Invacare lays of 75, shuffles sales deck

July 3, 2019 By Brad Perriello Leave a Comment

Invacare (NYSE:IVC) said yesterday that it’s planning to lay off nearly 2% of its workers and named new leaders for its North American sales operation.

The Elyria, Ohio-based wheelchair maker said it laid off 75 workers, or about 1.8% of its workforce, in North America and Europe; as of Dec. 31, 2018, the company had 4,200 employees.

The layoffs are expected to deliver $6.4 million in annual pre-tax savings, $3.3 million in Europe and $3.1 million in North America, Invacare said. Pre-tax cash charges from severance and transition assistance are expected to be $600,000 during the second quarter and $2.5 million during the third quarter.

Invacare also said it promoted Joost Beltman to vice president of sales & marketing for North America and named Keith Brantly director of CRT sales.

“We continue to make progress against our enhanced transformation and growth plan, and I am confident that today’s announcements, in conjunction with our ongoing strategic changes, will position Invacare for long-term success,” chairman, president & CEO Matthew Monaghan said in prepared remarks. “First, I would like to congratulate Joost and Keith on their new roles. These are exciting key roles for us to have filled with strong talent. Joost’s proven success in Europe will help us execute a clear vision for profitable sales growth in North America as we navigate the ever-changing healthcare market. He will be instrumental in integrating the North America resources to drive overall commercial success. Keith’s understanding of the clinical sales process and collaborative customer relationships will continue to expand Invacare’s legacy of innovation and expertise in the complex rehabilitation space. This is a core area for the company with strong products and clinical benefits. Keith’s focus will help us regain share and better align with customer success.

“Finally, while decisions that affect our workforce are never easy, it is important that we make long-term focused decisions and take actions that streamline our business to delight our customers and optimize our cost structure. Actions like these will enable us to successfully execute our transformation strategy and increase shareholder value,” Monaghan said.

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