ConvaTec to close manufacturing facility
GREENSBORO, N.C. – ConvaTec, a manufacturer of wound care and ostomy products, will begin closing its manufacturing facility here, resulting in 250 layoffs, according to news reports. It expects to complete the closure during the first quarter of 2017. The company announced in 2014 that it would shutter its office in Skillman, N.J., resulting in 118 layoffs from its sales, marketing and human resources division. ConvaTec is owned by Avista Capital Partners and Nordic Capital. The firms have been seeking a corporate suitor or IPO for the company, but have not succeeded, according to reports. Avista and Nordic purchased the wound care unit from Bristol-Myers Squibb for $4.1 billion in 2008. Nordic Capital formerly owned Permobil. ConvaTec has more than 9,000 employees, with 11 manufacturing facilities in eight countries. It owns 180 Medical, a provider of catheters and urological medical supplies.