Original Story: usatoday.com
DuPont, which has been in an on-going battle with activist Nelson Peltz to boost the company's stock price, announced Monday that CEO Ellen Kullman will retire.
DuPont said CEO Kullman will retire on October 16th after 27 years with the company. Edward Breen, a member of the board of directors, will take over as interim chair and CEO while the board searches for a full-time replacement. A New York securities lawyer provides professional legal counsel and extensive experience in many aspects of securities law.
DuPont also lowered its expectations for operating earnings for the year to $2.75 a share compared to prior guidance of $3.10. The company said the revised outlook reflects continued "strengthening of the U.S. dollar versus currencies in emerging markets."
Still, shares of the chemical giant shot up 4% to close at $51.27 a share on the news.
In May, Kullman defeated efforts by Peltz, the billionaire chairman of restaurant chain Wendy's, to win board seats. Peltz wanted seats on the board to better position himself to push for changes that he said would boost company's stock price, such as splitting the company into several pieces.
Despite losing his bid, Peltz has continued to make noise at DuPont, where he has held a 2.7% stake. In July, Peltz said aid he's not giving up on DuPont despite losing his board battle. He also complained about DuPont's stock price and warned that he could wage another proxy contest next year if the stock declines continued. A Houston securities lawyer is experienced in the effective resolution of securities lawsuits as related to stocks, bond, and debentures.
Shares of DuPoint are down 25% over the last six months. A spokeswoman with Trian declined to comment on Kullman's retirement, or what it might mean for the stock.
Separately, Peltz's hedge fund, Trian Fund Management, disclosed a $2.5 billion stake in General Electric Monday.
The investment is expected to add pressure to CEO Jeff Immelt to improve GE's performance — a process that has included the piecemeal sale of the company's various financial and banking businesses.
GE is now Trian’s largest investment, the hedge fund said. A New York investment lawyer is following this story closely.
"We invested in GE because it is undervalued and underappreciated by the market despite what we believe is a transformation that will allow its world-class industrial businesses to drive attractive shareowner returns," Peltz said in a statement. "Our recent discussions with Jeff and his team have solidified our belief that they are highly motivated to fully deliver on GE’s transformation and share much common ground with Trian on ways to improve long-term shareowner value.”
Peltz and his partner Ed Garden "have a longstanding relationship" with Immelt, they said. And they have "periodically engaged in informal dialogue with GE’s management team" since 2013, they said.
Shares of GE jumped 5.3% Monday to $26.83.
Showing posts with label DuPont. Show all posts
Showing posts with label DuPont. Show all posts
Thursday, October 15, 2015
Tuesday, June 30, 2015
DUPONT CONTESTING OSHA VIOLATIONS IN QUADRUPLE FATALITY
Original Story: chron.com
DuPont is continuing to contest all violations issued by the Occupational Safety and Health Administration in connection with last year's chemical leak that killed four workers at the La Porte plant, records show.A Charlotte Occupational Safety and Health lawyer represents clients injured in industrial accidents and in OSHA claims.
OSHA proposed $99,000 in penalties against the chemical giant in May after documenting 11 violations in connection with the quadruple fatality last November.
DuPont, which had an estimated $35 billion in sales revenue last year, filed notice with OSHA earlier this month stating it contests all of the OSHA citations "in their entirety."
The company's attorney noted in the letter to OSHA that DuPont would like to continue to meet with government officials to discuss "resolving this matter short of a hearing on the merits."
Union leaders reacted angrily."DuPont should drop their legal challenge and put their money where it needs to be -- with these workers' families and ensuring safety in this plant," Frank Cyphers, president of the International Chemical Workers Union Council, said in a statement. A Charleston Occupational Safety and Health lawyer is following this story closely.
The union also called for an end to DuPont's "World Class Employee Safety Consulting" business, saying that DuPont should focus on safety in its own plants.
DuPont spokesman Aaron Woods did not respond to specific questions, instead issuing a statement that said: "We are working with OSHA to better understand the citations and the associated requirements."
