Manufacturing & Technology

Upstart automaker Bright faces tough road in competitive nicheRestricted Content

July 31, 2010
Chris O'Malley
Two years after Bright Automotive was founded, the prospect of thousands of Indiana factory workers cranking out Bright’s 100-mile-per-gallon “IDEA” delivery vans by 2012 seems dim.
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$6.6M grant to help project at Crane tech park

July 30, 2010
Associated Press
A federal grant will pay most of the costs for an $8 million conference center that officials hope will help attract business to a technology park near the Crane Naval Surface Warfare Center.
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Kokomo GM plant 'assessing' business operations

July 28, 2010
 IBJ Staff and Associated Press
GM spokesman Kevin Nadrowski says officials at the Kokomo Integrated Circuit Fab plant met with 375 workers Wednesday to say they're "assessing the business model at the plant based on recent business developments."
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Frankfort manufacturer to build plant in Tennessee

July 28, 2010
Associated Press
NHK Seating of America's plant in Murfreesboro is expected to employ up to 224 workers when all phases of production are operating in 2015.
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CEO of local chocolate company stepping down

July 28, 2010
Wayne Zink of Endangered Species Chocolate will become chairman of the company's not-for-profit foundation. Chief Operating Officer Curt Vander Meer will replace him as CEO.
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Exchanges sprout around the country

July 28, 2010
J.K. Wall
When the Indiana Health Information Exchange launched in 2004, it was one of nine truly operational exchanges around the country. Today, the Indianapolis-based organization is one of 73, according to the latest national survey by the eHealth Initiative.
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Cummins' profit rises on strong overseas sales

July 27, 2010
Columbus-based diesel engine manufacturer raised its full-year earnings forecast after second quarter profit rose to $246 million.
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Interactive Intelligence reports higher profit, revenue

July 27, 2010
The Indianapolis-based company reported second quarter profit of $2.5 million on increased sales of its business communications software.
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Federal agents' raid hits University Loft at tough timeRestricted Content

July 24, 2010
Kathleen McLaughlin
Military contracts have helped shore up sagging sales at University Loft Co., the furniture maker federal agents raided two weeks ago. Still, University Loft's work force is almost 50 percent off its recent peak.
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Wolf Technical Services wins Army Corps contract

July 24, 2010
 IBJ Staff
The company has been hired to refine technology that detects whether a vehicle might be carrying suspicious cargo, including explosives.
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Auto plant's 300 jobs draw 3,000 applicants

July 21, 2010
Associated Press
The response to openings at a Chrysler transmission plant in Kokomo reflects the large number of people out of work, a union official said.
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Rolls-Royce snags $70M contract to service Canadian fleet

July 21, 2010
British firm's Indianapolis manufacturing facility will provide engine management and repair services, as well as logistics and on-site technical support for Canadian military transport aircraft.
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Angola manufacturers plan nearly 180 new jobs

July 20, 2010
 IBJ Staff
Fuel Systems of Angola and Steffy Wood Products say they will invest a total of $4.8 million on their production facilities in northeast Indiana, creating 178 jobs by 2013.
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Steel Dynamics profit up, but misses analysts' estimates

July 20, 2010
Bloomberg News
Net income was $49.2 million, compared with a net loss of $16 million a year earlier, the Fort Wayne-based steelmaker said Monday in a statement.
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Interactive Intelligence partners on social media applicationRestricted Content

July 17, 2010
Chris O'Malley
The Indianapolis software company has partnered with Cambridge, Mass.-based Buzzient Inc. to allow clients to monitor chatter about them on Facebook and other sites.
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Cummins gets upgrade from Moody's

July 17, 2010
 IBJ Staff
The company's rating rose one notch because it has taken steps to insulate itself from economic downturns.
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Illinois firm to build used oil plant in Speedway

July 17, 2010
 IBJ Staff
The $40 million project along West 10th Street could create 75 jobs by 2013.
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ALTOM: How long will our 'Net neutrality last?

July 17, 2010
Tim Altom
Cable giant Comcast has fanned a typical smoldering Internet grumble-fest into a major screaming match, complete with a lawsuit and cries for federal intervention. The outcome may affect how much it costs you and me to do business across the ’Net.
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Cummins moving 100 jobs from Memphis to Mexico

July 14, 2010
Associated Press
The moves will leave about 1,400 employees of Cummins and its contract workers in the Memphis area.
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UAW salvages Navistar foundry on brink of closing

July 14, 2010
Kathleen McLaughlin
A five-year contract ratified late Tuesday covers 250 workers in UAW Local 226 who work at Indianapolis Casting Corp.
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Ruling on Visteon retiree benefits overturned

July 14, 2010
Associated Press
In overturning two lower court decisions, a three-judge panel of the 3rd U.S. Circuit Court of Appeals in Philadelphia unanimously agreed with attorneys representing some 2,100 retirees from two Visteon manufacturing plants in Indiana.
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Federal agents raid University Loft headquarters

July 13, 2010
 IBJ Staff
Agents descended on the contract-furniture maker to execute a sealed search warrant. A spokeswoman for U.S. Attorney Tim Morrison said no arrests were made.
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Calumet Specialty plans to sell $450 million of debt

July 12, 2010
 IBJ Staff and Bloomberg News
The Indianapolis-based refiner of specialty hydrocarbon products plans to sell $450 million of senior notes. Proceeds will be used to repay bank debt.
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Herff Jones closing plant in eastern Pennsylvania

July 10, 2010
Associated Press
Indianapolis-based Herff Jones Inc. said it will close the printing plant in eastern Pennsylvania this fall, laying off 107 workers.
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Miniature-car maker signs distribution deal with Target

July 10, 2010
 IBJ Staff
Locally based GreenLight Collectibles recently signed a deal to have the retailer sell its 1:64-scale replica cars.
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  1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

  2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

  3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

  4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

  5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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