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INVACARE SIGNS PURCHASE AGREEMENT TO ACQUIRE FRANCE'S No. 1 HOME MEDICAL EQUIPMENT MANUFACTURER

 INVACARE SIGNS PURCHASE AGREEMENT TO ACQUIRE
 FRANCE'S No. 1 HOME MEDICAL EQUIPMENT MANUFACTURER
 ELYRIA, Ohio, July 27 /PRNewswire/ -- Invacare Corporation (NASDAQ/NMS: IVCR) today announced that it has signed a definitive agreement to acquire Poirier S.A., the largest manufacturer and distributor of wheelchairs and other home medical products in France. The transaction is subject to certain customary contingencies, including French government approval. The pending acquisition is being made for a combination of cash and common stock for a total value of approximately $55 million. The acquisition is expected to close in September.
 For Poirier's fiscal year, which will end Sept. 30, 1992, management expects sales to be in the range of $45-50 million and net earnings to exceed $3 million. Poirier is headquartered in Tours, France, approximately 120 miles (200 km) southwest of Paris, and has sales and distribution facilities in Germany and the United Kingdom. Next month, Poirier will move into its newly constructed, 90,000 sq. ft. state-of-the-art manufacturing facility, which is also located in Tours. The company has implemented modern manufacturing techniques and now has one of the most efficient operations in Europe. Poirier was founded in 1928 and is a privately held company. It employs approximately 300 people. It is headed by Benoit Juranville, 43, who will remain as president and general manager of Poirier. Juranville will report to A. Chace Anderson, Invacare's vice president and general manager of international operations, who is based in the U.K.
 A. Malachi Mixon III, Invacare's chairman, president and chief executive officer, stated that the acquisition contributes significantly to Invacare's strategic mission of global leadership in the home medical equipment industry and enhances the company's long- term growth outlook. "With Carters (J&A) Ltd. in the U.K., Invacare Deutschland, Invacare France and now Poirier, Invacare has a major market share and full manufacturing capabilities in each of Western Europe's three largest economies. Combined with our existing operations, total European revenues are expected to exceed $120 million in 1993.
 "The transaction is expected to have a moderately favorable impact on 1992 operating results, with significant improvements thereafter. Poirier is a profitable, well-managed, innovative and growing company with marketing and operating philosophies very similar to those of Invacare," Mixon continued. "This business combination yields the opportunity for substantial synergies and is an excellent fit for both organizations.
 "Poirior also brings with it an experienced and respected management team. Under Juranville's 10-year leadership, Poirier has risen to become the industry leader in France and has developed a strong reputation for innovative high-quality products," Mixon concluded.
 Invacare manufactures and distributes power and manual wheelchairs, respiratory equipment, hospital-type beds for the home, patient aids, three-wheel motorized scooters and other home healthcare and extended care equipment. With annual sales in 1991 of $263 million, Invacare is headquartered in Elyria, Ohio. Manufacturing locations include Ohio, Florida, Texas, California, Canada, Mexico, Great Britain, Germany and France. Products are distributed through a worldwide network of over 10,000 medical equipment dealer locations.
 -0- 7/27/92
 /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


KK -- CL002 -- 3469 07/27/92 11:23 EDT
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Publication:PR Newswire
Date:Jul 27, 1992
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