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Invacare
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Invacare Corporation is world's leading manufacturer and distributor of non-acute medical equipments including wheelchairs, mobility scooters, walkers as well as respiratory products. Headquartered in Elyria, Ohio, the company currently distributes its product to more than 80 countries around the world.
ory of Invacare can be traced its root back to 1885 when the Worthington Company began to produce a wide range of wheelchairs.
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Encyclopedia
Invacare Corporation is world's leading manufacturer and distributor of non-acute medical equipments including wheelchairs, mobility scooters, walkers as well as respiratory products. Headquartered in Elyria, Ohio, the company currently distributes its product to more than 80 countries around the world.
History
History of Invacare can be traced its root back to 1885 when the Worthington Company began to produce a wide range of wheelchairs. The product lines were expanded several times, but its main focus remained in wheelchairs.
In the 1970s, Invacare was owned by Technicare, a Cleveland medical device manufacturer. With Mal Mixon as its Vice President of Marketing, the company branched into the field of diagnostic imaging. Later in 1978, Technicare was acquired by Johnson & Johnson and subsequently put a rather obscure Invacare for sale. Driven by the wish of running his own firm, Mal Mixon expressed interest in buying Invacare. Because of financial constraint, Mixon had to borrow $4.3 million and raise another $2.5 million in order to buy Invacare at $7.8 million. The transaction closed on December 28, 1979.
Upon owning Invacare, Mixon faced quite a challenge: a debt load. By the end of year, due to competition and lack of new products, the company earned a merely $100,000 out of its $19 million sale. In 1980, sale skyrocketed to $2.5 million and earning over $1.4 million. Over the next year, Invacare branched into the field of home care beds.
Today, through numerous acquisitions, Invacare has grown into a $8-billion medical product industry, supplying over 25,000 medical equipment providers with its product and distributing them to more than 80 countries around the world.
Harvard Alumni Achievement Award
On September 27, 2007, A. Malachi Mixon was conferred the Harvard Business School’s highest honor, the Alumni Achievement Award, by Dean Jay Light. The award was also given to: Ayala Corp. chair Jaime Augusto Zobel de Ayala, Martin Sorrell, Donna Dubinsky and Hansjorg Wyss of Synthes.
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