IntriCon Expands U.S. Manufacturing Footprint to Meet Rising Demand of Medical Business
13 March 2018 - 11:00PM
Business Wire
Company Signs Lease in Arden Hills, Minn.,
Securing 30,000 Additional Square Feet
IntriCon Corporation (NASDAQ: IIN), a designer,
developer, manufacturer and distributor of miniature and
micro-miniature body-worn devices, today announced that it has
signed a 5-year lease securing 30,000 square feet of additional
manufacturing floor space near its current Arden Hills facility.
The added capacity will help the company meet rising demand in its
medical business, which grew 39.2 percent in 2017.
“The expansion of our medical business, which we expect will
continue, warrants this type of investment to fuel the company’s
next wave of growth,” said Mark S. Gorder, president and chief
executive officer of IntriCon. “The additional space and equipment
will enable us to meet rising demand in the near term. The lease
also provides for square footage expansion options to meet
longer-term anticipated demand increases. We expect to be fully
operational in our new facility by mid-2018.”
Key medical customers have invested, or made commitments to
invest, in over $4.5 million in capital equipment over the last
several months. These capital commitments, as well as anticipated
future customer commitments, helped drive the manufacturing
expansion.
The additional 30,000 square feet increases IntriCon’s U.S.
manufacturing footprint by 30 percent, and will accommodate robotic
assembly of medical components and systems. In conjunction with the
added space, the company also is increasing its molding capacity.
During the 2017 fourth quarter, IntriCon added six molding presses;
the company has an additional nine molding presses slated for
delivery throughout 2018.
Concluded Gorder, “In addition to meeting current needs, our new
space will allow us to aggressively pursue opportunities with other
medical customers that value our robotics, automation and
value-added assembly competencies in the micro-miniature medical
device space. With the expansion, we also expect to add up to 150
jobs in Minnesota during the first half of 2018—a benefit to both
the company and local economy.”
About IntriCon CorporationHeadquartered in Arden Hills,
Minn., IntriCon Corporation designs, develops, manufactures and
distributes miniature and micro-miniature body-worn devices. These
advanced products help medical, health care and professional
communications companies meet the rising demand for smaller, more
intelligent and better connected devices. IntriCon has facilities
in the United States, Asia, the United Kingdom 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, 2016. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180313005157/en/
At IntriCon:Scott Longval, CFO,
651-604-9526slongval@intricon.comorAt Padilla:Matt Sullivan,
612-455-1700matt.sullivan@padillaco.com
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