Tag Archives: Interim President

Business, Finance, Occupation & Industry

ScanSource Restructures Communications Business in Europe for Profitable Growth

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

ScanSource Restructures Communications Business in Europe for Profitable Growth

Names Rudy De Meirsman as Managing Director for ScanSource Communications, Europe

GREENVILLE, S.C.–(BUSINESS WIRE)– ScanSource, Inc. (NAS: SCSC) , the leading international value-added distributor of specialty technology products, today announced the restructuring of its Communications business unit in Europe to support a pan-European strategy for profitable growth. The restructuring includes new leadership and also provides cost savings from the elimination of positions and the centralization of support services.

In support of this new structure, ScanSource has named Rudy De Meirsman as Managing Director for ScanSource Europe Communications, a newly-created position. Mr. De Meirsman is responsible for implementing a pan-European strategy for the Communications business unit and leading a focused, dynamic team. He reports to Buck Baker, Interim President of ScanSource Europe.

Mr. De Meirsman joined ScanSource in 2010 and previously served as the Senior Director of Merchandising for ScanSource’s Communications business unit in Europe. He has over 20 years of experience in technology distribution, including sales and marketing leadership positions with Plextor Europe and distributor Tech Data.

“Rudy has proven himself as a leader with the experience we need to take the next step in our Communications business in Europe. These moves will provide focused leadership and operational efficiencies, as we continue to implement our pan-European strategy to serve our key partners, including Avaya, Extreme, LifeSize, and ShoreTel,” said Baker.

The restructuring includes the elimination of positions to set the cost structure in line with current operations and move to more global shared support services. The organizational structure provides focused business unit leadership, as well as dedicated merchandising, sales and technical support teams, at a scale for profitable growth. In addition, ScanSource will move certain European support functions to centralized global teams in the United States to gain efficiencies.

The annualized cost savings in connection with the restructuring, principally associated with the elimination of positions, are estimated to be approximately $3.1 million. The Company expects to incur approximately $1.2 million in associated one-time costs, which include related severance expenses, during the quarter ending March 31, 2013.

“ScanSource continues to adapt our business model to better address the changing demands of the global marketplace. The new scale of our operations fits with our present vendor and sales opportunities, while positioning us for future expansion as we add to our vendor portfolio and pan-European

From: http://www.dailyfinance.com/2013/04/11/scansource-restructures-communications-business-in/

Business, Finance, Occupation & Industry

Ferro Announces Sale of Its Pharmaceuticals Business

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Ferro Announces Sale of Its Pharmaceuticals Business

  • Represents continued execution of Ferro’s value creation strategy
  • Advances focus on core businesses

CLEVELAND–(BUSINESS WIRE)– Ferro Corporation (NYSE: FOE, the “Company”) announced today that it has completed the sale of its pharmaceuticals business, Pfanstiehl Laboratories, to PLI Holdings, Inc., an affiliate of Med Opportunity Partners, LLC. Consideration was comprised of a $16.9 million cash payment and an earn-out incentive payment of up to $8 million, payable over two years based on attained earnings targets. In addition, the Company retained certain tax benefits with an estimated value of approximately $5 million. Ferro’s pharmaceuticals business generated segment income of $2.4 million in 2012.

The divestiture follows the Company’s February 6, 2013, sale of its solar pastes assets and marks the continued execution of Ferro’s strategy to divest non-core businesses and drive earnings growth and profitability from its core Performance Materials and Performance Chemicals businesses.

“The sale of our pharmaceuticals business is another important milestone in our value creation strategy. The Ferro portfolio now is more fully concentrated in our core technologies in coatings and color and glass science, polymer science, and organic synthesis,” said Peter Thomas, Interim President and Chief Executive Officer of Ferro. “Together with our previously announced initiatives to reduce costs by more than $50 million, the successful sale of our solar pastes assets, and the additional financial flexibility gained by amending our credit facility, today’s announcement reflects the Board’s and management’s commitment to drive shareholder value from our Performance Materials and Performance Chemicals businesses. We will remain focused on improving return on invested capital and cash flow by streamlining operations, reducing operating costs, and pursuing select growth opportunities. We are energized by the progress we’re making and committed to reaching our value creation objectives.”

Mr. Thomas added, “On behalf of everyone at Ferro, I thank the Pfanstiehl team for their many contributions. I am confident they will have exciting opportunities ahead. I also extend our thanks to our advisors on the transaction. The sale announced today is the culmination of an extended period of marketing the business.”

The Company was advised by KeyBanc Capital Markets and Calfee, Halter & Griswold LLP.

…read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Ferro Announces Successful Amendment to Credit Facility

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Ferro Announces Successful Amendment to Credit Facility

Provides Greater Flexibility in Continued Execution of Value Creation Strategy

CLEVELAND–(BUSINESS WIRE)– Ferro Corporation (NYSE: FOE, the “Company”) today announced the amendment of its existing senior credit facility. The amendment reflects a further benefit achieved through the Company’s strategy to divest its solar pastes assets. The previously announced sale of Ferro’s solar pastes assets increased operating cash flows and significantly reduced the size of the Company’s precious metal consignment program and other working capital needs. As a result, Ferro is reducing the Company’s revolving loan commitment from $350 million to $250 million. The amendment will lower annual commitment fees by approximately $500,000 and modify certain financial and leverage ratio covenants. Additional details can be found in the Form 8-K that the Company will file with the Securities and Exchange Commission.

