Wholesale Eircom role for Hutchings
Eircom has appointed Chris Hutchings as managing director, wholesale. He begins the role next week. Mr Hutchings previously worked with NTL and British Telecom.
Most recently, at Arqiva, he was director of ventures and operations. The Eircom position had previously been held by John McKeon, who left the role last year.
Mr McKeon is now assistant secretary general at the Department of Social Protection. Gerry McAndrew had been acting director at the wholesale arm since then.
Elan confirms 130 jobs to be axed
Elan has confirmed that it has axed about 130 jobs, mostly at its San Francisco operation. About half of the cuts were among its scientists, according to Reuters. The job cuts represent about 10pc of Elan's workforce. The Elan board was notified of the cuts by executives who flew to New York from San Francisco by private jet.
Fyffes takes one-third stake in German firm
FYFFES has acquired a stake in a German produce distributor. The Irish company is taking a 33.3pc share in the family-owned Fruchtimport vanWylick in Dusseldorf. Terms of the deal, which is subject to approval from the German Cartel Office, were not disclosed. Fyffes said it expected the transaction to be earnings enhancing this year. VanWylick is said to be one of the leading fresh produce companies in the German market with sales in excess of €200m. The Allerding family owners will retain a 33.3pc stake in the firm. The remaining third was recently bought by a fresh vegetable producer, Gemüsering Stuttgart.
Boeing doubles earnings in 2010
US AEROSPACE giant Boeing said yesterday that its 2010 earnings more than doubled but fourth-quarter profit slumped amid a sharp fall in commercial aircraft sales. Boeing's full-year net income was $3.31bn (€2.43bn), up 152pc from the 2009 profit of $1.31bn. The bottom line was helped by a more than doubling of its operating margin from 3.1pc to 7.7pc, and a one-off boost from a favourable $371m tax settlement. Fourth-quarter net income fell 8pc from a year ago to $1.16bn, in line with analyst expectations.
Flanagan global head at BNY Mellon
BNY MELLON Alternative Investment Services (AIS), a hedge fund service provider, has announced Alan Flanagan as head of global product management. Mr Flanagan will continue to be based in Dublin and reports to BNY Mellon AIS chief executive Brian Ruane. Mr Flanagan, a member of the Institute of Chartered Accountants in Ireland, joined BNY Mellon in 2008.
Kodak last quarter revenue falls 25pc
PHOTOGRAPHY giant Kodak has revealed disappointing fourth-quarter results after weak sales of digital cameras and lower revenues from its licensing arm. Kodak's fourth-quarter revenue was down 25pc to $1.93bn (€1.41bn), below analysts' expectations of $2.11bn. Profits fell by 95pc to $22m, down from $443m in the same quarter a year earlier. Poor sales of traditional photographic film have hit the company hard.