Tag: Board (Page 6 of 7)

President and CEO Hakan Buskhe to Leave Saab in 2020

August 11, 2019 / WIL BALDWIN

Håkan Buskhe has informed Saab’s Board of Directors that he is leaving the position of President and CEO. The Board will now begin the recruitment of a successor.

Håkan Buskhe has according to his contract a six-month notice period and will continue in his current role for the time being, but will leave Saab by February 2020. The exact date will be determined by the recruitment process that Saab’s Board now is initiating.

“With his great commitment and several strategically important decisions, Håkan Buskhe has laid a strong foundation for the continued positive progress of Saab. The development of Gripen E, Saab’s part in the US T-X project and a sharp increase in capability within the important sensor technological area with i.a. GlobalEye, are some examples of this. Under Håkan Buskhe’s leadership, Saab has also expanded internationally and started collaborations with a number of other leading defence industries. All in all, this means that Saab stands on a solid foundation, which is necessary with the extremely rapid technological developments that affect all industries,” says Marcus Wallenberg, Chairman of the Board.

Håkan Buskhe assumed the role of President and CEO of Saab on September 1, 2010. Håkan Buskhe is 55 years old.

“Saab has grown to a new level and is today a strong international defence and security company. We have achieved this through strategic partnerships, global presence and a continuous focus on investments in the product portfolio. It has been fantastic to lead this work”, says Saab’s President and CEO Håkan Buskhe.

“The reason I choose to leave Saab is that I would like to face another operational challenge in my career. Until a new CEO is in place, I will continue to have full focus on Saab to ensure a smooth arrival for my successor, with the priorities being the implementation of the major projects together with our customers and the continued work to achieve Saab’s financial goals”, concludes Saab’s President and CEO Håkan Buskhe.

Textron Reviewing Strategic Alternatives for Kautex

August 5, 2019 / WIL BALDWIN

PROVIDENCE, R.I.–(BUSINESS WIRE)– Textron Inc. (NYSE: TXT) today announced that it is reviewing strategic alternatives for its Kautex business unit, which produces fuel systems and other functional components. Textron plans to consider a range of options, including a sale, tax-free spin-off or other transaction. Kautex operates over 30 plants in 14 countries and generated over $2.3 billion in revenue in 2018.

Kautex, headquartered in Bonn, Germany, is a leading developer and manufacturer of blow-molded plastic fuel systems and advanced fuel systems for cars and light trucks, including pressurized fuel tanks for hybrid applications. The unit also develops and manufactures camera/sensor cleaning solutions for automobiles, selective catalytic reduction systems used to reduce emissions from diesel engines as well as produces cast iron engine camshafts, crankshafts and other engine components.

“Kautex is a leading Tier One supplier to global OEMs. It has a long history of product innovation, world-class operations and strong financial performance,” said Scott C. Donnelly, Textron Chairman and Chief Executive Officer. “We are exploring strategic alternatives to see how we can position Kautex to best serve its customers for ongoing success while simultaneously unlocking potential value for our shareholders.”

No decision has been made and there can be no assurance that the process will result in any transaction being announced or completed in the future. The Company has not set a definitive timetable for completion of its review of strategic alternatives and does not intend to make any further announcements related to its review unless and until its Board of Directors has approved a specific transaction or the Company otherwise determines that further disclosure is appropriate.

Textron has retained Goldman Sachs & Co. LLC as financial advisor to assist in its review.

About Textron Inc.

Textron Inc. is a multi-industry company that leverages its global network of aircraft, defense, industrial and finance businesses to provide customers with innovative solutions and services. Textron is known around the world for its powerful brands such as Bell, Cessna, Beechcraft, Hawker, Jacobsen, Kautex, Lycoming, E-Z-GO, Arctic Cat, Textron Systems, and TRU Simulation + Training. For more information visit: www.textron.com

Ten Killed in Dallas Area Private Plane Crash

July 1, 2019 / WIL BALDWIN

(Reuters) – Ten people were killed on Sunday when their private turboprop airplane crashed into a hangar during takeoff and burst into flames at the municipal airport in Addison, Texas, outside Dallas, an airport official said.

The twin-engine Beechcraft BE-350 King Air was destroyed by fire from the crash, according to Darci Neuzil, deputy director of Addison Airport, a general aviation facility located about 10 miles (17 km) north of downtown Dallas.

She said the plane had been headed for Florida when it took off at about 9 a.m. local time. Nobody on the ground was reported hurt, Neuzil added.

