INVACARE CORPORATION (NYSE:IVC) Files An 8-K Costs Associated with Exit or Disposal Activities

INVACARE CORPORATION (NYSE:IVC) Files An 8-K Costs Associated with Exit or Disposal Activities
Item 2.05. Costs Associated with Exit or Disposal Activities.

On July 2, 2019, Invacare Corporation (the “Company”) announced a reduction in its workforce of approximately 75 associates in North America and Europe as part of the Company’s transformation efforts. As part of the Company’s long-term plan to increase shareholder value, the Company has targeted significant contributions from cost reduction activities in both North America and Europe. The Company expects to incur total pre-tax cash restructuring charges, primarily relating to severance and transition assistance, of approximately $0.6 million and $2.5 million during the second and third quarters of 2019, respectively. The Company expects cash payments to be made in the third quarter of 2019 through the first quarter of 2020. Once this reduction in workforce is completed, the Company expects that it will generate approximately $6.4 million in annualized pre-tax savings, including $3.3 million in Europe and the remainder in North America.
On July 2, 2019, the Company issued a press release announcing changes in the Company\’s North American sales organization, new product innovations and a 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.
EX-99.1 2 july22019release.htm EXHIBIT 99.1 Exhibit   Exhibit 99.1   NEWS RELEASECONTACT:Lois Lee  [email protected]  440-329-6435INVACARE CORPORATION ANNOUNCES ENHANCED TRANSFORMATION PLAN PROGRESS UPDATE ELYRIA,…
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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.

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