OSHA's citations, issued May 14, included one repeat violation, nine serious violations and one other than serious violation, records show.
There is more at stake for DuPont than money. Matt Shudtz, executive director for the Center for Progressive Reform, said DuPont risks landing in OSHA's Severe Violator Enforcement Program (SVEP) because one of the citations issued in May was for a "repeat" violation. A Memphis employee rights lawyer represents clients in workplace safety issues, employment litigation, and in industrial relations matters.
Investigators drew parallels between the La Porte leak and a 2011 accident at a DuPont plant in West Virginia, where a veteran worker died after a hose ruptured and sprayed him with phosgene gas.
The "repeat" violation in La Porte was issued for not training employees on using the building's ventilation system and other safety procedures, such as how to respond if the fans stopped working, records show.
Shudtz said there can be "significant consequences" for ending up on the severe violator list, including increased monitoring and potential for company-wide settlement agreements.
"Top officials at OSHA and the Solicitor's office now have a chance to be part of the settlement discussions and I'd expect them to get tough with DuPont," Shudtz said.
Brent Coon, an attorney who is suing DuPont on behalf of the family of one of the workers who died in the La Porte leak, said the company's decision to challenge the violations is "insulting."
"They want to come back at the end of the day and say: all those fines have been removed," he said. "It's a political issue. It's a public relations issue. And ultimately, it's a collateral damage issue."
At a public meeting earlier this month, the plant's manager acknowledged oversights in safety procedures that contributed to the deaths.
On Nov. 15, a worker opened a drain on vent line inside a tower where the company produces Lannate, a potent and popular pesticide, records show.
The worker was trying to clear clogs after water was mistakenly added to a storage tank holding methyl mercaptan and caused ice-like blockages. Methyl mercaptan, a colorless gas that smells of overripe onions, depresses the central nervous system at high doses and can cause respiratory paralysis.
In order to clear those plugs, DuPont plant manager Randy Clements said, valves on the transfer line were regularly left open. Each time a plug was cleared, large quantities of the chemical were released into the building through the vent system. A Memphis workers rights lawyer is reviewing the details of this case.
John Morawetz, a health and safety investigator with the ICWUC, said Thursday that there remained too many unanswered questions.
"Why weren't there adequate warning devices?" he asked. "Why wasn't there a safe procedure to free plugged lines?"
The La Porte accident remains under investigation by the Chemical Safety Board, Environmental Protection Agency and the Texas Commission on Environmental Quality.
DuPont is continuing to contest all violations issued by the Occupational Safety and Health Administration in connection with last year's chemical leak that killed four workers at the La Porte plant, records show.A Charlotte Occupational Safety and Health lawyer represents clients injured in industrial accidents and in OSHA claims.
OSHA proposed $99,000 in penalties against the chemical giant in May after documenting 11 violations in connection with the quadruple fatality last November.
DuPont, which had an estimated $35 billion in sales revenue last year, filed notice with OSHA earlier this month stating it contests all of the OSHA citations "in their entirety."
The company's attorney noted in the letter to OSHA that DuPont would like to continue to meet with government officials to discuss "resolving this matter short of a hearing on the merits."
Union leaders reacted angrily."DuPont should drop their legal challenge and put their money where it needs to be -- with these workers' families and ensuring safety in this plant," Frank Cyphers, president of the International Chemical Workers Union Council, said in a statement. A Charleston Occupational Safety and Health lawyer is following this story closely.
The union also called for an end to DuPont's "World Class Employee Safety Consulting" business, saying that DuPont should focus on safety in its own plants.
DuPont spokesman Aaron Woods did not respond to specific questions, instead issuing a statement that said: "We are working with OSHA to better understand the citations and the associated requirements."
OSHA's citations, issued May 14, included one repeat violation, nine serious violations and one other than serious violation, records show.