The plane had just lifted off the runway at the south end of the airport when it veered left, dropped its left wing and slammed into the hangar, the Dallas Morning News reported online, citing Addison fire department spokesman Edward Martelle.

There were no survivors among the 10 people who were aboard the aircraft, Neuzil said. Their identities were being kept confidential as authorities worked to notify next of kin.

“It’s a very sad day for Dallas County,” a local judge, Clay Jenkins, told the Dallas Morning News, which reported the plane had been en route to St. Petersburg, Florida. “My prayers are with the families we’re notifying about this tragedy.”

There was no official word on the cause of the crash. CBS News, citing unnamed sources, reported that the plane lost an engine on takeoff.

Video footage of the immediate aftermath showed flames and heavy, dark smoke billowing from the hangar, which according to local media was unoccupied at the time. Still photos posted online also showed a large gash in the side of the building.

Investigators from the U.S. National Transportation Safety Board were due to arrive on the scene later in the day, Neuzil told Reuters.

No further details about the circumstances of the crash were immediately available, Neuzil said.

Reporting by Steve Gorman in Los Angeles and Daniel Wallis in New York; Editing by Sandra Maler

Eldorado Resorts to Buy Caesars in Reported $18 Billion Deal

June 23, 2019 / WIL BALDWIN

NEW YORK (Reuters) – U.S. casino operator Eldorado Resorts Inc has agreed to merge with Caesars Entertainment Corp in a cash and stock deal that values its peer at about $18 billion including debt, people familiar with the matter said on Sunday.

The agreement comes three months after Reuters reported that Caesars had agreed to give Eldorado access to its books under pressure from billionaire investor Carl Icahn, who earlier this year was awarded seats on Caesars’ board.

The deal, which is expected to be announced on Monday, values Caesars at close to $13 a share, according to the sources. The combined company’s ownership would be split roughly between Eldorado and Caesars shareholders, the sources said.

The sources asked not to be identified because the matter is confidential. An Eldorado spokesman said the company did not comment on rumors or speculation. Caesars did not immediately respond to requests for comment.

The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.

Caesars’ shares closed on Friday at $9.99. The company, which emerged from bankruptcy in 2017, operates casinos with the Harrah’s and Horseshoe brands. It had 53 properties in 14 U.S. states and five countries outside the United States at the end of December.

Eldorado has a market value of $4 billion. It also had long-term debt at the end of March of $3.1 billion. It owns and operates 26 properties in 12 U.S. states.

(Reporting by Greg Roumeliotis; Editing by Peter Cooney)

Pilot Dead in Manhattan Skyscraper Helicopter Crash

June 10, 2019 / WIL BALDWIN

NEW YORK (Reuters) – A helicopter made a crash landing onto the roof of a midtown Manhattan skyscraper on Monday, killing at least one person and sending a plume of smoke skyward from the top of the building. The person deceased is “presumed” to be the pilot.

The crash occurred shortly before 2 p.m. (1800 GMT) on a rainy, foggy day at the 750-foot (229m) AXA Equitable Center at 787 Seventh Avenue. Dozens of emergency vehicles swarmed the busy area, a few blocks north of Times Square.

The chopper took off from a heliport on Manhattan’s east side and crash-landed on the building 11 minutes later, emergency officials said.

The site is about half a mile from Trump Tower, where U.S. President Donald Trump maintains an apartment. The area has been under a temporary flight restriction since his election in November 2016.

Nathan Hutton, who works in information technology for the French bank BNP Paribas on the 29th floor, said the building shook when the helicopter slammed into the roof.

“It felt like you were just standing there, and someone takes their hand and just shoves you,” he said. “You felt it through the whole building.”

The Federal Aviation Administration said in a statement that the aircraft was an Agusta A109E, a twin-engine, lightweight helicopter. The pilot was the only person aboard, and FAA air traffic controllers did not handle the flight, according to the agency.

The National Transportation Safety Board will investigate the cause of the crash, the FAA said.

Melvin Douglas, 50, who was selling umbrellas on the street, said he heard a “rumble” when the helicopter crash landed.

“I didn’t see it, but I felt it,” said Douglas. “Smoke was on top of the building.”

A fire that broke out on the roof was quickly brought under control, the fire department said. The building was evacuated after the crash.

Trump called New York Governor Andrew Cuomo, who was at the scene soon after the crash, to offer assistance if needed, the governor’s office said.

“Phenomenal job by our GREAT First Responders who are currently on the scene,” Trump said on Twitter after being briefed on the crash. “The Trump Administration stands ready should you need anything at all.”

