Berry Plastics Group Inc., an Evansville-based maker of plastics cups, announced today it will build a $20 million global headquarters and create 250 jobs. The move follows its March consolidation with Covalence Specialty Materials Holding Corp. of Bedminster, N.J. The headquarters will be at 101 Oakley St. in downtown Evansville. Berry received nearly $5 million […]
ImmuneWorks has received a $300,000 investment from Indiana Seed Fund I to help the Indianapolis company research a manufacturing process for a drug it is developing to fight idiopathic pulmonary fibrosis, a lung disease. The fund is managed by BioCrossroads, the not-for-profit that promotes the life sciences industry in the state. Founded last year by […]
Eli Lilly and Co has agreed to buy rights to an experimental compound for the treatment of various pains, including pain associated with osteoarthritis, from Glenmark Pharmaceuticals Ltd India. Lilly will pay a $45 million upfront fee as well as up to $215 million more in potential development and sales milestones, plus royalties. The compound, […]
An Indianapolis filmmaking company is preparing to start work on a movie about the first Indianapolis 500, which took place in Speedway in 1911. My First Bike Productions Director Justin Escue, who graduated from Ball State University and worked in the filmmaking hotbed of Austin, Texas, has lured screenwriter Angelo Pizzo, who wrote “Hoosiers” and […]
Lincoln Schrock, who helped Fort Wayne launch an economic development organization during the depths of recession in 1982, is leaving its successor group, the Northeast Indiana Regional Partnership. Schrock, now 66, left the administration of former Mayor Win Moses Jr. to start the organization after the city became a national poster child for Rust Belt […]
Evansville-based Old National Bancorp today reported that third-quarter profit increased 13.3 percent, to $22.6 million, due to broad gains created by tighter management. Interest margins widened, credit quality improved and expenses were contained in the quarter ended Sept. 30, said the bank, which has branches in the Indianapolis area. Return on average equity of 14.2 […]
Simon Property Group Inc. posted $418.7 million in funds from operations in the third quarter, a 13.3-percent increase over the year-ago period. Profit in the quarter increased 74.3 percent, to $164.9 million, due mostly to gains on sales of assets. For the year, the Indianapolis-based retail mall developer said it expects funds from operations, a […]
The Naval Surface Warfare Center at Crane has increased procurement spending in Indiana four-fold in the past six years, according to the Times-Mail of Bedford. The base bought $1.3 billion of goods and services from Indiana companies in the most recent fiscal year, the newspaper reported. Most of the increase has been driven by the […]
The executive director of the Horizon Convention Center in downtown Muncie estimates the center has lost half a dozen conventions since the historic Roberts Hotel across the street closed a year ago. Joann McKinney said in The Star Press that the loss of the city’s last downtown hotel left convention-goers no place convenient to rest, […]
Improved sales through specialty retailers and dealers helped lift third-quarter profit for Escalade Inc., the Evansville sporting good maker reported today. The $3.1 million in earnings for the quarter ended Oct. 6 was a 4.6-percent increase from a year earlier. The improvement came despite what Escalade described as eroding sales of soccer and hockey game […]
Cummins Inc. snagged a couple of ratings upgrades today from investment firms that follow the Columbus-based diesel engine maker. Citigroup recommends holding the stock rather than selling and Credit Suisse rated Cummins “outperform” instead of “neutral.” The changes follow a dip in Cummins’ stock price yesterday after its third-quarter earnings missed analyst expectations. The shares […]
Barry-Wehmiller Design Group Inc., a St. Louis company focusing on manufacturing automation and engineering consulting, has opened an engineering consulting office in Indianapolis. The location, the 10th for Barry-Wehmiller, will serve Indiana, Michigan, Ohio and Kentucky, and will be staffed with 30 professionals. The region had been served from its offices in Chicago, St. Louis […]
Ball State University has created a position to oversee its Building Better Communities economic-development outreach efforts. Frank Sabatine, dean of the School of Extended Education, has been appointed to the new position of associate vice president of economic development and community engagement. Before joining Ball State, Sabatine was liaison to the Community College of Indiana […]
Simon Property Group CEO David Simon has been named chairman, the Indianapolis-based shopping mall giant announced today. He will remain CEO. Former co-chairmen Melvin Simon and Herbert Simon, who founded the former Melvin Simon & Associates Inc. in 1960, have become chairmen emeriti effective today, and will focus on the company’s international expansion, the announcement […]
An investor that holds 5.7 percent of Emmis Communications Corp. said today that the stock has performed so poorly that the board should allow the company to be taken private. New York-based Arnhold and S. Bleichroeder Advisers LLC made the request to directors Peter Lund and Susan Bayh, the wife of U.S. Sen. Evan Bayh, […]
Economic recovery in Brazil helped drive third-quarter sales for Indianapolis-based Dow AgroSciences to $788 million, a 19-percent increase from the same period last year, its parent, Midland, Mich.-based Dow Chemical Co. Inc., reported yesterday. In Brazil, more sugar cane acres and a good season for growing corn sparked strong demand for Dow AgroSciences’ commodity herbicides. […]
Share prices of Indianapolis-based Celadon Group Inc. fell 15 percent this morning after it reported late yesterday that soft demand for its services caused profit to plunge in its first fiscal quarter. The stock fell to $8.16 from its close yesterday of $9.65, then bounced back to $8.35. The long-haul trucking service reported that it […]
Cummins Inc.’s stock price slid this morning after the Columbus diesel engine maker reported earnings that fell short of analysts’ expectations. Shares dipped to $119 from yesterday’s close of $133, but have rebounded slightly to trade near $121, a 9-percent decline from yesterday. Earlier this morning, Cummins reported that third-quarter profit was up 7.6 percent […]
It isn’t often managers of manufacturing plants earn an affectionate editorial in the local newspaper when they move on to their next job, but that’s what Steve Brock received from the Chronicle-Tribune in Marion this morning. Brock, who managed General Motors Corp.’s stamping plant in the city between Indianapolis and Fort Wayne, not only helped […]
The European Union Commission has approved using genetically altered corn developed by Indianapolis-based Dow AgroSciences LLC and DuPont for use in animal feeds, and for human consumption and other uses. However, the corn, which resists insects and the Roundup herbicide, still cannot be raised in the EU. Dow AgroSciences is the agricultural arm of Dow […]
