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Electronics Production |
IntriCon acquires PC Werth Ltd
IntriCon, a manufacturer and distributor of miniature and micro-miniature body-worn devices, has acquired PC Werth, a supplier of hearing healthcare products and equipment to the UK’s National Health Service.
In December 2014, IntriCon entered into an exclusive agreement with PC Werth Ltd, to distribute its high-quality hearing aid products in the United Kingdom. By acquiring PC Werth, IntriCon gains direct access to the NHS and greater control over its efforts to accelerate new market penetration in the United Kingdom.
The NHS is the largest purchaser of hearing aids in the world, supplying an estimated 1.4 million hearing aids annually. Post integration, IntriCon expects the acquisition will generate USD 4.5 million to USD 5.5 million in revenue on an annualised basis, and be accretive to earnings per share.
The transaction will require various NHS contracts to be novated, which the company anticipates completing in 2015. Going forward, IntriCon will continue to use the PC Werth tradename and Kamplex brand. Key management of PC Werth will be retained as part of the transaction.
