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 November 25, 2019, Invacare Corporation (the “Company”) announced the decision to close its Porta Westfalica, Germany production and distribution facility, effective at the end of 2020. The manufacturing and distribution activities currently conducted at the Porta Westfalica facility will be performed at other Company locations or by third parties. This consolidation is expected to impact approximately 240 associates in Germany. The Company expects to incur pre-tax cash restructuring charges in the Europe segment, primarily relating to severance and transition assistance, as well as other closure-related costs. The terms of the severance and transition assistance packages to be provided to the affected employees are subject to applicable works council and consultative processes. As a result, the Company is unable to estimate the amount and timing of the restructuring charges. Once determined, the Company will file an amendment to this Current Report on Form 8-K to provide an estimate and timing of the restructuring charges.

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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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