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News Breaks
December 21, 2012
08:03 EDTIVCInvacare to sell medical supplies business to AssuraMed for $150M
Invacare Corporation and AssuraMed announced that they have signed a definitive agreement under which Invacare will sell Invacare Supply Group, its domestic medical supplies business, to AssuraMed for $150M, subject to certain closing adjustments. This divestiture is consistent with Invacare's focus on its globalization strategy to harmonize core global product lines and reduce complexity within its business. The transaction, which is expected to close in early 2013, is subject to regulatory approval and other customary closing conditions. Subject to certain closing adjustments and any restructuring charges, Invacare preliminarily estimates that it will realize net proceeds from the sale of the ISG business of approximately $140M, net of tax and expenses. In the near term, Invacare intends to use the proceeds to strengthen its balance sheet and reduce debt outstanding under its revolving credit facility. As previously disclosed by Invacare, net sales for the ISG business were approximately $299.5M for 2011 and $246.4M for the first nine months of 2012. Earnings before income taxes were approximately $8.0M for 2011 and $5.1M for the first nine months of 2012. While expected to be initially dilutive, this divestiture is consistent with Invacare's globalization strategy, the company said.
News For IVC From The Last 14 Days
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July 24, 2014
06:55 EDTIVCInvacare reviewing credit options
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06:54 EDTIVCInvacare reports Q2 organic net sales decreased by 6.1% vs. a year ago
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06:39 EDTIVCInvacare CEO Gerald B. Blouch to retire
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06:36 EDTIVCInvacare reports Q2 adjusted EPS (36c), consensus (22c)
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