There is more at stake for DuPont than money. Matt Shudtz, executive director for the Center for Progressive Reform, said DuPont risks landing in OSHA's Severe Violator Enforcement Program (SVEP) because one of the citations issued in May was for a "repeat" violation. A Memphis employee rights lawyer represents clients in workplace safety issues, employment litigation, and in industrial relations matters.
Investigators drew parallels between the La Porte leak and a 2011 accident at a DuPont plant in West Virginia, where a veteran worker died after a hose ruptured and sprayed him with phosgene gas.
The "repeat" violation in La Porte was issued for not training employees on using the building's ventilation system and other safety procedures, such as how to respond if the fans stopped working, records show.
Shudtz said there can be "significant consequences" for ending up on the severe violator list, including increased monitoring and potential for company-wide settlement agreements.
"Top officials at OSHA and the Solicitor's office now have a chance to be part of the settlement discussions and I'd expect them to get tough with DuPont," Shudtz said.
Brent Coon, an attorney who is suing DuPont on behalf of the family of one of the workers who died in the La Porte leak, said the company's decision to challenge the violations is "insulting."
"They want to come back at the end of the day and say: all those fines have been removed," he said. "It's a political issue. It's a public relations issue. And ultimately, it's a collateral damage issue."
At a public meeting earlier this month, the plant's manager acknowledged oversights in safety procedures that contributed to the deaths.
On Nov. 15, a worker opened a drain on vent line inside a tower where the company produces Lannate, a potent and popular pesticide, records show.
The worker was trying to clear clogs after water was mistakenly added to a storage tank holding methyl mercaptan and caused ice-like blockages. Methyl mercaptan, a colorless gas that smells of overripe onions, depresses the central nervous system at high doses and can cause respiratory paralysis.
In order to clear those plugs, DuPont plant manager Randy Clements said, valves on the transfer line were regularly left open. Each time a plug was cleared, large quantities of the chemical were released into the building through the vent system. A Memphis workers rights lawyer is reviewing the details of this case.
John Morawetz, a health and safety investigator with the ICWUC, said Thursday that there remained too many unanswered questions.
"Why weren't there adequate warning devices?" he asked. "Why wasn't there a safe procedure to free plugged lines?"
The La Porte accident remains under investigation by the Chemical Safety Board, Environmental Protection Agency and the Texas Commission on Environmental Quality.
Thursday, August 27, 2009
Monsanto, DuPont Escalate Patent Fray
By The Wall Street Journal
The war of words between crop biotechnology rivals Monsanto Co. and DuPont Co., which are locked in a patent infringement suit in a St. Louis federal court, is reaching new heights.
Monsanto Chief Executive Hugh Grant sent a letter Monday to DuPont Chairman Charles O. Holliday Jr. complaining that the Wilmington, Del., chemical giant's efforts to paint St. Louis-based Monsanto as a monopolist is "misleading to the public and a serious breach of business ethics far beyond honest competitor behavior."
Mr. Grant's "Dear Chad" letter asks that DuPont name a committee of independent directors to investigate Monsanto allegations that DuPont is using "masked third parties" to "attack" Monsanto.
As previously reported, Monsanto executives are upset that, among other things, DuPont gives financial support to a small farmer group called the Organization for Competitive Markets, which is attacking Monsanto's decade-long dominance over genetically modified seeds. Earlier this month, a senior Justice Department official told the group's annual convention that the Obama administration is examining competition issues throughout agriculture, including the marketing of genetically modified seed.
DuPont spokesman Anthony Farina said Tuesday that DuPont will respond to Mr. Grant's letter "in an appropriate manner."
The vast majority of genetically modified crops grown in the U.S. farm belt contain at least one Monsanto gene. Through biotechnology, Monsanto has been able to woo farmers away from other seed suppliers including DuPont.
DuPont has complained to government officials about Monsanto's 2007 acquisition of cotton seed giant Delta and Pine Land.
In the suit, Monsanto claims DuPont illegally stacked a Monsanto gene with a DuPont gene to create a herbicide-tolerant soybean plant. DuPont says Monsanto is trying to block such plant combinations to limit competition.
