CAMDEN – IntriCon Corp., a designer, developer, manufacturer and distributor of miniature and micro-miniature medical and electronics products, has entered into an agreement to acquire the assets (other than real estate) of privately held Tibbetts Industries Inc., a Camden designer and manufacturer of components used in hearing aids and medical devices.
Terms of the deal include a $4.5 million cash purchase and the assumption of certain liabilities. Tibbetts makes magnetic telecoils and miniature electroacoustic transducers, including receivers and microphones. Tibbetts also offers products that support technical surveillance by law enforcement and security agencies.
IntriCon is based in Arden Hills, Minn.
The acquisition is expected to be completed next month.
Tibbetts has been developing and building miniature electroacoustic transducers since 1945. Today, the company is an industry-recognized pioneer in the development of miniature transducer and telecoil technology, and has more than 85 employees.