Savaria Enters into an Agreement to Sell its Norwegian Vehicle Adaptation Business to Cognia AS
March 01 2023 - 8:00AM
Savaria Corporation (“Savaria”) (TSX: SIS), a global leader in the
accessibility industry, announces today that it has entered into an
agreement with Drive AS, a subsidiary of Cognia AS (“Cognia”),
pursuant to which Cognia would acquire all of the issued and
outstanding shares of Handicare AS, subject to customary closing
conditions and regulatory approvals (the “Transaction”). The
Transaction is expected to close in late March or early April 2023.
Based in Moss with service depots across Norway,
Handicare AS focuses on commercial adaptations including
emergency-use police, fire and rescue, and paramedic vehicles. They
also provide local services for personal-use mobility
adaptations.
Cognia is a leader within the automotive
industry in Norway, with 600 employees spread over 20 locations
across the country. The group has a long history in the Norwegian
car industry, dating back to the establishment of Bil-Service
Passenger Cars in 1937, bilSpiten in 1959 and Volmax in 1997. Today
the Cognia Group is a multi-family conglomerate consisting of four
main areas of operation: cars, trucks, real estate and
technology.
About Savaria Corporation
Savaria Corporation (savaria.com) is a global
leader in the accessibility industry. It provides accessibility
solutions for the physically challenged to increase their comfort,
their mobility and their independence. Its product line is one of
the most comprehensive on the market. Savaria designs,
manufactures, distributes and installs accessibility equipment,
such as stairlifts for straight and curved stairs, vertical and
inclined wheelchair lifts and elevators for home and commercial
use. It also manufactures and markets a comprehensive selection of
pressure management products for the medical market, medical beds
for the long-term care market, as well as an extensive line of
medical equipment and solutions for the safe handling of patients,
including ceiling lifts and slings. In addition, Savaria converts
and adapts vehicles for personal and commercial uses. The
Corporation operates a sales network of dealers worldwide and
direct sales offices in North America, Europe (UK, Netherlands,
Switzerland, Italy, Germany, Poland and Czech Republic), Australia
and China. Savaria employs approximately 2,300 people globally and
its plants are located across Canada, the United States, Mexico,
Europe and China.
Forward-Looking Statements
This press release includes certain statements
that are “forward-looking statements” within the meaning of the
securities laws of Canada. Any statement in this press release that
is not a statement of historical fact may be deemed to be a
forward-looking statement. When used in this press release, the
words “believe”, “could”, “should”, “intend”, “expect”, “estimate”,
“assume” and other similar expressions are generally intended to
identify forward-looking statements. It is important to know that
the forward-looking statements in this document describe the
Corporation’s expectations as at the date hereof, which are not
guarantees of future performance of Savaria or its industry and
involve known and unknown risks and uncertainties that may cause
Savaria’s or the industry’s outlook, actual results or performance
to be materially different from any future results or performance
expressed or implied by such statements. The Corporation’s actual
results could be materially different from its expectations if
known or unknown risks affect its business, or if its estimates or
assumptions turn out to be inaccurate.
A change affecting an assumption can also have
an impact on other interrelated assumptions, which could increase
or diminish the effect of the change. As a result, the Corporation
cannot guarantee that any forward-looking statement will
materialize and, accordingly, the reader is cautioned not to place
undue reliance on these forward-looking statements. Forward-looking
statements do not take into account the effect that transactions or
special items announced or occurring after the statements are made
may have on the Corporation’s business. For example, they do not
include the effect of sales of assets, monetizations, mergers,
acquisitions, other business combinations or transactions, asset
write-downs or other charges announced or occurring after
forward-looking statements are made.
Unless otherwise required by applicable
securities laws, Savaria disclaims any intention or obligation to
update or revise the forward-looking statements, whether as a
result of new information, future events or otherwise. The
foregoing risks and uncertainties include the risks set forth under
“Risks and Uncertainties” in Savaria’s latest Annual MD&A as
well as other risks detailed from time to time in reports filed by
Savaria with securities regulators in Canada.
For further information: |
|
Marcel BourassaPresident and Chief Executive
Officer1.800.661.5112mbourassa@savaria.com |
Stephen Reitknecht, CPA, CAChief Financial Officer1.800.661.5112,
ext. 3370sreitknecht@savaria.com |
www.savaria.comfacebook.com/savariabettermobilitytwitter.com/Mobilityforlife
Savaria (TSX:SIS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Savaria (TSX:SIS)
Historical Stock Chart
From Jul 2023 to Jul 2024