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IntriCon Corp Sells Ownership in Joint Venture
IntriCon Corp announced that during the third quarter it completed the sale of its 50% ownership interest in Global Coils, to its Switzerland-based joint venture partner, Audemars SA. The Global Coils joint venture designs, manufactures, markets and sells audio coils primarily to the European hearing health industry. Audemars, which paid $426,000 in cash for IntriCon`s stake at closing, will make future payments, both one time and recurring, as specified in the purchase agreement. Audemars also will transfer certain hearing health inventory to IntriCon.
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