VAPOTHERM MOVING MANUFACTURING TO MEXICO
Vapotherm Inc. is moving all of its manufacturing operations from Exeter to Mexico, affecting hundreds of workers.
The publicly traded company, which supplies breathing apparatuses for healthcare providers, has been shifting work to Mexico since the third quarter of 2021, but on April 27 it decided to close down manufacturing here altogether, according to filings with the Securities and Exchange Commission.
On May 27, the company signed an agreement with TACNA services to manage its Mexican operations, and on July 8 signed a seven-year lease agreement for 36,000 square feet in Tijuana, commencing Aug. 15.
The decision to move was in part because of the need to increase margins, especially in light of a fall in revenue after the initial Covid-19 surge in 2020 and early 2021. However, due to the lower virulence of subsequent Omicron surge (as well as the effectiveness of the vaccine and improved treatment), there weren’t as many hospitalizations as expected, and therefore, a need for breathing apparatuses declined.
First-quarter revenue fell 33 percent to $21.6 million compared to the first quarter of 2021, resulting in a net loss of $22.8 million, more than double the quarterly loss of a year ago.
There is some evidence that shareholders are dissatisfied with company management. During the last annual meeting, about a quarter of shares were cast against keeping CEO Joe Army on the board of directors, an unusually poor showing, especially for the CEO, who is expected to be on the board. The board chairman, James Liken, faced stiffer opposition.
According to SEC filings, the company employed 512 people in the United States, 316 of them employees, the rest were contractors. It is unclear how many were involved in manufacturing. About 100 were in sales.
ALYSSA CLEMSEN NAMED NH ELECTRIC CO-OP CEO
Alyssa Clemsen Roberts has been named NH Electric Cooperative’s new president and CEO.
Clemsen Roberts, who most recently served as CEO of the Delta-Montrose Electric Association electric cooperative in Colorado and president of its wholly owned for-profit fiber internet subsidiary, Elevate. Before that, Clemsen Roberts was chief strategy officer at Platte River Power Authority in Fort Collins, Colo., where she work in government relations and community engagement activities, energy-efficiency and distributed resource programs, internal and external communications, human resources and safety.
Clemsen Roberts, who will officially begin her new job on Sept. 6, succeeds Steve Camerino, who stepped down as NHEC’s CEO last year.
TRUE NORTH NETWORKS MERGES INTO VISORY
True North Networks of Swanzey has merged with RightSize Solutions of Chesterfield, Mo., forming Visory, a provider of technology management, cybersecurity and hosting solutions for independent registered investment advisors, or RIAs.
True North provides Securities and Exchange Commission-compliant technology, network security and support to independent RIAs and other businesses across the country. RightSize provides IT management and cybersecurity services to RIAs. Before the combination, True North and RightSize were independent portfolio companies of Bluff Point Associates, a Westport, Conn.-based private equity firm.
Bob Hollander was named CEO of Visory, and Steven Ryder, founder of True North, is chief strategy officer of the new company.
With headquarters in Chesterfield, Visory will continue operating with its remote workforce, and keep its existing offices in Lenexa, Kan., and Swanzey.
