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February 12, 2014
09:27 EDTIVCInvacare announces closure of London, Canada manufacturing facility
Invacare announced its decision to close its London, Canada manufacturing facility by mid-2014. The closure of this plant is part of the company’s long-term strategy to remain cost competitive by optimizing its global supply chain. Production of case goods currently manufactured in London will be transferred to the Invacare plant in Sanford, Florida. The long-term care beds production in London will be outsourced to a third-party with established FDA-registered manufacturing capabilities around the world. The third-party manufacturer has a significant focus on medical devices, including acute care bed production. The company expects to incur project-related expenses of at least $3.5M on a pre-tax basis across Q2 and Q3. At this time, those costs are estimated to include approximately $1.4M in one-time cash restructuring charges, approximately $1.1M in non-cash restructuring charges and approximately $1M in operating expenses during the closure. The company expects minimal benefits in 2014, but it expects annualized savings of up to $2.7M starting in 2015.
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September 30, 2014
07:33 EDTIVCInvacare announces amendment to credit agreement
Invacare Corporation announced that it has amended its credit agreement effective September 30. The amended agreement provides the company with additional flexibility in calculating its financial covenants through the duration of the credit agreement. In calculating the company’s financial covenants, the credit agreement amendment provides an add back to the company’s EBITDA for warranty accruals up to $10,000,000 and subtracts cash payments when actually paid in future periods.

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