The AXA Equitable Center was built in 1985 and includes more than 50 floors. A roof helipad is not listed as one of the building’s amenities on its website.

In addition to BNP Paribas, the building houses offices for a number of other corporate tenants, including law firms Willkie Farr & Gallagher and Sidley Austin and investment manager New Mountain Capital. Le Bernardin, one of New York City’s most celebrated restaurants, is also located in the AXA building.

The skyscraper is managed by the Los Angeles-based CommonWealth Partners. Reached by telephone, LeAnn Holsapple, the office manager for CommonWealth, said the company had “no comment at this time.”

Helicopters are a regular sight in the air around Manhattan, and they have occasionally been involved in crashes.

Nearly a month ago, a chopper crashed into the Hudson River in New York City shortly after taking off from Manhattan, injuring two people. A sightseeing helicopter went down in New York City’s East River in March 2018, killing five passengers.

Reporting by Gabriella Borter; Additional reporting by Peter Szekely and Jonathan Allen; Writing by Joseph Ax; Editing by David Alexander and Bill Rigby

American Airlines Gives an Update on the Boeing 737 MAX

June 10, 2019 / WIL BALDWIN

Cancellations extended through Sept. 3.

American Airlines remains confident that impending software updates to the Boeing 737 MAX, along with the new training elements Boeing is developing in coordination with our union partners, will lead to recertification of the aircraft soon. We have been in continuous contact with the Federal Aviation Administration (FAA), Department of Transportation (DOT), National Transportation Safety Board (NTSB) and other regulatory authorities, and we are pleased with the progress to date.

In April, American extended cancellations for the MAX through Aug. 19. We are now extending those cancellations through Sept. 3. By extending the cancellations, our customers and team members can more reliably plan their upcoming travel on American. In total, approximately 115 flights per day will be canceled through Sept. 3.

Our Reservations and Sales teams will continue to work closely with customers who are impacted by these cancellations.

Frequently asked questions

Question: My flight was previously scheduled on a MAX. Will it be canceled?
Answer: Not all flights that were previously scheduled on a MAX will be canceled, as we plan to substitute other aircraft types. In total, approximately 115 flights will be canceled per day.

Question: My flight wasn’t scheduled to be on a MAX. Why has it been canceled?
Answer: A flight that was not scheduled as a MAX flight might be canceled to enable our team to cover a MAX route with a different aircraft. Our goal is to minimize the impact to the smallest number of customers.

Question: How will customers know if they are impacted?
Answer: American’s Reservations team will contact affected customers directly by email or telephone. Customers who booked through a travel agent will be contacted by their agency directly.

Question: My flight was canceled and I don’t want to rebook. Can I get a refund?
Answer: Yes. If a flight is canceled and a customer chooses to not be rebooked, they may request a full refund by visiting aa.com/refunds.

Boring Gets $49M Las Vegas Convention Center Contract

May 23, 2019 / WIL BALDWIN

LAS VEGAS (AP) — A company backed by tech billionaire Elon Musk has been awarded a nearly $49 million contract to build a transit system using self-driving vehicles underneath the Las Vegas Convention Center.

The board of directors of the Las Vegas Convention and Visitors Authority approved the contract Wednesday with The Boring Company, the Musk-backed enterprise based in Hawthorne, California.

People would be transported underground on self-driving electric vehicles from three types of Tesla Model X chassis. The system will be capable of transporting up to 16 people at time through parallel tunnels, each running in a single direction. The twin tunnel system will run less than a mile (1.6 kilometer) long.

The system also will include a pedestrian tunnel and three underground stations accessible from convention center’s halls.

The company plans to immediately pursue permits to start construction in September. It aims to debut the system by December 2020.

“The first thing that’s important is to get it right,” Authority President and CEO Steve Hill told the Las Vegas Review-Journal . “We want to do it as quickly as possible, but we want our customers to be comfortable with it.”

Las Vegas Mayor Carolyn Goodman cast the only vote against the project. At a meeting last week, she cited concerns about hiring a company that has yet to deliver a transit system.

The authority will reimburse the company as it completes certain stages of the project, like completing excavation for the first station and digging the first 100 feet (30.5 meters) of the first tunnel. Full payment is contingent on the company demonstrating that the system can support an average of 4,400 passengers per hour.

Construction will be able to proceed without disruption to traffic or other surface activity, Hill said. The system also could be expanded, which could be part of the solution to the city’s transportation problems, he said.

