Invacare to layoff 50 in NA region

Invacare (NYSE:IVC) said today it will reduce its workforce in North America by approximately 50 individuals.

The Elyria, Ohio-based company said it expects to pay approximately $700,000 in charges related to the layoffs, expected to be expensed in its 2nd quarter of 2017.

Invacare said it expects that the workforce reduction will generate approximately $2.7 million in annualized pre-tax savings, according to an SEC filing.

“Our transformation emphasizes quality, patient centric solutions, streamlined customer engagements and reduced costs. We remain focused on improving profitability and managing cash flow to support the extended transformation and future sales growth. Realigning our infrastructure, paced by available resources and cash, is an essential part of our becoming a more sustainably profitable, growing business,” CEO & prez Matthew Monaghan said in a press release.

The company announced it would cut 100 employees from its workforce due to restructuring efforts in February, paying approximately $2.2 million in charges related to the workforce reduction.

Last November, Invacare announced it was restructuring its North American home medical equipment and European segments, eliminating 34 positions.

In July, Invacare said it sold its Invacare Outcomes Management and Dynamic Medical Systems medical device rental businesses for an estimated $15.5 million.

The post Invacare to layoff 50 in NA region appeared first on MassDevice.

from MassDevice http://ift.tt/2rS3PKR