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IVC > SEC Filings for IVC > Form 8-K on 12-Feb-2014All Recent SEC Filings

Show all filings for INVACARE CORP

Form 8-K for INVACARE CORP


12-Feb-2014

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.

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