Vyaire Medical Closing Plymouth Plant, Eliminating 50 Jobs
Vyaire Medical will be closing its manufacturing facility in Plymouth at the end of June, leaving approximately 50 employees out of work.
The layoffs are expected to be permanent, the Mettawa, Illinois-based company wrote in a letter to the Minnesota Department of Employment and Economic Development. The job cuts and plant closure are set to officially occur on June 30. None of the affected employees are represented by a union, the letter noted.
Vyaire’s line of respiratory diagnostics, ventilation, patient monitoring and anesthesia products brought around $800 million in sales last year. Worldwide, the company employs more than 5,000 people.
Vyaire did not return comment as of press time regarding why it was closing its Plymouth facility. It also remains unclear what devices the company produced at the facility.
Vyaire was established in October 2016 as the spinoff of Becton, Dickinson and Company’s respiratory solutions business. At the time of its founding, private equity firm Apax Partners acquired a majority stake in Vyaire.
Apax announced last month it would acquire the remaining stake from Becton, Dickinson and Company for an undisclosed sum. That transaction is expected to close at the end of April and will give Apax complete ownership of Vyaire.
“We are pleased with the progress our team has achieved over the past 18 months in establishing Vyaire Medical,” said Vyaire’s chief executive Dave Mowry in a statement March 19th when Apax announced its plan to acquire 100 percent of the company. “Our success in standing up Vyaire Medical as an independent company also has been made possible by the support of [Becton, Dickinson and Company] and the contributions from Apax Partners, which has provided our team with a range of capabilities.”