May 11, 2005—Savaria Corporation has signed a Letter of Intent with the shareholders of Concord Elevator Inc. to acquire all of the issued and outstanding shares of Concord.
The transaction, which is expected to close in June 2005, will make Savaria the second largest manufacturer and distributor of accessibility products in North America, says the company. The transaction is subject to certain conditions including the completion of satisfactory due diligence, conclusion of a definitive agreement and all necessary corporate and regulatory approvals.
Savaria Corporation, one of Canada’s leading accessibility companies, designs, manufactures and distributes eight products, meeting the needs of people with mobility challenges, including stairlifts, vertical and inclined platform lifts and elevators for residential use. For more on the company, visit its Web site.