“Between cash on hand and expected cash from operations, we believe Ferro has sufficient cash resources to fully fund the initiatives now underway to reduce operating costs by over $50 million by the end of 2014,” said Peter Thomas, Interim President and Chief Executive Officer of Ferro. “By amending Ferro’s credit facility, very little of which currently has been utilized, we have gained significant additional financial flexibility to expand upon our cost savings programs and execute on other initiatives in our value creation strategy.”

The amendment was unanimously approved by the Company’s bank group.

About Ferro Corporation

Ferro Corporation (http://www.ferro.com) is a leading global supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including building and construction, automotive, appliances, electronics, household furnishings, pharmaceuticals, and industrial products. Headquartered in Mayfield Heights, Ohio, the Company has approximately 4,860 employees globally and reported 2012 sales of $1.8 billion.

Cautionary Note on Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of Federal securities laws. These statements are subject to a variety of uncertainties, unknown risks and other factors concerning the Company’s operations and business environment. Important factors that could cause actual results to differ materially from those suggested by these forward-looking statements and that could adversely affect the Company’s future financial performance include the following:

…read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Uranium Resources Provides Full Year 2012 Review and Outlines Near-Term Initiatives

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Uranium Resources Provides Full Year 2012 Review and Outlines Near-Term Initiatives

LEWISVILLE, Texas–(BUSINESS WIRE)– Uranium Resources, Inc. (NAS: URRE) (“URI” or the “Company”) today provided an update on the Company’s activities and financials through December 31, 2012, as well as its strategy and outlook.

Key 2012 and Recent Accomplishments

  • Acquired Neutron Energy, Inc. (“Neutron”) in August 2012, adding over 50 million pounds of mineralized uranium material.
  • Substantiated financial and environmental viability of the Churchrock Section 8 Project.
  • Achieved an agreement with the Navajo Nation for temporary access to Section 8. First step taken in addressing legacy issues surrounding uranium mining in New Mexico.
  • Expanded and extended its South Texas exploration agreement with a subsidiary of Cameco Corporation (NYS: CCJ) .
  • Recapitalized through a $5 million bridge loan facility with Resource Capital Fund V L.P. (“RCF”), a shareholder rights offering (“Rights Offering“) and the pending release of $4.5 million back to URI after securing new surety bonds.
  • Regained compliance with NASDAQ listing standards.
  • Named Christopher M. Jones as President and CEO effective April 1, 2013.

“We continue to forge ahead and have made sustained progress so far in 2013,” stated Terence J. Cryan, Interim President and CEO of URI. “In 2012, we expanded our asset base through the acquisition of Neutron which represented a significant consolidation of uranium properties in New Mexico and positioned URI as one of the largest U.S.-based uranium development companies. A number of key steps relating to our Churchrock Section 8 project were also taken. We reached an agreement with the Navajo Nation regarding temporary access, a significant first step in an effort to reach a comprehensive agreement and as important, indicated the willingness of both parties to reach a mutually beneficial, long-term solution. There were two Section 8 property studies completed, the feasibility study and the groundwater study, which substantiated the technical and economic viability of the project, as well as the environmental safety of in-situ recovery (ISR) mining at Section 8. These are measurable steps forward as we work to realize our goal of producing uranium in …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Uranium Resources Appoints Christopher M. Jones as President and CEO

Leave a comment

By Business Wirevia The Motley Fool

Filed under:

Uranium Resources Appoints Christopher M. Jones as President and CEO

Mr. Jones has more than 30 years experience in leading various mining and production operations, as well as exploration and development projects

LEWISVILLE, Texas–(BUSINESS WIRE)– Uranium Resources, Inc. (NAS: URRE) (URI), today announced that its Board of Directors has appointed Christopher M. Jones, P.E., as President and CEO effective April 1, 2013.

Paul K. Willmott, Chairman of the Board of URI, stated, “Chris has a solid history of success leading various mining and production operations, as well as exploration and development projects. We believe his extensive experience and leadership skills will be well applied in our efforts to bring Churchrock Section 8 to production, position our South Texas operations for a return to production and prudently manage our capital while he moves URI forward.”

Mr. Jones has more than 30 years experience in the mining industry and was most recently President and CEO of Wildcat Silver Corporation, where he and his team effectively doubled the size of the resource twice using older, proven metallurgical technologies. Prior to that, he was the Chief Operating Officer and the Mining General Manger at Albian Sands Energy. Mr. Jones also held management positions at RAG Coal West Inc., Phelps Dodge Sierrita Corp. and Cyprus Amax Coal Company. He is a member of the American Institute of Mining, Metallurgical, and Petroleum Engineers and is a Professional Engineer registered in Utah and Alberta. Mr. Jones received a Bachelor of Science in Mining Engineering at the South Dakota School of Mines and an MBA from Colorado State University.

Terence J. Cryan, Interim President and CEO, noted, “We were very deliberate in our search process to find a candidate with the experience and know-how to streamline and focus our efforts in order to meet significant milestones in 2013. These include reducing our cash burn rate, resolving the access issues at Churchrock Section 8, addressing the royalty issue on the same property, negotiating an improved supply contract for our Texas production, readying our Kingsville Dome processing facility for production by completing the pond project, and supporting our exploration joint venture with Cameco. We were fortunate to find Chris to fill this role.”

About Uranium Resources, Inc.

Uranium Resources Inc. explores for, develops …read more
Source: FULL ARTICLE at DailyFinance