By Melodie Warner 
 

Invacare Corp. (IVC) agreed to sell its domestic medical supplies business to AssuraMed for $150 million as part of its plans to focus on its core product lines.

Invacare makes and distributes home and long-term-care medical products. The company expects to complete the sale of Invacare Supply Group in early 2013.

"This divestiture represents a significant step forward for Invacare and it allows us to continue to reduce complexity in our business, focus on our core product lines and expand globally, with the long-term goal of returning operating margins back to high-single digits," said President and Chief Executive Gerald B. Blouch.

Invacare reported a sharp drop in its third-quarter profit amid increased regulatory and compliance costs and a 0.1% revenue decline. Invacare Supply Group's sales increased 16% to $85.8 million.

Shares closed Thursday at $15.74 and were inactive premarket. The stock has risen 2.9% since the start of the year.

AssuraMed is a medical-supply distributor based in Twinsburg, Ohio. Its primary shareholders include funds managed by private-equity firms Clayton, Dubilier & Rice and Goldman Sachs Group Inc.'s (GS) GS Capital Partners.

Write to Melodie Warner at melodie.warner@dowjones.com

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