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Even if you don't think you do, you already know plenty about commodities. Want us to prove it? No problem.
What makes oil produced in Saudi Arabia different from oil exported from Nigeria? It's the same thing that makes the corn you ate at last summer¿s barbecue different from the corn used to produce ethanol. Stumped? Well, don't feel bad, it's a trick question. The answer? Absolutely nothing. Corn is corn no matter where it comes from -- just as wheat is wheat and natural gas is -- right! -- natural gas. (Though the quality may differ, the make-up is uniform.)
So, in less elaborate terms, corn and oil (and all other commodities) are homogenous goods that can be processed, resold and more often than not, used as an input to the production of other goods or services. These goods are traded on a commodity exchange, thus setting the price-per-barrel (or other metric unit) used to value them.
Now pay attention, here's a question that indeed does have an answer: What is the difference between a commodity and a stock? While a stock can tank and become worthless, a commodity cannot have its value be wiped to zero. One other difference: Most commodities are traded in futures, meaning traders buy and sell where they think the price of a product will be at a certain point in the future. Stocks trade based on the value of the underlying company at that point in time.
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Thursday, July 03, 2008
Armand Lauzon Named Chief Operating Officer of Sequa Corporation
Comtex
NEW YORK, Jul 03, 2008 (BUSINESS WIRE) ----Sequa Corporation, a diversified manufacturer with operations organized around six discrete operating units in the following industries: aerospace, automotive, metal coating, specialty chemical and industrial machinery, today named Armand Lauzon as Chief Operating Officer, effective July 7, 2008. Mr. Lauzon will assume day to day responsibilities for the operations as well as become the acting Chief Executive Officer of Chromalloy Gas Turbine LLC replacing the recently retired Chris Richardson in that position.
Sequa's Chief Executive Officer, Dr. Martin Weinstein said, "Armand is an outstanding addition to our senior management team. His broad operating experience in a number of our industry segments will enable him to drive our plans for continued revenue and earnings growth."
Armand Lauzon joins Sequa having held two previous positions at Carlyle portfolio companies. Mr. Lauzon was most recently with The John Maneely Company, where he served as the Chief Executive Officer until being named the Chairman of the Board of Directors on April 1st, 2008. Prior to his role at John Maneely, Mr. Lauzon was with Firth Rixson where he served as the Chief Executive Officer.
Commenting on his new position, Mr. Lauzon said, "I am excited to join Sequa and work with such an impressive team of industry veterans. The Company is well positioned with leading technologies across it's portfolio of businesses. I look forward to working with Marty and the team to drive Sequa's performance into the future."
Sequa Corporation is owned by the global private equity firm The Carlyle Group. Sequa Corporation is a diversified industrial company that operates in the fields of aerospace, automotive, metal coating, specialty chemicals and industrial machinery. For additional information visit www.sequa.com.
SOURCE: Sequa Corporation
Sequa Corporation Shavonne Applewhite, 212-986-5500
Copyright Business Wire 2008
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