Bolder Industries inks EU grant for Belgian carbon-black plant

Bolder Industries Inc., which converts used tires into carbon black, petrochemicals, steel and power, has formalized a grant agreement with the European Commission’s EU Innovation Fund to help pay for development of a production facility at the Port of Antwerp in Belgium.

The 55,152-square-meter Antwerp factory “will feature four proprietary reactors and a cutting-edge finishing line capable of processing over 6 million end-of-life tires annually,” the company said in a news release.

The EU fund has committed 32 million euros ($33.83 million) to the project, which is scheduled to break ground next year and be operational in 2027. The Antwerp plant is expected to create at least 50 new jobs.

“This is only the first phase of Bolder’s plan in Antwerp, with future expansion expected to more than double the facility’s capacity,” the company said.

Life Time Fitness open at Boulder’s Twenty Ninth Street

Life Time Fitness opened this week in the now-renovated former Colorado Athletic Club space at Boulder’s Twenty Ninth Street Mall.

The 52,000-square-foot (including indoor and outdoor space) at 1821 30th St. is Life Time Group Holdings Inc.’s (NYSE: LTH) eighth Colorado location and features an outdoor, six-lane lap pool, indoor, three-lane lap pool, workout floor, three studios, a cafe and kids area.

“Boulder is home to one of the most passionate and performance-driven fitness communities in the country,” Jarod Cogswell, club leader at Life Time Boulder, said in a prepared statement. “We’ve designed this club as a destination for elite athletes and everyday achievers alike, offering the luxurious amenities and best-in-class programming Life Time is known for, all under one roof.”

Colorado Athletic Club owner The Wellbridge Co. closed several Colorado gyms in late 2023, including the Boulder fitness center.

Rob Katz back as Vail CEO

A known commodity is back at the helm of Vail Resorts Inc. (NYSE: MTN), as Rob Katz, who stepped down as the resort operator’s CEO in 2021, has abruptly resumed that position.

Katz, who was first hired as CEO in 2006, replaces Kirsten Lynch, Vail’s chief marketing officer before succeeding Katz in 2021. Lynch has left her seat on Vail’s board of directors, but “will remain in an advisory role to the company for an interim period to facilitate a smooth transition,” Vail said Tuesday afternoon.

“We are incredibly grateful for Kirsten’s leadership and contributions over her 14-year career with Vail Resorts, including driving transformational growth of the Epic Pass, stewarding the business through unprecedented challenges, and driving meaningful investments in innovation to position Vail Resorts for future success,” Vail board of directors member Bruce Sewell said in a prepared statement Tuesday.

Vail’s stock price spiked in after-hours trading following the announcement of the C-suite shakeup.

The company’s stock finished regular trading hours at $151.50 — a couple of hours later, after-hours trades had bumped it past $170.

Lynch took over as Vail’s CEO after the disastrous COVID-19-shortened 2019-2020 ski season and her tenure ended several months after a Park City strike that has caused an avalanche of frustration from skiers during one of the Utah resort’s busiest times of the most-recent season.

The Park City strikes are occurring just months after Vail Resorts told investors and regulators that it will be laying off 14% of its corporate workforce and about 1% of its operations staff as part of a two-year “transformation plan” aimed at reversing downward revenue and earnings trends.

In addition to layoffs, Vail, which has grown from 10 resorts to 42 and doubled its workforce over the last decade, said in fall 2024 that its transformation plan includes “leveraging … best practices and introducing new tools to scale the way operations are supported across the company,” consolidating and outsourcing internal business services and call centers, and using technology to improve workforce efficiency.

Vail hopes to achieve $100 million in annualized savings by the end of fiscal 2026.

“As Vail Resorts continues to execute its strategic priorities and transformational initiatives, the Board believes now is the right time for this leadership transition,” Sewell’s statement said. “Rob has a strong track record of driving innovation and executing consistent performance at Vail Resorts and has played a critical role in the development of Vail Resorts’ operations and long-term strategy for over the past three decades. Rob’s 16 years as CEO included reinvigorating the company during times of industry stagnation and challenging macro environments. We look forward to continuing to work closely with him to ensure that Vail Resorts consistently delivers for our employees, guests, communities and shareholders as the worldwide ski industry leader.”

Longmont summit to focus on middle-income housing

Housing for the “missing middle” will be the focus of a BizWest event to be held next week in Longmont.

The Boulder Valley Middle-Income Housing Summit, scheduled for 8 to 11:30 a.m. June 3 at the Fox Hill Club, 1400 Colorado Highway 119, is designed to foster collaboration and innovation in addressing the pressing issues of housing that is affordable to the Boulder Valley’s middle-income workforce. The event will bring together stakeholders from the private and public sectors, including real estate developers, government officials and community members to delve into key challenges in developing housing that is accessible to our workforce and their families and allows them to build future equity.

Facilitating the panel discussions will be former state Rep. Jonathan Singer, founder of Comity Solutions LLC and senior director of policy programs at the Boulder Chamber.

Tickets are $86.59 if purchased online through next Monday and $96.09 the day of the event, but the event is free to elected officials.

Ball finance chief Howard Yu leaving in June

Howard Yu, chief financial officer for aluminum can giant Ball Corp. (NYSE: BALL), will step down at the end of June.

“The departure is not related to any disagreement with the company on any matter relating to its accounting practices, financial statements, internal controls or operations,” Ball said in a regulatory disclosure.

Ball senior vice president of corporate planning and development Daniel Rabbitt will serve as interim CFO.

“We appreciate Howard’s contributions during his tenure as chief financial officer. Under his leadership the company strengthened its balance sheet and delivered on its financial commitments to shareholders. We thank him for nearly two years of dedicated service, value the discipline he instilled across the organization, and wish him every success in his future endeavors,” Ball CEO Daniel Fisher said in a prepared statement.

— Bizwest reports