INVACARE ANNOUNCES ACQUISITION OF DYNAMIC CONTROLS, LTD.
ELYRIA, Ohio, June 28 /PRNewswire/ -- Invacare Corporation (NASDAQ-NMS: IVCR) today announced the acquisition of Dynamic Controls, Ltd. of Christchurch, New Zealand. Dynamic Controls is the world's premiere, independent manufacturer of DC controls for power wheelchairs, electric scooters and other products. Terms of the acquisition were not disclosed. Commenting on the purchase, A. Malachi Mixon III, Invacare's chairman, president and chief executive officer, said, "The acquisition of Dynamic Controls is a strategic move. By combining Dynamic's reputation for quality and cost-effective manufacturing with Invacare's financial resources and experience as the world's leading manufacturer of power wheelchairs, we have created a team to create control technology for the twenty-first century and beyond." Dynamic Controls will operate as an independent business from its facilities in New Zealand under the leadership of the current management team. Mixon said, "We look for the Dynamic team to expand Dynamic Controls' worldwide sales of custom-designed products which meet the needs of their OEM customers." Dynamic Controls has approximately 150 employees and in addition to its modern manufacturing facilities in New Zealand, operates engineering and service centers in Europe and the U.S. Invacare Corporation is the world's leading manufacturer and distributor of home medical equipment with 1992 sales in excess of $305 million. Invacare's corporate headquarters are in Elyria, Ohio, and its product lines include manual and power prescription wheelchairs, standard wheelchairs, wheelchair seating and positioning products, home care beds, home respiratory care equipment and a complete line of patient aids such as walkers, canes, crutches and motorized scooters. In addition to the newly acquired Dynamic facility in New Zealand, Invacare has manufacturing locations in California, Canada, Florida, France, Great Britain, Germany, Mexico, Ohio, Texas, and the United Kingdom. Products are distributed worldwide at over 10,000 independent dealer locations. -0- 6/28/93 /CONTACT: David T. Williams of Invacare Corporation, 216-329-6989/ (IVCR)
CO: Invacare Corporation ST: Ohio IN: MTC SU: TNM
KL -- CL002 -- 6082 06/28/93 08:16 EDT
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|Date:||Jun 28, 1993|
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