The New York buyout firm Blackstone Group might offer $20 billion to take over the parent of student loan provider Sallie Mae, The New York Times reported this morning. Sallie Mae, which is owned by Reston, Va.-based SLM Corp., operates a loan processing center in Fishers and has a new loan-collection service in Muncie that […]
Dow Chemical Co. CEO Andrew Liveris said this week that he doesn’t want to sell the Midland, Mich., company. But that doesn’t mean private equity firms eyeing Dow won’t return with hostile offers, according to a Bloomberg report. The parent of Indianapolis-based Dow AgroSciences fired Executive Vice President Romeo Kreinberg and J. Pedro Reinhard, a […]
American General Financial Services received the go-ahead yesterday from the Evansville Area Plan Commission to buy industrial property near its downtown headquarters. The consumer finance company wants to add 135,000 square feet of offices at an estimated cost of $35 million, although only 15 jobs would be created, according to the Courier & Press. Owned […]
Indiana might be on the verge of landing the largest economic development plum since Honda Motor Co. announced in June that it would build a $550 million assembly plant in the southeastern Indiana city of Greensburg. Getrag Corporate Group, a German company that specializes in manufacturing transmissions, is likely to announce in the next few […]
Dow Chemical Co., parent of Indianapolis-based Dow AgroSciences, said today that it has fired two longtime executives because they “were involved in unauthorized discussions with third parties about the potential acquisition of the company.” A British newspaper reported over the weekend that an investor group had lined up financing to make a $50 billion bid […]
Manor Care at Summer Trace in Carmel has violated several state regulations for long-term care facilities, the Indiana State Department of Health said this morning. The Department of Health said it wants to put the facility on probation, and require the facility to hire a nurse and licensed administrator consultants. Among violations found in four […]
Citizens Gas & Coke Utility will close its 99-year-old Indianapolis Coke plant on the southeast side, eliminating 300 jobs. The utility said today it was unsuccessful in finding a buyer for the plant despite interest from about 20 firms over the last 11 months. Sources outside the company who were close to the talks said […]
The owner of a farm near the rural Tipton site where Getrag Corporate Group has filed preliminary plans to build a $560 million transmission plant says an Evansville contractor has offered to buy dirt to add elevation to the site. The landowner, Kip Bergman, said the company wants 200,000 cubic yards, according to the Kokomo […]
Princeton One, a New Jersey–based staffing firm, will announce tomorrow that it is adding about 200 jobs in downtown’s Century Building, 36 S. Pennsylvania St. Average pay for the jobs will be $70,000, according to a source close to the project. Indiana Lt. Gov. Becky Skillman and Indianapolis Mayor Bart Peterson have scheduled a press […]
Effox Inc., a Cincinnati company that makes custom air-handling dampers and expansion joints, has been sold by Hammond Kennedy Whitney & Co. Inc. to Ceco Environmental Corp., also of Cincinnati. Effox had been controlled through the Indianapolis office of Hammond Kennedy, a New York private equity firm.
Former Union Federal Bank of Indianapolis President and CEO Alvin “Kit” Stolen III has taken a position as vice president of consulting at Achievant LLC. The Indianapolis company, launched in September with funding from the 2005 sale of the Carmel banking software firm Baker Hill, sells consulting services and software to help financial institutions with […]
Six of 10 Americans surveyed by Bloomberg and the Los Angeles Times expect a recession within a year, according to a Bloomberg report. Slightly more than 70 percent of respondents making less than $40,000 predicted a recession, although the expectation dropped to about half among respondents making more than $100,000. The sentiment is similar to […]
Patrick Industries Inc. has agreed to buy Adorn LLC for an undisclosed price. Both companies are based in Elkhart and make components for recreational vehicles and manufactured houses. Publicly-traded Patrick generated $348 million in revenue last year and Adorn, $240 million. Patrick said the acquisition, which is expected to close before summer, will add synergies […]
Vectren Corp., the Evansville-based utility that supplies electricity to much of central Indiana, will give customers the option to buy power originating from wind generators in Benton County near Lafayette. Vectren plans to buy 30 megawatts a year from the farm, enough for 8,000 homes, according to the Evansville Courier & Press. The price will […]
A new contract at Fort Wayne Foundry Corp. was ratified by United Auto Workers Local 1101 members Tuesday, but they aren’t happy. The machining division workers will pay more for insurance but receive no wage increases, according to The Journal Gazette of Fort Wayne. Still, the union, which represents 110 of the division’s 150 employees, […]
Cingular Wireless hopes to announce this month that it will create 500 to 600 jobs in Evansville, according to a source familiar with the discussions. The call center will handle contacts from customers. However, major pieces of the deal have not been finalized, the source said. Cingular has been acquired by AT&T of San Antonio, […]
A new restaurant slated to open April 30 within the Conrad Indianapolis hotel will honor legendary Hoosiers on its mahogany-paneled walls. The Capital Grille has commissioned portraits of eight prominent Indiana residents: Indianapolis Motor Speedway savior Anton “Tony” Hulman Jr.; Eli Lilly, the former Eli Lilly and Co. president and grandson of the company’s founder; […]
The swelling housing recession and slower business spending are likely to result in 2007 economic growth slipping to 2.4 percent, the weakest pace in five years, according to Bloomberg. Mortgage defaults and rising foreclosures threaten the housing market, and falling business investment might restrict the number of jobs companies are willing to create, said 29 […]
The president and CEO of Evansville-based Escalade Inc. died yesterday of an apparent aneurysm. Daniel A. Messmer, 53, had led the sporting goods manufacturer and marketer since August. He joined the company in 1976. “We are all shocked and saddened by the unexpected passing of Mr. Messmer,” said Terry Frandsen, Escalade’s CFO, in a written […]
Keronite International Ltd., a British company with technology for putting hard surfaces on metals, has asked Greenwood for tax incentives to establish a plant with 29 jobs, according to the Daily Journal of Franklin. The plant would be located at Interstate 65 and Rocklane Road.
