ARDEN HILLS, Minn.--(BUSINESS WIRE)--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 Corporation
Headquartered 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.
Statements 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.