Invacare Corporation Announces Sale of Champion Manufacturing, Inc.

ELYRIA, Ohio—Invacare Corporation (NYSE: IVC) announced that it has completed the sale of Champion Manufacturing Inc. (Champion), its domestic medical recliner business for dialysis clinics, for approximately $45,000,000 in cash, subject to certain post-closing adjustments. This divestiture is consistent with Invacare’s focus on its globalization strategy to harmonize core global product lines and reduce complexity within its business.

Gerald B. Blouch, Invacare president and CFO, said, ”As we continue to reduce complexity in our business and focus on our core global product lines for the home and long-term care setting, Champion’s specialized focus on the domestic medical recliner business for dialysis clinics no longer fits that streamlined portfolio. The net proceeds from this divestiture also give us the opportunity to strengthen our balance sheet through the continued reduction of debt. I am grateful to the associates at Champion for the contributions that they have made to Invacare.”

Subject to certain post-closing adjustments and any restructuring charges, Invacare preliminarily estimates that it will realize net proceeds from the sale of the Champion business of approximately $43,000,000, net of tax and expenses. Invacare will use the proceeds to reduce debt outstanding under its revolving credit facility. Net sales for the Champion business were approximately $22.1 million for 2012 and $12.8 million for the six months ended June 30, 2013. Earnings before interest, taxes, depreciation and amortization were approximately $5.5 million for 2012 and $3.1 million for the six months ended June 30, 2013. For more information, visit www.invacare.com.