BRX Holdings to buy Pioneer Railcorp for $18.81 Per Share

May 17, 2019 / WIL BALDWIN

PEORIA, Ill., May 17, 2019 /PRNewswire/ — Pioneer Railcorp (OTC: PRRR, “Pioneer”), a railroad holding company that owns short-line railroads and several other railroad-related businesses including a railroad equipment company and a contract switching services company, and BRX Transportation Holdings, LLC (“BRX”), an entity formed by Brookhaven Rail Partners (“Brookhaven”) and Related Infrastructure (“Related”), announced entry into a definitive merger agreement under which BRX will acquire Pioneer for $18.81 per share in cash. The agreement, which has been unanimously approved by Pioneer’s independent directors, represents a premium of approximately 100.7% over Pioneer’s closing stock price on May 16, 2019, the last trading day prior to the announcement of the transaction.

“We look forward to this next chapter in Pioneer’s journey and anticipate it will have a bright future under new ownership,” said Mike Carr, President and Chief Executive Officer of Pioneer.

“We are excited to partner with Related Infrastructure and to have worked with Pioneer’s management and board on a transaction that brings great value to its shareholders, its customers, and the communities it serves. Pioneer fits perfectly with Brookhaven’s philosophy of identifying opportunities where our hands-on management expertise, proprietary value creation strategies, and deep industry relationships provide us with a competitive advantage and the ability to create value,” said Alex Yeros, Principal of Brookhaven.

Related Infrastructure, a subsidiary of Related Fund Management which has raised over $5 billion of capital across a variety of different investment vehicles and strategies, invests in companies that develop, operate and service transportation infrastructure throughout the United States. Andrew Right, Managing Partner of Related Infrastructure said, “We are pleased to partner with Brookhaven to build a rail-based infrastructure platform. We appreciate the work Mike Carr and his team have done to create the Pioneer portfolio of rail businesses. We look forward to working with Alex and the entire team at Brookhaven, an industry leading team with over 25 years of experience building businesses in the short-line rail industry to further drive expansion of the platform.”

Under the terms of the merger agreement, BRX will acquire through merger all of the outstanding shares of Pioneer’s Class A common stock. Shareholders other than Pioneer’s subsidiary, Heartland Rail Investments LLC, will receive $18.81 per share in cash and the Heartland shares will be canceled without consideration.

In connection with the execution of the merger agreement, certain stockholders of Pioneer, together holding a significant portion of the outstanding shares of common stock of Pioneer, have agreed to vote their shares in favor of the transaction under a voting and support agreement.

The consummation of the merger is subject to various closing conditions, including approval by Pioneer’s shareholders, Surface Transportation Board approval, and operating performance by Pioneer within a specified working capital floor and debt ceiling. The merger is not subject to a financing condition. Subject to satisfaction of the closing conditions, the transaction is expected to close in the third quarter of 2019.

Arnold & Porter is acting as legal advisor to BRX in this transaction. BMO Capital Markets is serving as exclusive financial advisor to Pioneer in connection with this transaction and Briggs and Morgan, P.A. is acting as Pioneer’s legal advisor.

About Pioneer
Pioneer Railcorp is the parent company of 17 short-line common carrier railroad operations, an equipment leasing company, two service companies and a contract services switching company. Pioneer and its subsidiaries operate in the following states: Alabama, Arkansas, Georgia, Illinois, Indiana, Iowa, Kansas, Michigan, Mississippi, Ohio, Pennsylvania and Tennessee. For more information on Pioneer, please visit: http://www.Pioneer-Railcorp.com

About Brookhaven
Brookhaven Rail Partners is an affiliate of Denver-based Brookhaven Capital Partners, a privately held, real estate and infrastructure investment and management firm. Brookhaven and its principals have a 25-year track record of investing in, operating and developing critical transportation assets that support industry, and promote new economic development, community investment, and job creation. For more information on Brookhaven, please visit: http://www.BrookhavenPartners.com

Alaska Mid-Air Seaplane Crash Leaves 6 Dead

May 14, 2019 / WIL BALDWIN

ANCHORAGE, Alaska (Reuters) – Searchers found the bodies of the last two Alaska seaplane crash victims on Tuesday evening, after a hunt through the debris and frigid waters following a mid-air collision that left a total of six people dead and 10 injured, officials said.

“The last two people were found. They were found deceased,” said U.S. Coast Guard Chief Petty Officer Matthew Schofield.

The discovery of the bodies closes the search at the scene where the two seaplanes crashed after colliding over the inlet waters near Ketchikan, in southeastern Alaska, Schofield said.

Work at the crash site will now shift to an investigation into what led the two planes, which were ferrying Princess Cruises passengers on sightseeing expeditions, to strike each other and fall into the waters of George Inlet.

