Altaris ups investment in Minnetronix

Minnetronix Medical announced today that healthcare investment firm Altaris Capital Partners has acquired the majority share of the company.

Altaris, which actively manages $4.9 billion of equity capital, had been a minority investor in Minnetronix since 2015. The St. Paul, Minn.-based contract manufacturer declined to reveal the amount of the new investment.

“Throughout our relationship with Altaris, we have achieved many milestones as a company,” said Minnetronix CEO Jeremy Maniak in a news release. “Now, with our expanded partnership, we are excited to accelerate our strategy and move into the next stage of growth at Minnetronix.”

Get the full story on our sister site, Medical Design & Outsourcing.

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3M lays off another 1,700 workers

3M (NYSE:MMM) laid off another 1,700 workers during its second-quarter — with many of the jobs related to the company’s divested drug delivery business.

The layoff — announced as part of an SEC filing on July 28 — comes after the Maplewood, Minn.–based manufacturing conglomerate said early this year that it would lay off 1,500 workers — though a company spokesperson tells MassDevice that the number is now closer to 1,100 after some natural attrition.

3M announced in late 2019 that it would sell the drug delivery business to Altaris Capital Partners — completing the $617 million deal in May. Roughly 1,300 of the jobs in the second-quarter layoff round came amid restructuring of corporate functional costs and manufacturing footprint now that the deal is complete.

The company cut another 400 jobs to rein in expenses amid the COVID-19 pandemic.

3M had 96,000 employees globally at the end of 2019, according to its most recent annual report.

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