During Wednesday’s Morning trade, Shares of Triumph Group Inc (NYSE:TGI), lost -2.95% to $39.84.
Triumph Group, declared that the Board of Directors has designated Daniel J. Crowley as President and Chief Executive Officer and as a director of the company, effective January 4, 2016. Mr. Crowley succeeds Richard C. Ill, the founder of Triumph and a member of the Board of Directors, who has served as CEO since April 08, 2015, after formerly serving as CEO from 1993 until his retirement in July 2012. Mr. Ill will continue to serve as a director on the Triumph Board. The company’s declaration follows an extensive search by the Board’s Search Committee to identify a new CEO.
Mr. Crowley brings noteworthy planned and operational experience to Triumph in the aerospace and defense industry, amassed over a 32-year career. He most recently served as President of two Raytheon Company business areas with multi-billion dollar revenues. Before Raytheon, Mr. Crowley served as Chief Operating Officer of Lockheed Martin Aeronautics after holding a series of increasingly responsible assignments across its space, electronics, and aeronautics sectors. Mr. Crowley has played key leadership roles in the development, production and deployment of some of the largest and most complex aerospace and defense products.
General Ralph “Ed” Eberhart, Non-Executive Chairman of the Board of Directors, said, “On behalf of the Board, I am delighted to welcome Dan as Triumph’s new President and CEO. After careful and deliberate consideration of an extensive group of highly qualified candidates, the Search Committee recommended and the entire Board unanimously approved Dan to lead Triumph forward as CEO. This leadership declaration comes at an important time in our company’s history as we look to enhance competiveness and profitability to capitalize on the rapid expansion of the global aviation market. We are confident that Dan’s planned and operational expertise, and deep understanding of the aerospace and defense industry, make him well-qualified to drive Triumph’s growth, development and execution.”
Triumph Group, Inc. designs, engineers, manufactures, repairs, overhauls, and distributes aero structures, aircraft components, accessories, subassemblies, and systems worldwide. Its Aerostructures Group segment designs, manufactures, builds, and repairs acoustic and thermal insulation systems, aircraft wings, composite and metal bonding, composite ducts and floor panels, empennages, engine nacelles, flight control surfaces, helicopter cabins, precision machined parts, stretch-formed leading edges and fuselage skins, and wing spars and stringers.
Shares of Express Scripts Holding Company (NASDAQ:ESRX), declined -0.08% to $88.13, during its current trading session.
Express Scripts Holding Company (ESRX) anticipates achieving adjusted earnings per diluted share for 2016 in the range of $6.08 to $6.28, representing growth of 10% to 14% over the mid-point of our formerly issued 2015 guidance range – See table below.
“Our focused model of alignment has positioned us uniquely in the healthcare services landscape to improve health outcomes and lower costs for our clients and patients,” said George Paz, CEO and chairman of Express Scripts. “No one matches our focus on serving clients and patients and we remain confident in our continued growth and returning exceptional results to our shareholders.”
“The fundamentals of our business allow us to deliver solid financial results while making investments to continue our growth as a leading independent PBM and healthcare provider,” said Tim Wentworth, President. “We have an aligned book of business and a deep set of innovative solutions to assist clients and patients. As we create value for our patients and clients, we create value for our shareholders.”
Express Scripts Holding Company operates as a pharmacy benefit administration (PBM) company in the United States and Canada. The company operates through two segments, PBM and Other Business Operations. The company’s PBM segment’s services comprise clinical solutions to enhance health outcomes, such as adherence, case coordination, and personalized medicine; specialized pharmacy care; home delivery pharmacy; specialty pharmacy, counting the distribution of fertility pharmaceuticals that require special handling or packaging; and retail network pharmacy administration.
Finally, Cliffs Natural Resources Inc (NYSE:CLF), lost -2.04%, and is now trading at $1.68.
Cliffs Natural Resources Inc. (CLF) has closed the sale of its remaining coal business, Pinnacle Mine in West Virginia and Oak Grove Mine in Alabama, to Seneca Coal Resources, LLC. Cliffs values the transaction at closing at $268 million based on Seneca Coal assuming all liabilities of the business. Additionally, Seneca Coal may pay Cliffs an earn out of up to $50 million contingent upon the terms of a revenue sharing plan which extends through the year 2020.
Lourenco Goncalves, Cliffs’ Chairman, President and Chief Executive Officer said, “The sale of Pinnacle and Oak Grove to Seneca Coal marks Cliffs’ exit from the coal business, and represents another very important step in the implementation of our US iron ore pellet-centric, environmentally compliant strategy. We are pleased to have found a buyer that was able to agree on a transaction that not only brings real value to Cliffs shareholders, but will also preserve jobs for the exceptional people at these two mines.” Mr. Goncalves added: “I commend the Cliffs’ coal operations team for an outstanding job achieving great safety, production and quality results, preserving the value of our coal business in light of the many headwinds the industry has faced over this past year. This transaction was only made possible due to the high quality of our people at the coal mines, and I wish them the very best as they move forward with Seneca Coal.”
Cliffs said that the transaction closed upon signing of the deal on Dec. 22, 2015. The Company stated that the deal structure is a sale of the equity interests of Cliffs’ remaining coal business which includes the legal entities of Cliffs North American Coal LLC; Pinnacle Mining Company, LLC; Pinnacle Land Company, LLC; Oak Grove Resources, LLC; Oak Grove Land Company, LLC; and Beard Pinnacle, LLC.
Cliffs Natural Resources Inc., a mining and natural resources company, produces iron ore and metallurgical coal. It operates five iron ore mines that produces iron ore pellets in Michigan and Minnesota; Koolyanobbing complex situated in northeast of the town of Southern Cross, which produces lump and fines iron ore; and two metallurgical coal mines located in Alabama and West Virginia.
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