Kinetic Concepts Inc. (NYSE:KCI) plans to shed 127 workers with the bulk of the cuts occurring at its San Antonio, Tx. facility, according to a report in the San Antonio Express-News.
The wound care giant, which was taken private in a $6.3 billion leveraged buyout last year by Apax Partners and a pair of Canadian pension funds, will cut 114 positions from operations, finance, human resources, information technology and corporate communications at its Texas headquarters, the newspaper reported. The remaining cuts will be spread across other U.S. locations.
KCI employs more than 7,100 workers across the globe.
“Throughout our 35 year history, we’ve been a stable employer and provided good jobs to thousands of employees – even during the global economic challenges of the past few years. With the changing landscape in healthcare, and with an eye toward the future, we need to match our workforce to the needs of the business and our customers," the company said in a statement. “We will continue to maintain a significant employee base in San Antonio and look forward to opening our new global headquarters here this summer."
The job cuts come as KCI looks to re-shape itself after the $6.3 billion buyout late last year. Late last month, the company shuffled the deck, naming a new chairman, new CEOs for 2 of its businesses and announcing plans to spin out a 3rd.
Former CEO Catherine Burzik stepped down ahead of schedule after the buyout closed last November.