The war of words between crop biotechnology rivals Monsanto Co. and DuPont Co., which are locked in a patent infringement suit in a St. Louis federal court, is reaching new heights.
Monsanto Chief Executive Hugh Grant sent a letter Monday to DuPont Chairman Charles O. Holliday Jr. complaining that the Wilmington, Del., chemical giant's efforts to paint St. Louis-based Monsanto as a monopolist is "misleading to the public and a serious breach of business ethics far beyond honest competitor behavior."
Mr. Grant's "Dear Chad" letter asks that DuPont name a committee of independent directors to investigate Monsanto allegations that DuPont is using "masked third parties" to "attack" Monsanto.
As previously reported, Monsanto executives are upset that, among other things, DuPont gives financial support to a small farmer group called the Organization for Competitive Markets, which is attacking Monsanto's decade-long dominance over genetically modified seeds. Earlier this month, a senior Justice Department official told the group's annual convention that the Obama administration is examining competition issues throughout agriculture, including the marketing of genetically modified seed.
DuPont spokesman Anthony Farina said Tuesday that DuPont will respond to Mr. Grant's letter "in an appropriate manner."
The vast majority of genetically modified crops grown in the U.S. farm belt contain at least one Monsanto gene. Through biotechnology, Monsanto has been able to woo farmers away from other seed suppliers including DuPont.
DuPont has complained to government officials about Monsanto's 2007 acquisition of cotton seed giant Delta and Pine Land.
In the suit, Monsanto claims DuPont illegally stacked a Monsanto gene with a DuPont gene to create a herbicide-tolerant soybean plant. DuPont says Monsanto is trying to block such plant combinations to limit competition.
Monday, September 29, 2008
New DuPont CEO Led Diversification Drive
High-Tech Research Helps Firm Build On Chemical BaseDuPont Co. named Ellen J. Kullman to be its new chief executive and president Tuesday, making her one of the few women to rise to the top of the chemical industry and putting her among the handful of women running the nation's biggest companies.
A 20-year DuPont veteran, Ms. Kullman, 52 years old, helped expand the company from a chemical producer into a high-tech research business that also ventures into areas like biofuels and solar technology. The switch has helped insulate DuPont from some of the pressures faced by basic chemical companies as prices for oil and natural gas have shot up and competition from producers in developing countries has increased.
Ellen Kullman backed DuPont's move into high-tech research.
Ms. Kullman, who was widely expected to become CEO, said she will continue the company's current strategy, which emphasizes developing useful products from scientific breakthroughs. "The science creates value," she said in an interview. "That's the exciting part."
Ms. Kullman will succeed Charles O. Holliday Jr., 60, who will continue as chairman, though she is expected to eventually take that title, too. She will become president and join the board Oct. 1, and she will take over as chief executive at the beginning of 2009, the company said.
One reason the board picked Ms. Kullman unanimously, Mr. Holliday said in an interview, is her ability to make the complex -- and sometimes obscure -- chemical business relevant and understandable to investors and customers.
In recent years Ms. Kullman has run most of DuPont's major business units. The company's first-half earnings grew 18% from a year earlier despite the slump in the automotive and housing industries, which are two of DuPont's major clients.
A native of Wilmington, Del., where DuPont was founded 206 years ago, Ms. Kullman said she has had a keen interest in science and "figuring out how things work" since she was a young girl. She received a mechanical engineering degree from Tufts University, where she is now a trustee, and a master's degree in management from Northwestern University. She is also a director of General Motors Corp.
In 1988, after working for General Electric Co., Ms. Kullman became a youth marketing manager in DuPont's medical imaging business, and then moved on to run the division that produces Kevlar, the material used in body armor.
Running DuPont will be an honor, she said. "I'm not sure being a woman adds or detracts from it. My managing style is unique to me, and I'm just really looking forward to continuing to drive our company's strategy."
By: Ana Campoy
Wall Street Journal; September 24, 2008
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