Laval, Québec, Canada – September 16, 2022 – Savaria Corporation (“Savaria”) (TSX: SIS) one of the global leaders in the accessibility industry, announces today that its Board of Directors has approved an increase to the Corporation’s monthly dividend, raising it to 4.33 cents ($0.0433) per common share. On an annual basis, this represents an increase of two cents ($0.02) or 4%, raising the dividend to 52 cents ($0.52) per common share. This increase will apply to the dividends payable monthly starting on October 7, 2022, to shareholders of record of the Corporation at the close of business on September 29, 2022. This is an eligible dividend within the meaning of the Income Tax Act (Canada).
A Word from the President
“This dividend increase reflects our confidence in delivering sales growth and profitability in the coming years, while maintaining ample balance sheet flexibility to pay down our debt and invest in growth opportunities as they arise. Despite the challenges posed by a global pandemic and inflation, Savaria designs, manufactures and distributes products that fill a growing global need. The population of people aged 65 and over is growing faster than any other age group, and by 2030, it’s expected that 1.4 billion people will be 60 or older. Mobility issues follow this trend and people will need products for an accessible home and public spaces. With our distribution in over 40 countries, we currently deliver a product at a rate of every two minutes around the world. Together with our 2,250 employees, we remain confident in our goal to deliver sales of over $1 billion by the end of 2025. I thank them for their contribution to our success in meeting the challenges of the pandemic” said Marcel Bourassa, President and CEO of Savaria.
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 2,250 people globally and its plants are located across Canada, the United States, Europe and China.