To know the terms of the sale, see Inside Out Booth attendants which include a 6-month period in which Invacare will sell products to the purchaser of the rental businesses, and certain 3-year non-competition obligations towards the rental subsidiaries and their employees, the Elyria, Ohio-based company said.
The 2 subsidiaries made up only a fraction of the company’s revenue, generating $7.2 million in sales during the 1st quarter 2015, compared to $289 million in revenue the larger corporation made, according to Invacare.
”The sale of our United States rentals businesses allows us to narrow our focus on improving profitability in our core business, including the design, manufacture and distribution of medical devices. We are pleased to complete this divestiture, and I want to thank the entire rentals team for their contributions to Invacare.,” CEO Matthew Monaghan said in a press release.
Last year, Invacare unloaded its rehabilitation device subsidiary Altimate Medical for $23 million in hopes of reducing the company’s debt.