Laval, Québec, Canada – March 1, 2023 – 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.
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:
Stephen Reitknecht, CPA, CA