Search the web
Welcome, Guest
[Sign Out, My Account]

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
IVC > SEC Filings for IVC > Form 8-K on 12-Feb-2014All Recent SEC Filings

Show all filings for INVACARE CORP



Costs Associated with Exit or Disposal Activities, Financial Statements and Exhibit

Item 2.05 Costs Associated with Exit or Disposal Activities.
On February 12, 2014, Invacare Corporation (the "Company") announced its decision to close its London, Canada manufacturing facility by mid-2014. The closure of the facility, which produces long-term care beds and case goods, 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 Company's 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.

As a result, the Company expects to incur project-related expenses of at least $3.5 million on a pre-tax basis across the second and third quarter of 2014. At this time, those costs are estimated to include approximately $1.4 million in one-time cash restructuring charges, approximately $1.1 million in non-cash restructuring charges and approximately $1.0 million in operating expenses during the closure. The Company expects minimal benefits in 2014, but it expects annualized savings of up to $2.7 million starting in 2015.

The Company issued a press release in connection with the announcement, which is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.

Exhibit Number Description of Exhibit

99.1 Press Release, dated February 12, 2014.

  Add IVC to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for IVC - All Recent SEC Filings
Copyright © 2015 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.