"Planned Resignation". What does that mean?? The stock has not got hammered, and usually when the CFO is canned for shanagans, the stock takes a quick bath. They obviously did not discuss this with us little guys; however, the institutions had to have been clued in as to why. CEO has only been there for 5 years. Maybe one of those corporates that dance form company to company.
VANCOUVER , Dec. 18, 2013 /CNW/ - Cummins Westport Inc. (CWI) today announced that Gordon Exel , Westport Vice President, Sales and Marketing, has been appointed as President of CWI effective January 1, 2014 for the final year of Westport's three year term to nominate the President.
"Gordon's experience with Cummins Westport and solid understanding of the customers and markets are key assets that will contribute to the ongoing success of Cummins Westport," said Ed Pence , Cummins Vice President and General Manager, High Horsepower Engine Business, and Chairman of CWI.
Gordon joined Westport in 2002 as Vice President and General Manager Americas for CWI and spent 10 successful years at CWI. In 2012, he moved to Westport's European office in Lyon France , as Vice President, Sales and Marketing. Previous to Westport, Gordon was a Vice President in the banking information technology industry following a career at Xerox where he progressed into his last role as General Manager Channels Business. He has an MBA in Digital Technology Management from Royal Roads University in Canada .
Jim Arthurs , current CWI President, will be returning to a senior leadership position at Westport.
On December 5, 2013 , the directors of CWI were elected for the 2014 term. Effective January 1, 2014 , the CWI board of directors will be comprised of Ed Pence , Cummins Vice President and General Manager, High Horsepower Engine Business (Chairman); Dean Cantrell , Cummins Automotive On Highway Business Controller; Ric Kleine , Cummins Vice President, On Highway Business; Ashoka Achuthan , Westport Vice President, Finance Operations; Jim Arthurs , former CWI President; and Thomas Rippon , Westport Vice President, Mining and Rail.
By Zacks Equity Research
December 12, 2013 10:00 AM
Airgas, Inc. (ARG) has announced an initiative for the expansion of its atmospheric gas production capacity in New England. Under the extension program, the company is planning to build the second air separation unit (:ASU) in Bozrah, Conn.
The market for atmospheric gases is expected to grow in New England. Airgas’ new ASU will help to meet the increased demand for merchant gases, particularly in the medical, laboratory, high-tech firms and food industries.
Airgas plans to operate the new plant alongside the existing one in Bozrah. The proposed plant will produce more than 600 tons of oxygen, nitrogen, and argon per day, adding to its current production capacity of 1,000 tons daily. The ASU is expected to begin production in the fall of 2015.
Dual production facilities will increase the security of Airgas’ supply of atmospheric gases. The company also purchases atmospheric gases under long-term supply contracts with other producers.
Airgas has 16 air separation plants globally and it is the fifth largest producer of atmospheric gases in North America. Last year, the company has commissioned the Tennessee plant which began production in May 2012. In addition, Airgas is also building a new ASU in Illinois, which is set to be on line in the summer of 2015.
Airgas posted adjusted earnings of $1.25 a share in second-quarter fiscal 2014 (ended Sep 30, 2013), up 19% year over year. The results marginally surpassed the Zacks Consensus Estimate of $1.23. Revenues also grew 4% year over year to $1.28 billion, beating the Zacks Consensus Estimate of $1.27 billion.
For fiscal 2014, Airgas lowered its earnings outlook to $4.85–$5.00 from its previous expectations of $5.00 to $5.15, reflecting 11% to 15% annual growth. The guidance is based on a reduction in year-over-year organic sales growth rate assumptions.
However, strong cash flow continues to be a benchmark for Airgas’ business model. Moreover, its focus on effe