Merrillville gas and electric utility NiSource Inc. said today it has opted against a sale of its electricity unit. Through talks with potential buyers, no transaction met all of NiSource’s demands, the utility said. The company didn’t disclose which parameters could not be met. Media reports earlier this year named Duke Energy Corp. among other […]
Institutional Shareholder Services, a shareholder advisory service based in Rockville, Md., has urged Biomet Inc. shareholders to reject a $10.9 billion private-equity deal for the company because it is priced too low, The Wall Street Journal reported. A vote is scheduled June 8. Biomet is being acquired by LVB Acquisition LLC, Goldman Sachs & Co., […]
Toyota Motor Corp., which builds vans, pickup trucks and sport-utility vehicles in Princeton, isn’t likely to see its North American sales growth slow to only 1.6 percent this year, as it has predicted. Rather, the Japanese automaker could grow five times that fast, say analysts quoted by Bloomberg. Sales probably will slow from the 15 […]
Indianapolis interior designer Rowland Design Inc. has been hired by The Seasons Lodge & Conference Center Hotel in Nashville to plan 20 to 40 rooms to replace 60 lost to a massive blaze Jan. 2. Though fewer in number, the new rooms will be better, owner Andy Rogers told the Brown County Democrat. Authorities said […]
Costs associated with the April 20 acquisition of Adesa Inc. by a group of private equity funds caused first-quarter profit to rise only 3.9 percent, to $38 million, the Carmel-based auto auction reported late yesterday. Had it not been for the $2.4 million expense, earnings would have increased 11.3 percent. Kelso & Co., Goldman Sachs […]
California regulators are investigating whether a $950 million dividend sent by Blue Cross of California this month to its parent, Indianapolis-based WellPoint Inc., was excessive. The officials say no more than $141 million should have been paid to WellPoint, according to the Los Angeles Times. A California insurance commissioner imposed conditions on the former Anthem […]
Plenty of rooms were available in Lafayette-area hotels over the weekend despite nearby Indianapolis hosting the 500-mile race Sunday. That’s because so many hotels and motels have been built in Indianapolis and adjacent cities in recent years that demand for lodging has slipped in Lafayette, according to the Journal & Courier. One Lafayette hotel, the […]
Goshen-based food service distributor Troyer Foods Inc. said today it has bought Beasley Food Service Inc. of Bloomington for an undisclosed price. Troyer generates $160 million a year in sales, and Beasley, $17 million. Beasley will be a division of Troyer. Troyer serves Indiana, Ohio, Illinois, Michigan and Kentucky
Bemis Corp. of Neenah, Wis., said today it will invest $21 million to boost efficiency of its flexible packaging plant in Terre Haute. The project will include the addition of two ten-color presses and three extrusion lines this year. Twenty-nine workers will be added to the current roster of 1,000.
Indianapolis-based BioStorage Technologies Inc. said today it has raised $8.3 million in venture capital funding. Led by Radius Ventures of New York, other investors included Spring Mill Venture Partners of Carmel, Village Ventures of Williamstown, Mass., and Twilight Venture Partners of Indianapolis. BioStorage focuses on pharmaceuticals and other biomaterials, and recently expanded into Europe.
A federal jury in Manhattan Friday afternoon found former Brightpoint Inc. manager Timothy Harcharik aided and abetted securities fraud at the company in the late 1990s. After a four-day civil trial, the jury found against Harcharik on three counts of aiding and abetting. The jury found in his favor on another aiding-and-abetting count and on […]
The 7th Circuit Court of Appeals in Chicago today upheld a court decision that tossed out a class-action lawsuit brought by disgruntled Formula One fans. The unanimous decision affirmed a 2006 ruling by U.S. District Judge Sarah Evans Barker, who said the suit failed to state a claim for which relief could be granted, according […]
Central Indiana home sales fell to 2,577 in April, down 3.8 percent from the same month last year, the Metropolitan Indianapolis Board of Realtors said today. For the year, the sales are off 7.9 percent. New listings for April increased 5.5 percent from a year earlier, and prices held steady despite the slow sales and […]
Eli Lilly and Co. said today it has bought Ivy Animal Health Inc. for an undisclosed price. The Overland Park, Kan., company, which primarily sells cattle growth promotants, will compliment Lilly’s Elanco animal health arm, Lilly said. The deal is expected to close in the second quarter and result in a charge to earnings of […]
ATTC Manufacturing Inc., which supplies brake drums, rotors and differential cases to Toyota plants in North America, said today it will expand its plant at Tell City. Ninety jobs will be added by the $49 million project in the southern Indiana community. ATTC received $3.3 million in state and local economic development incentives.
Three counterfeit batches of Zyprexa, Eli Lilly and Co.’s blockbuster schizophrenia drug, have been discovered in the supply chain in the United Kingdom, according to Reuters. The product has been recalled by the U.K.’s Medicines and Healthcare Products Regulatory Agency to err on the side of caution even though the agency thinks only two batches […]
Several businesses have filed suit against the city of Fort Wayne in the hope of persuading a judge to declare a pending city-wide smoking ban unconstitutional. The business owners claim the ordinance is too broad, but the author, City Councilman John Crawford, says he is confident the suit will fail, according to The Journal Gazette […]
First-quarter profit fell to $7.3 million from $7.4 million a year earlier for Shoe Carnival Inc., the Evansville shoe retailer reported today. Comparable-store sales in the period ended April 29 dipped 3.7 percent. The company blamed the results on sluggish shoe sales across the industry.
