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December 27, 2012
09:18 EDTIVCInvacare announces workforce reduction at Taylor Street manufacturing facility
Invacare announced that due to a decline in production, the company has initiated an immediate workforce reduction at its Taylor Street manufacturing facility in Elyria, Ohio. The expected decline in production results principally from the company’s previously announced consent decree of injunction with the FDA, which was approved late last week by the United States District Court for the Northern District of Ohio. Invacare currently employs 365 hourly manufacturing associates at its Taylor Street facility in Elyria, Ohio. As a result of the workforce realignment, 222 associates will remain in their current roles or be reassigned to other roles across the Elyria campus. The remaining 143 associates will be laid off. For those associates who have been laid off, Invacare will offer 60 days continuance of pay and benefits. Due to the realignment, the Company expects to incur one-time restructuring charges not to exceed $1.25M on a pre-tax basis.
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July 2, 2015
12:20 EDTIVCInvacare to realize about $13.7M in net proceeds from sale of rentals businesses
Invacare announced that it has completed the sale of its United States medical device rentals businesses for long-term care facilities for approximately $15.5M in cash, subject to certain post-closing adjustments. Matthew Monaghan, Chairman, President and CEO, said, ''The sale of our United States rentals businesses allows us to narrow our focus on improving profitability in our core business, including the design, manufacture and distribution of medical devices. We are pleased to complete this divestiture, and I want to thank the entire rentals team for their contributions to Invacare.'' Subject to certain post-closing adjustments and any restructuring charges, Invacare preliminarily estimates it will realize net proceeds from the sale of the rentals businesses of approximately $13.7M, net of tax and expenses. For the three months ended March 31, net sales for the rentals businesses were approximately $7.2M, and loss before tax and any pro forma adjustments was approximately $0.6M.

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