A team of 14 National Transportation Safety Board investigators has been sent to the site and divers will start working on Wednesday to pull up the wreckage of the two planes.

The two missing people, an Australian and a Canadian, were among 14 passengers from a Princess Cruises ship who boarded two seaplanes operated by separate tour companies in the town of Ketchikan on Monday, the cruise line said.

A 14-member team from the NTSB began investigating the crash on Tuesday and is unlikely to determine the cause during the week the team will be at the scene, NTSB board member Jennifer Homendy told a news conference.

Ten people survived but were injured in the collision, which took place over open water during daylight, the Coast Guard said. The dead include one of the pilots. The victims were not immediately identified.

Three of the injured were in serious condition and seven in fair condition, Dr Peter Rice, medical director of the PeaceHealth Ketchikan Medical Center, told a separate news conference.

The water temperature off Ketchikan on Tuesday was 48 Fahrenheit, according to the National Weather Service. Expected survival time in 40-50F (4-10C) is one to three hours, according to the United States Search & Rescue Task Force website.

The investigators will be collecting information from the survivors, the Federal Aviation Administration, any other witnesses who might have been in the area, flight logs, training records and other sources, including the wrecked planes, Homendy said.

“We still have to recover the planes and then we have to look at those. It takes some significant work to really understand how the two came together,” she said.

All of the planes’ passengers arrived in Ketchikan on the cruise ship Royal Princess during a seven-day trip between Vancouver, British Columbia, and Anchorage, Alaska, Princess Cruises said.

Ten passengers and a pilot were aboard one float plane, a de Havilland Otter DHC-3, operated by Taquan Air. Four passengers and a pilot were aboard the second float plane, a de Havilland DHC-2 Beaver, run by Mountain Air Service of Ketchikan.

The crash site, at Coon Cove about 300 miles (480 km) south of Juneau, Alaska’s capital, lies near a tourist lodge that runs excursions to the nearby Misty Fjords National Monument.

Ketchikan-based Taquan Air said the plane was returning from a sightseeing tour of Misty Fjords when the crash occurred.

Reporting by Yereth Rosen in Anchorage; additional reporting by Rich McKay in Atlanta and Barbara Goldberg in New York; Editing by Bill Tarrant, Cynthia Osterman and Leslie Adler

FAA Convenes Review Board for Boeing Software Fix

May 7, 2019 / WIL BALDWIN

WASHINGTON (Reuters) – The Federal Aviation Administration said on Tuesday it had convened a multi-agency Technical Advisory Board to review Boeing’s proposed software fix on the grounded 737 MAX.

The board consists of experts from the FAA, U.S. Air Force, NASA and Volpe National Transportation Systems Center that were not involved in any aspect of the Boeing 737 MAX certification. The board’s recommendations will “directly inform the FAA’s decision concerning the 737 MAX fleet’s safe return to service.”

The plane was grounded worldwide in mid-March after two Boeing 737 MAX crashes in October and March killed 346 people.

Boeing, which has yet to formally submit the software fix to the FAA for approval, did not immediately comment Tuesday on the new review.

Some in Congress have urged the FAA to conduct an independent review into the anti-stall system at the center of investigations into two deadly plane crashes before allowing the planes to resume flying.

The board known as TAB will assess Boeing’s proposed fix to the Maneuvering Characteristics Augmentation System (MCAS), the FAA said.

“The TAB is charged with evaluating Boeing and FAA efforts related to Boeing’s software update and its integration into the 737 MAX flight control system. The TAB will identify issues where further investigation is required prior to FAA approval of the design change,” the FAA said.

The world’s largest planemaker, facing its worst crisis in years and the worldwide grounding of its top-selling jetliner, has said its software upgrade and associated pilot training will add layers of protection to prevent erroneous data from triggering MCAS.

The system activated in the Ethiopian Airlines crash in March and also during a separate Lion Air crash in Indonesia in October.

There are a number of other reviews ongoing, including a blue-ribbon committee appointed by Transportation Secretary Elaine Chao looking at the FAA’s aircraft certification process.

Federal prosecutors, the Transportation Department’s inspector general and lawmakers are investigating the FAA’s certification of the 737 MAX 8 aircraft.

A separate joint review by 10 governmental air regulators started last week and is expected to last about 90 days, but the FAA has said that a decision on ungrounding the plane is not contingent on that review being completed.

(Reporting by David Shepardson; Editing by Nick Zieminski)

Frequently asked questions

Archives