SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities and Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 2, 2004
INVACARE CORPORATION
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(Exact Name of Registrant as Specified in its Charter)
OHIO
(State or Other Jurisdiction of Incorporation)
0-12938 95-2680965
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(Commission File No.) (IRS Employer Identification No.)
One Invacare Way, P.O. Box 4028, Elyria, Ohio 44036
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(Address of Principal Executive Offices)
(440) 329-6000
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(Registrant's Telephone Number, Including Area Code)
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Item 5. Other Events and Regulation FD Disclosure.
Invacare Corporation (NYSE: IVC) announced today, August 2, 2004, that
the Company has signed a definitive agreement to purchase WP Domus
GmbH ("Domus") for 190 million euros or approximately $230 million at
recent exchange rates. A European-based holding company, Domus designs
and manufactures several complementary product lines to Invacare's
existing product lines, including power add-on products, bath lifts
and walking aids. Domus currently has three divisions, Alber, Aquatec
and Dolomite, which are operated on an independent basis and are
branded separately. The definitive agreement is subject to German and
Norwegian regulatory approvals, which are expected to be received
within 120 days, and other customary conditions. Domus is forecast to
have sales in 2004 of approximately 96 million euros or $116 million
at recent exchange rates.
The three Domus companies are expected to be operated as independently
run units of Invacare under each of the units' current management
teams. In markets where Alber, Aquatec or Dolomite do not have their
own direct sales forces, Invacare's sales forces are expected to
provide opportunities to expand sales for such units.
The acquisition of Domus should add between 25-30 cents to earnings in
2005. In the remainder of 2004, the acquisition should be immediately
accretive. However, due to the timing of regulatory approval, the
company expects minimal addition to EPS in 2004. It is estimated that
the acquisition will take the Company's debt-to-total-capitalization
to approximately 40%.
A copy of the issued press release is attached as Exhbit 99.1.
Item 7. Financial Statements and Exhibits
Exhibit 99.1 - press release, dated August 2, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Invacare Corporation
By: /s/ Gregory C. Thompson
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Gregory C. Thompson
Senior Vice President and
Chief Financial Officer
Date: August 2, 2004