Phonak leaps into second place market position
The hearing devices company, Phonak, said on Monday that it is to buy Canada's Unitron, to strengthen its market position.
If the SFr162 million ($92 million) deal is completed it will mean Phonak will be second only to Siemens in the hearing instruments sector. It currently ranks fifth.
Two thirds of the price is to be paid in cash and the remainder in shares.
The acquisition, expected to go through on 1st January, is the latest in a Phonak buying spree which has seen takeovers of Spain's Indo Leam Audiologica in September and Denmark's Auris in July.
Unitron had sales of SFr111 million last year. Phonak's first half sales were up a record 44.5 per cent to SFr208 million.
The company's recent success is largely due to the successful launch of is newest digital device, Claro.
Phonak shares have gained more than 100 per cent this year.
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