Invacare trims workforce
Invacare Corporation announced it was reducing its workforce by 100 associates on Jan. 31.
The company said that it invested in recruiting and training in 2017, but was “taking steps to align its infrastructure with this stage of the transformation.”
The reduction will generate around $6.6 million in annualized pre-tax savings, the company said. Officials said they expected to incur restructuring charges of around $2.2 million on a pre-tax basis.
“Invacare continues to make progress with our transformation plan. After investing in and reorienting the North America commercial organization throughout 2016, now we are focusing on realigning our infrastructure. This will include initiatives that streamline our operations, improve our processes, and remove complexity and cost from our business. These changes, while difficult, are an essential part of our transition to becoming a more sustainably profitable, growing business,” said Matthew E. Monaghan, Invacare's chairman, president and chief executive officer.
The Ohio-based company currently has approximately 4,600 associates and markets its products in approximately 100 countries.