INVACARE CORPORATION (NYSE:IVC) Files An 8-K Costs Associated with Exit or Disposal ActivitiesItem 2.05.
Costs Associated with Exit or Disposal Activities.
On December 7, 2017, Invacare Corporation (the “Company”) implemented a reduction in its workforce of approximately 110 associates. The Company expects to incur total pre-tax cash restructuring charges, primarily relating to severance and transition assistance, of approximately $2.6 million, that will be expensed in the fourth quarter of 2017 principally in the North America/Home Medical Equipment segment and to a lesser extent the Institutional Products Group segment. The Company expects cash payments to be made in the fourth quarter of 2017 through the fourth quarter of 2018. Once this reduction in workforce is completed, the Company expects that it will generate approximately $8.5 million in annualized pre-tax savings.
Item 7.01.Regulation FD Disclosure.
On December 7, 2017, the Company issued a press release announcing the reduction in workforce. A copy of the press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
Item 9.01.Financial Statements and Exhibits.
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(d) Exhibits. |
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Exhibit Number |
Description of Exhibit |
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99.1 |
Press Release, dated December 7, 2017. |
INVACARE CORP ExhibitEX-99.1 2 dec720178krelease.htm EXHIBIT 99.1 Exhibit Exhibit 99.1 NEWS RELEASECONTACT:Lara Mahoney 440-329-6393INVACARE ANNOUNCES NORTH AMERICA REDUCTION IN FORCE AS PART OF CONTINUED COST REALIGNMENTELYRIA,…To view the full exhibit click here
About INVACARE CORPORATION (NYSE:IVC)
Invacare Corporation is a manufacturer and distributor for medical equipment used in non-acute care settings. The Company’s geographical segments are Europe; North America, which includes North America/Home Medical Equipment (North America/HME) and Institutional Products Group (IPG) segments, and Asia/Pacific. The Company manufactures and distributes three product categories: mobility and seating, lifestyle and respiratory therapy. It provides medical device solutions for congenital (cerebral palsy, muscular dystrophy and spina bifida), acquired (stroke, spinal cord injury, traumatic brain injury, post-acute recovery and pressure ulcers) and degenerative (amyotrophic lateral sclerosis, multiple sclerosis, chronic obstructive pulmonary disease (COPD), elderly and bariatric) ailments. The Company sells its products to home medical equipment providers with retail and e-commerce channels, residential living operators, distributors and government health services.