The United Kingdom's National Health Service is the world's largest buyer of hearing aids, and Arden Hills-based IntriCon Corp. just acquired one of the key companies that supplies them.
IntriCon did not release the terms of its deal acquisition of London's PC Werth Ltd., which was completed Tuesday. A company spokesman could not be reached.
A news release disclosing the deal noted the acquisition will generate $4.5 million to $5.5 million in annual revenue.
"The NHS is widely recognized as the most efficient hearing aid delivery system in the world, and we believe we are well-positioned to serve their needs.," IntriCon President and CEO Mark Gorder said in a statement.
The move follows an agreement announced last December that made IntriCon the exclusive distributor of PC Werth hearing aid products in the United Kingdom.
IntriCon makes small, body-worn devices for hearing health and medical indications, as well as equipment for professional audio communications. IntriCon announced the deal after regular trading closed Tuesday. Its shares dropped 2.5 percent Tuesday to $7.95 a share.