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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 10, 2014
06:48 EDTIVCCJS Securities to hold a conference
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