Savaria Corporation

Savaria Corporation

June 20, 2005 12:00 ET

Savaria Acquires All Assets of Van-Action Inc.

LAVAL, QUEBEC--(CCNMatthews - June 20, 2005) - Savaria Corporation (TSX:SIS), one of North America's leading accessibility companies that facilitates and ensures mobility for the physically challenged today announced that it has acquired via Samson Belair/Deloitte & Touche, bankruptcy trustees, all of Van-Action's assets for 1.4 million dollars in cash.

In operation till mid May 2005, Van-Action was the most important Canadian enterprise engaged in converting and adapting vehicles for the physically handicapped. For over 20 years, they primarily offered mini-vans with lower floors and vans with higher ceilings, ideal for transporting persons in wheelchairs. They also distributed and installed platform elevators, motorized winches, assorted manual commands and other accessories to facilitate the movement of mobility restricted individuals. Located in Ville St. Laurent (Quebec), Van-Action has generated revenues of $12,7 million in 2004.

"We are proud to have acquired the assets of Van-Action, whose activities compliment our mission and our growth strategy", states Marcel Bourassa, President & CEO of Savaria. "Without delay, we will re-establish Van-Action's activities, which employs approximately one hundred employees. Mr. Jean-Francois Viau and Mr. Marcel Tremblay will hold respectively the positions of General Manager and Director of Research & Development of the Van-Action division of Savaria. They will be supported by Claude Dumoulin, Production Director, who occupies the same functions at Savaria and held the same position at the GM auto assembly plant in Ste.Therese and by Mr. Michel Dube, semi-retired, having ended his career as a Vice-President of the TD Bank.

Mr. Viau states, "Due to Savaria's solid financial resources, its management and marketing expertise and its vast dealer network, we are very confident to rapidly regain the confidence of our customers and our position as a Canadian leader".

"Whether in sales or management, our synergies are many and we are very confident to quickly render our new division profitable. Consequently, as this acquisition was a cash transaction, it should contribute to the growth of our earnings per share in this current fiscal year", states Mr. M. Bourassa.


Savaria Corporation is one of North America's leading accessibility companies. Savaria 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, all of which are manufactured in our new plant in Laval, Quebec. Savaria also adapts vehicles for the physically challenged. Savaria's products are sold through a network of over 300 retailers, 61% from the United States, 37% from Canada and 2% from Europe. Savaria employs approximately 200 people and its shares (SIS) are traded on the Toronto Stock Exchange. For further information visit:


Certain statements may constitute forward-looking statements. Such forward-looking statements involve risks, uncertainties and other factors, which may cause actual results, performance or achievements of the Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements.

Contact Information