IntriCon Corp., a manufacturer of miniature and micro-miniature medical and electronics products, announced Friday its acquisition of Tibbetts Industries, Inc., a manufacturer of components used in hearing aids and medical devices for $4.5 million.
The acquisition is expected to close in May 2007.
Tibbetts, headquartered in Camden, Maine, makes magnetic telecoils and miniature electro-acoustic transducers, including receivers and microphones, and products for technical surveillance by law enforcement and security agencies.
According to Mark S. Gorder, president and CEO of IntriCon, the acquisition will give the company access to key components that go into ear-worn communication devices and will allow IntriCon to create ear-worn communications platforms that connect people to people and their devices.
The acquisition will also allow IntriCon to expand their presence in the security products market, Gorder said. IntriCon is headquartered in Arden Hills, Minn.
Tibbetts’ management will remain with IntriCon, after the acquisition, in their current roles.
Tibbetts had sales of about $7 million in 2006.