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News Breaks | | | | October 4, 2012 | | 13:01 EDT |  | IIN | Intricon Corp sells ownership in joint venture
IntriCon (IIN) 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. IntriCon expects to record a third-quarter gain on the sale in the range of $750,000 to $850,000 pretax, or 13c to 14c per share. Including the impact of the gain on sale, IntriCon anticipates modest profitability in the third quarter, ended September 30. | |
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