Minnesota medical monitoring devices maker IntriCon Corp. told investors this month that the company plans to cut about 6% of its workforce as part of a larger restructuring effort to lower costs and focus on business areas with the highest growth potential.

IntriCon announced that it would lay off 35 "administrative and support employees," a move that will immediately save the company $2 million per year. Most of the cuts will be immediate, but layoffs in Maine will undergo a "phased" approach, the company added.

"Change of this nature is hard, but necessary, for the health of IntriCon," president & CEO Mark Gorder said in prepared remarks. "By right-sizing our organization, and better leveraging our existing resources, we’ll be able to aggressively drive our 2 largest growth opportunities – which we expect will strengthen in the second half of the year."

IntriCon plans to discontinue its security, microphone and receivers businesses, a move that will particularly impact its Maine and Singapore facilities. Some of the Maine operations will move to Minnesota and some of the Singapore operations will move to Indonesia, the company said.

Those efforts will help the company reap another $1 million in savings per year, according to a statement. The restructuring efforts will cost IntriCon between $200,000-$250,000, or 4¢ per share, in its 2013 earning.

IntriCon plans to offer employees financial support and outplacement assistance, according to a press release.