Ardagh refinances debt load

Ardagh Group, parent company of glass container manufacturing plants in Dunkirk and Winchester, has refinanced some $2.2 billion in debt, sharply reducing its interest costs.

The Irish Independent reported this week that the refinancing drops the interest rate on the debt from 7.2% to 5.8%.

Ardagh Group chairman and chief executive officer Paul Coulson was quoted as saying, “we are very pleased with the support we have received in this latest offering, in which we have reduced the average interest rate on debt.”



New president

Dean Banks has been named as the new president of Tyson Foods Inc., effective Dec. 20.

The food company’s board of directors announced the appointment this week. Tyson is the parent of Tyson Mexican Original of Portland.

Noel White, 61, currently president and chief executive officer, will continue as CEO. In his new role, Banks, 46, will report to White and oversee the company’s business segments.

Tyson board chairman John Tyson said in a prepared statement that he got to know Banks well over the last several years, particularly during his tenure on the Tyson board.

“He has demonstrated that he is a thoughtful leader who respects and appreciates the historical Tyson Foods culture,” the board chairman said.

"Dean brings a unique skillset and broad experience — including serving as a Marine, an entrepreneur, a start-up investor, and a technologist — that will augment our next generation of leadership as it shapes the future of our company” he added.



Closing stores

CVS Health has announced plans to close another 22 stores in 2020. The pharmacy retailer closed 46 stores this year.

The closings represent fewer than 1% of the 9,000 CVS stores nationally.

“We believe these decisions will generate enhanced longer-term performance,” CVS chief financial officer Eva Boratto told analysts. “Our real estate footprint remained very productive, and we will look for opportunities to further improve the performance in our portfolio.”



Fries with that?

The former McDonald’s CEO being forced out for having a relationship with an employee is getting an exit package that is raising eyebrows.

National Public Radio reported this week that Stephen Easterbrook’s exit compensation is almost $42 million.

The exit package totals $41.8 million, which includes six months of severance pay, shares he can cash out in the future and other equity. And that amount is in addition to $23.8 million in stock options that Easterbrook can exercise now, NPR reported.

“It's relatively unusual for a CEO to receive a severance package after being fired. But the board of directors at McDonald's determined his firing to not be for cause — a threshold that varies by company. And litigation in a protracted dispute can be tricky and expensive,” NPR reported.



Shut down

Valero Energy Corp. has shut down its ethanol plant in Bluffton, although the company says the action is temporary.

Bloomberg reported this week that the Bluffton plant is down for a “turnaround” and will resume production “as soon as favorable economic conditions exist.”

The American biofuels industry has been facing problems with overproduction, the absence of Chinese buying due to the trade war and higher corn costs after a delayed harvest this year.



Another farm

Scout Clean Energy, the Colorado-based renewable energy developer now building Bitter Ridge Wind Farm in southwestern Jay County, has completed construction on a 300 megawatt wind farm in Crockett County, Texas.

Construction on Ranchero Wind Farm began in January. Site work began on Bitter Ridge Wind Farm this fall, with turbine installation set for next spring.

According to EPA's Greenhouse Gas Equivalency Calculator, Ranchero will offset over 900,000 pounds of carbon dioxide emissions annually. Crockett County, the local hospital and independent school district are set to receive $57 million dollars in tax revenue over the life of the project, Scout said.

in a press release.