- Reducing investments in certain non-core professional audio communications product lines;
- Aggressively transferring specific product lines from Singapore to IntriCon’s lower-cost manufacturing facility in Batam, Indonesia;
- Reducing global administrative and support workforce;
- Transferring the medical coil business from the company’s Maine facility to Minnesota to better leverage existing manufacturing capacity, and exploring alternatives for the remaining security and microphone business, including possible sale; and
- Adding experienced professionals in value hearing health and also focusing more resources in medical biotelemetry.
IntriCon Corporation (NASDAQ: IIN), a designer, developer, manufacturer and distributor of miniature and micro-miniature body-worn devices, today announced a global strategic restructuring plan designed to accelerate the company’s future growth by focusing resources on the highest potential growth areas and reduce costs by approximately $3.0 million annually. Specifically, the plan includes: