Intricon Donates to Wishes & More
December 22, 2021
Intricon is a proud sponsor of Wishes & More in 2021. Wishes & More grants wishes and scholarships to kids with terminal and life-threatening conditions and provides hopeful hearts, happy memories, and assistance to those who love them. Info@wishesandmore.org
Intricon Employees Volunteer with Open Arms
November 17, 2021
On November 17th, the ICCU partnered with Open Arms to deliver turkey meals for the Thanksgiving Holiday. Working together works!
May 10, 2022
INTRICON R&D VP DAVE LIEBL SHARES ADVICE ON HOW OEMs CAN LEVERAGE OUTSOURCED PARTNERS FOR COMPLEX PRODUCTS IN CHALLENGING TIMES
Medical Products Outsourcing, a leading media authority in the med device industry, recently called on Dave Liebl, vice president of research and development at Intricon, for insight for its latest article on how outsourced partners like Intricon can meet the demanding design challenges from OEMs.
He highlights how trends will lead to less-invasive approaches for diagnostic and therapeutic procedures and non-invasive technologies to help visualize and/or transmit key health data for analysis, and how Intricon is overcoming supply chain challenges for its customers.
“Lead times for raw materials required to prototype new product concepts have definitely increased—often two- or three-fold—from pre-pandemic levels,” he notes in the article. “Thus, companies that can find a way to prototype faster in the current environment will rise to the top.”
Other trends Dave touches on in the article include:
- Product design trending toward smaller, smarter devices that combine multiple technologies
- Speeding up product design and development by outsourcing to trusted and experienced contract manufacturers
- Electronics that are used to protect the health of patients and physicians, such as electromagnetic field (EF) generators and sensor technologies as alternatives to fluoroscopy
- More frequent use of FEA as product designs become smaller and more complicated, especially for the evaluation of complex assemblies
The article, posted online and in the May issue of Medical Product Outsourcing, ends with Dave’s observation that “Joint development manufacturers (JDMs) like Intricon have systems that are nimble and are ‘external eyes’ with deep category expertise to foresee both opportunities and challenges—now and down the road—during the manufacturing stage. As more OEMs experience this, they embrace the practice of third-party development for its efficiency and are able to leverage the resources and the expertise of the joint development manufacturer, that then becomes a valued extension of their team.”
Article in MP&O May, 2022 issue: https://bit.ly/3Nnu04R
April 11, 2022
INTRICON ENGINEERS MENTOR ROBOTICS COMPETITION TEAM
Intricon medical products engineer Austin Barrett has been a mentor to the Holy Family Catholic High School Robotics Team for the past five years. Austin dedicates approximately 200 hours each year to the team during the robotics build and competition season, from January through April. Austin works with students, teaching robotics building and development, along with teamwork and communication skills. This year, Intricon senior process development engineer Julia Rusciano joined Austin as another mentor from Intricon for the team.
On April 8 and 9, 2022, the robotics team competed in the Minnesota 10,000 Lakes Regional Competition, presented by Medtronic. The team, called Pyrobotics, placed 15th out of 55 teams in the qualification rounds and went on to be the 7th seed in the quarter finals. While the team lost in the finals, its robot reached the highest level of traverse climbing in the competition.
Intricon supports Austin, Julia, and the members of the Holy Family robotics team as a team sponsor.
FIRST® Robotics Competition teams design, program, and build a robot, starting with a standard kit of parts and common set of rules, to play in themed, head-to-head challenges. Teams also build a brand, develop community partnerships for support, and work to promote STEM in their local community as part of their role in the program.
Under strict rules and limited time and resources, students are challenged to build industrial-size robots to play a difficult field game in alliance with other teams. Students at all skill levels participate — technical or non-technical. The robotics competition gives high school students and their adult mentors the opportunity to work and create together to solve a common problem.
April 20, 2022
INTRICON RANKS HIGH IN GENDER DIVERSITY
Intricon was recognized as an Honor Roll company in the 2021 Minnesota Census of Women in Corporate Leadership. The census is the results of an annual study, conducted by St. Catherine University, which tracks how public companies are diversifying their boards and executive leadership teams by adding more women.
Intricon was one of only 15 other companies in Minnesota to earn Honor Roll status, which requires adding or diversifying board members and executives to achieve a minimum of 20% of corporate directors and/or a minimum of 20% of executive officers who are women. Intricon was recognized for its pursuit of gender parity at the top levels of the company.
An Intricon team attended the presentation of the research results by the university and Twin Cities Business Monthly, which publishes the research. CEO Scott Longval accepted an honorarium at the event and was featured in the publication of the results, commenting “We knew we needed greater diversity and more women in management and leadership roles. We were more conscious about how we thought about that as we were filling roles within the organization.” In addition to filling its CHRO and interim CFO executive positions with women leaders, Scott and the board also welcomed director Heather Rider, a global human resources specialist with 30 years of experience at medical technology companies, and Kathleen Pepski, former CFO of Hawkins industrial company, as directors.
All leaders at Intricon plan to continue to cultivate a culture of diversity and inclusion as the company grows. According to Scott, “The best way to solve complex problems is to have diverse views and experiences at the table. Looking at issues from all perspectives provides greater outcomes for Intricon.”
March 30, 2022
Intricon CHRO Recognized Nationally for Leading HR Transformation and Growth
HRO Today Magazine names Sara Hill Finalist
Chief Human Resources Officer Sara Hill was recently named a finalist for the annual Chief Human Resource Officer of the Year Award, presented by HRO Today magazine, in recognition of her accomplishments at Intricon. Sara will travel to Philadelphia for the CHRO of the Year Awards gala at the HRO Today Forum North America, where final winners will be announced on May 3, 2022. Sara is one of 33 finalists from a wide variety of industries who will be honored at the event.
The CHRO of the Year Awards was started in 2014 and honors CHROs with the capabilities to adapt to competitive business environments and deliver insights needed for HR transformation. The program recognizes CHROs who help drive workforce initiatives through innovation and achieve measurable excellence in employee engagement and retention. Honored CHROs are responsible for providing leadership for talent acquisition and retention, business growth, and workforce culture.
Sara is an experienced, proven HR leader who plays a leadership role in Intricon achieving its aggressive growth goals, primarily through strategic organizational development plans and talent management initiatives. Since joining Intricon in April 2020, Sara has initiated several major HR initiatives at the company, from how Intricon approaches employee engagement, to internal communications, organizational and leadership development, and work structures. At Intricon, Sara also leads compliance; diversity, equity and inclusion (DEI) initiatives; and the company’s Environmental, Social, and Governance (ESG)/sustainability program.
Competition for the 2022 CHRO of the Year Award is high. This year, judges received numerous nominations for a variety of categories, including non-profit, middle-market, enterprise, sustainable workforce, and for its Lifetime Achievement Award.
February 28, 2022
Intricon Enters into Agreement to be Acquired by an Affiliate of Altaris Capital Partners for $241 Million
On February 28, Intricon Corporation announced that it had entered into a definitive agreement to be acquired by an affiliate of Altaris Capital Partners, an investment firm focused exclusively on the healthcare industry. Altaris proposes to acquire all outstanding shares of Intricon stock at a price of $24.25 per share, a 39% premium to Intricon’s closing price on February 25, 2022, which equates to a compelling equity valuation of approximately $241 million. The transaction will enable the company to accelerate its advancement plans as a joint development manufacturer (JDM) with deep capabilities in micromedical technology across a broad range of high-growth markets. The acquisition received unanimous approval by the Intricon Board of Directors.
Scott Longval, Intricon CEO, credits the Intricon team for establishing the company as a premier partner of choice for medical device companies that incorporate advanced technology from Intricon into their products. He adds that the transaction ushers in the next chapter of the company and that Altaris will help further Intricon’s mission: To work side-by-side with customers as their JDM in micromedical technology, supporting customer teams from the earliest stages of ideas through final production of medical devices.
The merger agreement is also subject to a “go shop” period whereby Intricon may solicit superior proposals from third parties for a period of 35 days continuing through April 3, 2022, and in certain cases for a period of 45 days continuing through April 13, 2022. Subject to shareholder approval, the transaction is expected to close in the second quarter of 2022, following customary regulatory approval. Upon completion of the acquisition by Altaris, Intricon will become a private company.