The slowing economy and rising competition drove down overall profit for Kimball International Inc. in its second fiscal quarter. The Jasper furniture and electronics maker reported today that profit fell 41 percent in the period ended Dec. 31, to $4.2 million. The weakening economy prompted companies to cut back purchases of new furniture and office […]
Indianapolis developer Browning Investments is planning a business park on about 150 acres south of Mount Comfort Airport, said Dale Pfeifer, a developer with Browning. The site is north of County Road 300 North and west of County Road 500 West, and is to have four warehouses with space ranging from 270,000 to 753,000 square […]
ArcelorMittal, the biggest steelmaker in northwest Indiana, is worried about the future of a railroad it uses to annually ship 5 million tons of steel and receive $2 million tons of raw materials. ArcelorMittal competitor U.S. Steel Corp. is selling most of the 198-mile EJ&E Railway, which serves industrial customers in the Chicago area, to […]
Indiana Steel and Tube, a steel processor in the southern Indiana community of Brownstown, plans to expand and hire 100 extra workers by 2010, the Indiana Economic Development Corp. announced yesterday. The $8 million plant will begin making about 2,500 tons of steel coil this year. The state offered nearly $975,000 in incentives, and the […]
The immediate future of Chrysler’s operations in Indiana is open to question now that a supplier to the Detroit automaker has sought bankruptcy protection. Friday’s Chapter 11 filing by Plastech Engineered Products Inc. suddenly cut off a stream of plastic parts to Chrysler’s 14 assembly plants, according to the trade publication Automotive News. All 14 […]
City-County Council representative Jackie Nytes has been hired as executive director of Mapleton Fall Creek Development Corp., the neighborhood group announced today. Nytes replaces Shary Johnston, who is retiring. Nytes was a finalist to replace former Indianapolis-Marion County Public Library CEO Linda Mielke, who left in January 2007. Nytes is a former chief financial officer […]
The $529 million takeover of First Indiana Corp. ripples to 32 branch locations today, as Milwaukee-based Marshall & Ilsley Corp. hoists its M&I Bank signs into place. Shareholders of First Indiana OK’d the acquisition in December. M&I’s Indiana region president is Reagan Rick, who had been with First Indiana for about three years. He previously […]
Kentucky might charge tolls on bridges that connect to Indiana, reports The Evening News of Jeffersonville. In a study released late last week, the Kentucky Transportation Cabinet included eight options ranging from adding tolls to all bridges to just one bridge. The tolls would help pay for the $4.1 billion Ohio River Bridges Project, which […]
As many as 90 jobs will be created as a result of a recent agreement by Ryder System Inc. to distribute educational materials for K12 Inc. from Ryder’s warehouse in Plainfield, according to the Indiana Economic Development Corp. Ryder, headquartered in Miami, received $139,000 in state incentives for the expansion at Plainfield Business Center at […]
The deal for the National Hot Rod Association to sell assets including O’Reilly Raceway Park in Clermont is dead. Glendora, Calif.-based NHRA had said in May that it would sell O’Reilly Raceway Park and other professional racing assets to HD Partners Acquisition Corp., a Santa Monica, Calif.-based investment group led by the developer of DirectTV. […]
Rocky fourth-quarter sales and a bleak economic outlook have led outdoors retailer Cabela’s to put several planned superstores on hold, including one slated for Greenwood. The Nebraska-based company on Wednesday warned that its fourth-quarter earnings would fall short of expectations, thanks to a “challenging retail environment.” Cabela‘s forecast a same-store sales drop of 5.9 percent. The Greenwood store, planned […]
Houston will be bidding on the 2012 Super Bowl, the Texans said Wednesday. Reliant Stadium is the best venue in the league for the big game, the team said. Houston opened its new stadium, with a maximum seating capacity of just more than 72,000, in 2002. It hosted a Super Bowl in 2004. “In terms […]
Indianapolis-based shopping mall owner Simon Property Group’s fourth-quarter funds from operations increased 12.7 percent, to $507.7 million, the company said today, despite writing off a loss on an Arizona development. Funds from operations, which excludes depreciation and land sales, is a common measure of real estate investment trusts like Simon. Simon’s $1.76-per-share results surpassed the […]
The slowing economy has prompted Newmar Corp. in the northern Indiana town of Nappanee to announce that it will lay off 118 of its 905 workers, according to the South Bend Tribune. Newmar makes motorhomes and fifth wheel recreational vehicles. Other RV companies announcing layoffs recent in the Elkhart area include Travel Supreme and Monaco […]
Economic development leaders in Boone County hope to capitalize on Lebanon’s location mid-way between Indianapolis and Purdue University to attract biotechnology firms. Supporters are starting a committee to look into the possibility and a consultant is discussing the notion with universities, according to The Lebanon Reporter. The idea was sparked by engineers and doctors meeting […]
Indianapolis and Louisville are the sole finalists to host the National FFA convention from 2013 to 2019, according to the Louisville Courier-Journal. Eliminated from the competition are fellow front runners Minneapolis and Kansas City. Ten other cities had applied. The Louisville Convention & Visitors Bureau issued a statement about Louisville and Indianapolis yesterday. The National […]
The proposed $85.6 million acquisition of Cincinnati-based Peoples Community Bancorp Inc. by Integra Bank Corp. of Evansville has been terminated, the banks announced late yesterday. The parties agreed not to discuss the matter beyond saying that ending “the proposed transaction was in the best interests of each of their respective corporations and shareholders.” However, officials […]
Dow AgroSciences, the Indianapolis-based agricultural arm of Dow Chemical Co., lost $38 million in the fourth quarter due to a $77 million restructuring charge. Last year the unit earned $38 million. Dow AgroSciences sold $864 million of chemicals and other agricultural products in the quarter, up 6 percent from a year earlier due to broad […]
The first investment by Clarian Health Ventures is in an Indianapolis startup that is developing technology for spotting cancer cells. The new fund started by Clarian joined four other venture firms in pumping $6.25 million into CS-Keys Inc. CS-Keys was launched by Indiana University School of Medicine researchers. Leading the investment was Triathlon Medical Ventures, […]
An Indianapolis plant owned by Kentucky-based General Cable Corp. has been named one of the 10 best in the nation by the trade publication Industry Week. The plant, at 7920 Rockville Road near Indianapolis International Airport, makes polymer compounds. It combines Six Sigma continuous improvement and lean manufacturing techniques, and blends managers and union workers […]
