engineering, technical skills and manufacturing capabilities. We
intend to serve the loyal customer base of IntriCon Tibbetts, while
expanding our reach and product offerings.”
About Sierra Peaks CorporationBased in Albuquerque, New
Mexico, Sierra Peaks Corporation is an agile, common sense,
engineering, design, prototyping and manufacturing company. Sierra
Peaks has over 40 years of experience in designing and building
hundreds of custom systems for the government and commercial
industry, including the aerospace and automation industries.
About IntriCon CorporationHeadquartered in Arden Hills,
Minn., IntriCon Corporation designs, develops and manufactures
miniature and micro-miniature body-worn devices. These advanced
products help medical, healthcare and professional communications
companies meet the rising demand for smaller, more intelligent and
better connected devices. 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, 2012. 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.
At IntriCon:Scott Longval, CFO,
651-604-9526slongval@intricon.comorAt PadillaCRT:Matt
Sullivan, 612-455-1700matt.sullivan@padillacrt.com
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