CTS Corp., which designs and manufactures electrical components and sensors, said yesterday it will eliminate 103 positions this year to improve efficiency. The Elkhart company operates globally and didn’t specify where the cuts would be made. The realignment will cost $2.8 million, but will save a similar amount on an annual basis after the cost […]
Ron Gifford, a partner at the Indianapolis law firm Baker & Daniels LLP, has been chosen as president and CEO of Indy Partnership, the organization that markets 10 counties in the region to businesses looking to expand. The Central Indiana Corporate Partnership appointed Gifford to succeed Gordon Hendry, who announced in September he would be […]
A state legislative panel assigned last summer to study the epidemic of mortgage foreclosures has agreed on several recommendations, according to The Journal Gazette of Fort Wayne. Lenders would be forced to give potential borrowers a summary of the highest possible interest rate they could be charged. Lenders also could not charge prepayment penalties for […]
Indianapolis-based Indiana Children’s Wish Fund has been caught in the national subprime mortgage lending crisis. The small not-for-profit, which grants wishes to terminally ill children, filed an arbitration claim after an investment it had in an intermediate-bond fund lost about $50,000 between late June and late September on an initial investment of $222,812. The bond […]
Arcadia Resources Inc., the Detroit-area company that last month announced it would move its headquarters to Indianapolis, reported a $9.2-million loss in its second quarter ended Sept. 30. The parent of Arcadia HealthCare had a $735,619 loss in the same period last year. Continuing operations accounted for $4.5 million of the most recent loss, while […]
Plainfield-based Brightpoint Inc. posted profit of $13 million for the third quarter, a 47-percent increase from a year earlier. Revenue of $1.2 billion in the period ended Sept. 30 was up 86 percent. The wireless device distributor said results were boosted by its first-quarter acquisitions of Denmark-based Dangaard Telecom and Texas-based CellStar, as well as […]
Noble Roman’s Inc. yesterday reported third-quarter profit shot up 58.2 percent, to $2.1 million, on a rise in royalties and fees for the Noble Roman’s Pizza and Tuscano’s Italian Style Subs restaurants it franchises. The Indianapolis company has been on a furious expansion spree-having signed a total of 24 territories to area developers, a move […]
A sweeping internal assessment at Angie’s List has resulted in 38 of the company’s 382 employees being shown the door in the past few days. Most of the workers given pink slips were in sales, although others were in operations, marketing and other areas, said spokeswoman Cheryl Reed. Based at 1030 E. Washington St. on […]
A study by the Indiana Business Research Center indicates the flow of jobs from Indiana to overseas locations has shifted and is now moving to other states, particularly Michigan. From early 2004 to the middle of this year, the state lost 44,808 jobs to mass layoffs, said the center, which operates through the Kelley School […]
Carmel‘s first L.A. Fitness club plans to open in a 45,000-square-foot freestanding building to be built at 2700 E. 146th St. in Carmel, according to the landlord, Terre Haute-based Thompson Thrift. The building, which is leased to L.A. Fitness for 15 years, will be located in Cool Creek Village, a 79,800-square-foot mixed-use development. The Carrollton, […]
The Indianapolis Airport Authority is looking for a few good sculptors-two, in fact. The authority is asking artists to submit proposals for two sculptures to go in the north garden at the new midfield terminal. Proposals are due Dec. 21, with one sculpture scheduled for installation in late 2008 and another in 2009. The sculptures […]
Funds from operations at the Indianapolis-based real estate investment trust Kite Realty Group Trust increased 6.7 percent in the third quarter. The $12 million in funds from operations, a common measure of REITs, amounted to 32 cents per share-matching the average estimate of analysts surveyed by Thomson Financial. Kite also reported today that its development […]
The mayor who was in office when Honda Motor Co. announced in summer 2006 that it would build an assembly plant in Greensburg was shoved out of office yesterday by a wide margin. Frank Manus lost to city council member Gary Herbert 1,679-1,000, according to the Greensburg Daily News. Herbert told the newspaper that Manus […]
The U.S. Department of Health and Human Services said today that Indianapolis-based WellPoint Inc. and several other providers of drug benefits kept overpayments too long. The companies, which also include Minnesota-based UnitedHealth Group and Humana Inc., headquartered in Louisville, Ky., should have more quickly refunded the $4.4 billion in overpayments, the department said. The figure […]
Delta Faucet Co. will eliminate about 30 jobs at its headquarters in Carmel, the company said in a statement. Many of the positions were vacant. Delta, a unit of Michigan-based Masco Corp., said the move was needed to respond to “challenging economic times, including an unprecedented downturn in the U.S. housing market and softening retailing […]
Indianapolis Motor Speedway has licensed a co-branded wheel with TSW Alloy Wheels of Huntington Beach, Calif. It is the Speedway’s first such licensing agreement for wheels. TSW will offer the Indy 500 wheel in painted and chrome versions. The rims will range from 17 to 20 inches, and will be made in varying widths to […]
David Kiebach, the co-founder and principle of MD Logistics in Plainfield, died of a heart attack yesterday prior to leaving for work. Kiebach, 47, started MD Logistics and MC Express in 1996. He launched a strategic partnership with SEKO Worldwide in 2002 and then MD Packaging Services a year later. MD Logistics ranked 8th among […]
The Indiana Court of Appeals has ruled against Whirlpool Corp., saying an employee at its Evansville plant was fired in retaliation for filing a racial-discrimination complaint, reports the Evansville Courier & Press. The ruling, which upholds earlier decisions by the Vanderburgh County-Evansville Human Relations Commission and Circuit Court Judge Carl Heldt, states Harriett Layne should […]
Maxon Corp., a Muncie company that makes burners, gas valves and other heating equipment used by industry, has signed a definitive agreement to be sold to Honeywell International for $185 million. In a statement, Maxon President Rich Clasby said he anticipates Honeywell’s presence in developing countries to accelerate Maxon growth that had shown increasing strength […]
After reporting mixed results on a potentially lucrative blood thinner, Eli Lilly and Co. plans a new late-stage test of prasugrel for patients not receiving stents to open clogged heart arteries. Lilly and its development partner, Daiichi Sankyo Co. Ltd., plan to submit the drug for regulatory approval before the end of this year; the […]
