Medical device co. to move Camden operations
IntriCon Corp., a publicly traded medical device firm based in Minnesota, is moving some of its Camden-based operations to Minnesota as the 500-employee global firm cuts 35 positions.
Twin Cities Business reported the company plans to move its medical coil business from Maine to Minnesota to be closer to manufacturing operations there. CFO Scott Longval told the paper that move would likely offset the 10 to 12 positions the company plans to cut in Minnesota.
Longval said the company is also exploring alternatives — likely a sale — of its Maine-based operations focused on security and microphone products that are sold to the government.
Longval did not return a call or email by press time and the exact number of reductions at its Camden operation were not known. The company did report in a press release, however, that the cuts in its Maine operation would happen in phases and Longval told Twin Cities Business that moving the medical coil business would happen in four to six months.
The company says the staff cuts will reduce its annual operating costs by $3 million. It is seeking other cost-saving measures, like moving some manufacturing from Singapore to Indonesia.
IntriCon reported revenues of $63.9 million in 2012.
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