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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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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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