INVACARE ANNOUNCES ACQUISITION OF HOVIS MEDICAL, LTD.
INVACARE ANNOUNCES ACQUISITION OF HOVIS MEDICAL, LTD. ELYRIA, Ohio, April 1 /PRNewswire/ -- Invacare Corporation (NASDAQ/NMS: IVCR), today announced that it has acquired Hovis Medical, Ltd., a Mississauga, Ontario-based manufacturers' representative for Invacare and a distributor of home medical equipment from other manufacturers. Hovis Medical was founded in 1985 and has approximately 60 employees. In addition to the main office in Ontario, Hovis Medical operates manufacturing, service and distribution facilities in British Columbia and Quebec. Terms of the cash transaction, which closed yesterday, were not disclosed. The acquired entity will operate under the new name of Invacare Canada and will report into Invacare's corporate headquarters in Elyria, Ohio, U.S.A. In addition to selling the full line of Invacare branded products, Invacare Canada will continue to act as a distributor for a limited line of complementary home medical products manufactured by other companies. Don Hovis, founder and chief executive officer of Hovis Medical, will be leaving to pursue other business interests, but will stay on temporarily to assure a smooth transfer during the transition period. Canadian Wheelchair Manufacturing Ltd., a wholly owned, free-standing subsidiary of Invacare which is also based in Mississauga, will continue to operate autonomously with its own sales force, product and marketing programs under the direction of Stuart Hodgins who is Canadian Wheelchair's vice president of sales and marketing. With 1991 sales of U.S. $263 million, Invacare manufactures and distributes home healthcare and extended care equipment such as power and manual wheelchairs, respiratory equipment, hospital-type beds for the home, patient aids and three-wheel motorized scooters. Invacare is headquartered in Elyria, Ohio, U.S.A. and has additional manufacturing locations in Ohio, Florida, Texas and California in the United States, as well as in Canada, Mexico, Great Britain and Germany. Products are distributed through a worldwide network of more than 10,000 medical equipment dealer locations. -0- 4/1/92 /CONTACT: Gerald Blouch (investor), 216-329-6190, or Kathleen Obert (media), 216-329-6696, both of Invacare Corporation/ (IVCR) CO: Invacare Corporation ST: Ohio IN: MTC SU: TNM
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|Date:||Apr 1, 1992|
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