A discovery of insurance policies abandoned by now-defunct Ertel Manufacturing Co. has led the city of Indianapolis to sue at least 15 insurance companies for costs to clean up the site, the city said yesterday. The city is seeking more than $5 million for removing PCBs, cadmium and solvents from the site northeast of downtown […]
The full-size pickup plant General Motors Corp. operates in Fort Wayne will be shut down an additional week in August due to allow inventories to shrink, Bloomberg reported. Today’s announcement by GM brings to three the number of weeks the plant will be idle. The Detroit automaker also said today that it will eliminate one […]
Shares of Interactive Intelligence Inc. plunged in after-hours trading after the Indianapolis call center software firm reported second-quarter net profit falling to $845,000 from $2.4 million in the same quarter a year earlier. The report was issued after markets closed. The shares plummeted 22.3 percent to $8.75 a piece. However, the company revenue hit a […]
Simon Property Group Inc. reported $427.9 million in funds from operations in the second quarter, a 14.7-percent increase from a year earlier and slightly more than analysts anticipated. The Indianapolis-based real estate investment trust also projected funds from operations for the year of $6.38 to $6.45 per share, nearly identical to the $6.35 to $6.45 […]
Sweeping diversification is necessary for the Elkhart area to snap its reliance on making recreational vehicles and manufactured housing, the Elkhart Truth opined in an editorial yesterday. A string of layoffs and other bad news from the sectors has rocked the area this month, raising questions about a difficult future for workers who know little […]
Kristy McKillip has taken a business development post with Indy Partnership after four years as executive director of Boone County Economic Development Corp. The Boone County group is one of 10 members of Indy Partnership, which markets the region to businesses looking to expand. McKillip’s new position involves building relationships with companies considering expansions in […]
The Madame Walker Theatre Board said it has chosen a preferred developer for a mixed-use development and renovation of the historic venue on Indiana Avenue. Full Spectrum of NY LLC would lead the mixed-use development, which may include retail and restaurants, office space and a boutique hotel. The first phase will involve renovating and expanding […]
The devastated auto market and lender pressure are forcing the closure of the 105-worker DynAmerica Manufacturing LLC auto parts plant in Muncie, according to The Star Press. The Muncie-based company, which makes seat belt parts, was acquired by Chicago private equity firm TMB Industries in 2005. It sought bankruptcy protection on July 18. The Muncie […]
A new study recommends that the southern Indiana city of Jeffersonville build a $100 million hotel and convention center complex to help revitalize its downtown. The project should be financed with public and private funds and include 125,000 square feet for the convention center, 275 hotel rooms and a 1,000-vehicle parking garage, the News and […]
Energy Systems Group, an arm of Evansville-based utility Vectren Corp., said today it plans to use gas from a southwestern Indiana landfill to power an electrical generator. The company is tapping gas from Veolia ES Blackfood Landfill near Winslow with the aim of generating 1.6 megawatts initially and building to 3.2 million megawatts – enough […]
Indianapolis police have arrested an Indianapolis man for allegedly operating a Ponzi scheme. Phillip Moore faces 36 felony counts for guaranteeing high rates of return on loans over short time periods, and then not paying out the returns or writing checks that bounced. Working through a business called Moore Business Group, Moore promised a 20-percent […]
Rising prices and strong demand around the world fueled record profit and sales for Dow AgroSciences in the second quarter. Dow AgroSciences, the Indianapolis-based agricultural arm of Dow Chemical Co. Inc. of Midland, Mich., reported $1.4 billion in sales, a 25-percent increase from a year earlier. Profit soared to $335 million from $208 million. The […]
Indianapolis-based YourEncore Inc. has launched an office in the United Kingdom primarily to serve one of its main customers, Cincinnati-based Procter & Gamble Co. Founded in 2003, YourEncore enlists retired scientists and engineers to help companies in the life, consumer and food sciences as well as in specialty materials, aerospace and defense. It has a roster […]
Warsaw-based Zimmer Holdings Inc. will create 100 jobs in a $19 million expansion of its foundry in the northern Indiana city, the Indiana Economic Development Corp. said today. The 50,000-square-foot expansion will result in greater automation and produce 1.3 million castings a year. The state offered 400,000 in tax credits based on jobs created. Zimmer […]
FedEx Corp. has asked a bankruptcy judge to allow it to sue ATA Airlines Inc. for breaching a contract to carry military personnel. The filing comes a month after ATA sued FedEx, claiming that it was forced into bankruptcy when FedEx notified ATA that the contract would end this fall. ATA was obligated to continue […]
Jarrett Engineering Co., which designs machines and tooling used in manufacturing plants, plans to add to its headquarters at 1011 N. Pennsylvania St. and add nearly 40 employees by 2012 – doubling its head count. Jarrett received $225,000 in tax credits and training grants from the state based on hitting job-creation targets. Its customers are […]
At least 12 local Starbucks stores are slated to close by early next year as part of a 600-store nationwide purge. The chain is closing eight stores in Indianapolis and stores in Carmel, Greenwood, Beech Grove and Plainfield. About 200 people in central Indiana could lose their jobs in the move since each location employs […]
Lifetouch Inc., one of the nation’s largest portrait photographers, plans to consolidate call centers elsewhere in the country into its Muncie operation, resulting in a building expansion and 200 additional workers over several years, according to The Star Press of Muncie. About 7,700 square feet will be added to its 12,700-square-foot facility in Morrison Mock […]
N.E.W. Customer Service Cos. Inc. plans to locate a customer support center in Terre Haute, and create 480 jobs by 2011, Indiana Economic Development Corp. announced today. The Sterling, Va., company will hire employees for the Terre Haute location who will work from home to help callers fix problems with DirectTV satellite television service. Privately held […]
The Midwest Proton Radiotherapy Institute, which has been a money-loser since opening in 2004, expects to turn a $1.5 million profit in the coming fiscal year, according to The Herald-Times of Bloomington. The Bloomington center, co-owned by Clarian Health and Indiana University, is attracting more patients and getting better reimbursement from the federal Medicare program. […]
