NetJets Cancelled
Dublin-based Elan, whose stock has lost 74 percent in 12 months, hasn’t renewed a contract with NetJets Inc., the private-jet company owned by Warren Buffett, though that could change.
“We use commercial transport for the most part but would prudently consider the use of an independent plane if the scales balanced in terms of less overnights, associated expenses and executive time,” spokeswoman Niamh Lyons said in an e-mail.
Chairman Kyran McLaughlin has said in a letter to investors that Elan spent less than 1 percent of its $618 million in operating expenses before one-time items on private jets last year, without providing an exact figure. Lyons said she couldn’t expand on that guidance.
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