Extracted from this filing and checked against the source text.
Restructurings & Charges
SEC 8-K Item 2.05/2.06
confidence 0.9
INVACARE HOLDINGS Corp announced a restructuring with charges of approximately $1.7 million affecting North America segment (Sanford, Florida production and distribution facility) (approximately 90 associates in Florida).
- Type
- restructuring
- Charge
- approximately $1.7 million
- Affected area
- North America segment (Sanford, Florida production and distribution facility)
- Headcount
- approximately 90 associates in Florida
Exact text from the filing
On April 5, 2023, Invacare Corporation (the “Company”) announced the decision to close its Sanford, Florida production and distribution facility, effective at the end of September 2023. The manufacturing and distribution activities currently conducted at the Sanford facility will be performed at other Company locations or by third parties. The consolidation is expected to impact approximately 90 associates in Florida. This decision is supportive of the Company’s transformation efforts and is part of the Company’s long-term plan to increase shareholder value by targeting significant contributions from cost reduction activities in North America. The Company expects to incur pre-tax cash restructuring charges of approximately $1.7 million in the North America segment, of which $0.9 million is expected to be incurred for severance and transition assistance and $0.8 million recognized for other closure-related costs.
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