Articles

Wall Street slaughter extends to Indiana

Name-brand Indiana stocks were not immune to the down draft that swept through Wall Street today. Columbus diesel engine manufacturer Cummins Inc. fell nearly 4.7 percent to $136.15 a share. Indianapolis-based software developer Interactive Intelligence dropped 5.8 percent to $14.77. Other stocks were hit hard, too. Brightpoint, the Plainfield cell phone distributor, saw its shares […]

Read More

Centaur approved to buy remaining stake in Hoosier Park

Centaur Inc. has been approved by the Indiana Horse Racing Commission to buy the 38-percent interest in Hoosier Park it doesn’t already own. The deal is expected to close in mid-March. Anderson’s Department of Parks & Recreation approved the sale Feb. 20. "We’ve been part of this project since day one and we’re proud to […]

Read More

UPDATE: Telecom reform credited for AT&T expansion

AT&T Inc. said this morning that legislation passed last year allowing telephone companies to better compete with cable providers was a factor in its decision to create 425 jobs in Indiana rather than other states. The San Antonio company said it will add the jobs at its offices at 220 N. Meridian St. by 2009. […]

Read More

Delphi to lay off 133 workers in Anderson

Delphi Corp., the bankrupt Michigan-based auto parts supplier, has filed a notice with the Indiana Department of Workforce Development that it plans to lay off 133 workers at its Anderson ignition and generator plant by April 2. Anderson sustained a similar blow in January when Guide Corp. abruptly closed a taillight plant, throwing hundreds out […]

Read More

Economic growth bypassing Wabash County

Growth has stagnated in Wabash County in north-central Indiana, and might not improve very much for a long time, according to retired Manchester College professor Richard Harshbarger. Quoted in the Wabash Plain Dealer, Harshbarger said an index he created places the county’s economic activity at 117.1 compared to 100 more than two decades earlier, in […]

Read More

AT&T creating 425 jobs downtown

AT&T Inc. will add 425 jobs at its offices at 220 N. Meridian St. by 2009, the San Antonio, Texas, telecommunications giant announced this morning. The call center jobs, which will average about $40,000 a year with benefits, will provide customer service for the company’s high-speed Internet service. The positions are being brought in-house after […]

Read More

More than 100 Fort Wayne house sales deemed ‘suspect’

In Fort Wayne, more than 100 rental houses in the past two years have been sold at one price and a mortgage taken out at a higher price, a practice that enriches dealmakers but leaves banks and buyers in the lurch, according to an investigation by The Journal Gazette. Typically, sellers were paid a certain […]

Read More

MacAllister buys 69 acres along I-465

One of the largest tracts of land remaining along Interstate 465 has been bought by MacAllister Machinery Co. Inc. to make room for the Caterpillar heavy equipment dealership to expand. The 69 acres, which is immediately north of MacAllister headquarters at 7575 E. 30th St., was sold by SMC Corp. of America for $4 million, […]

Read More

UPDATE: Glasscock successor to be top female CEO

The surprise announcement that Larry Glasscock is retiring as CEO of WellPoint Inc. paves the way for his successor, Angela F. Braly, to be the highest-ranking female executive in corporate America. None of the 11 women CEOs of Fortune 500 companies run larger businesses, based on revenue, than WellPoint, which has $58 billion in annual […]

Read More

AT&T to announce hundreds of jobs Tuesday

Telecommunications giant AT&T as well as state and local officials have called a news conference tomorrow morning to announce what Indiana Economic Development Corp. spokesman Mitch Frazier has said be hundreds of new jobs in Indianapolis. Indiana competed with several other states for the expansion. The state says the announcement is tied to telecom deregulation, […]

Read More

Navistar halts engine production on eastside

Navistar International Corp. has suspended production of diesel engines at its plant on Indianapolis’ eastside and at another plant in Alabama. The decision stems from a lawsuit filed by Ford Motor Co. claiming Illinois-based Navistar isn’t adequately sharing warranty costs for the engines, which are used in its lucrative Super Duty F-Series pickup trucks. Seven-hundred workers at […]

Read More

Q-Comm closes Norlight Telecommunications acquisition

Evansville-based communications company Q-Comm Corp. has closed its acquisitions of Norlight Telecommunications from Journal Communications of Brookfield, Wis., for $185 million. Both companies handle high-speed telecommunications. Norlight’s territory was adjacent to Q-Comm’s. Journal Communications publishes the Milwaukee Journal Sentinel.

Read More

Biomet goes outside for new CEO

Jeffrey Binder, most recently senior vice president of Illinois-based Abbott Laboratories Inc., has been named CEO of Biomet Inc., the Warsaw orthopedics firm announced this morning. Binder, 43, led Abbott’s global laboratory diagnostics business. He replaces Daniel Hann, who had been interim CEO since company co-founder Dane Miller resigned nearly a year ago. Biomet is […]

Read More

Lilly’s Cymbalta approved for expanded use

Eli Lilly and Co.’s antidepressant drug Cymbalta has been approved by the Food and Drug Administration to treat generalized anxiety disorder. About 6.5 million Americans suffer for the disorder. The drug is currently marketed to treat depression and to manage diabetes-related pain. In 2006, Cymbalta sales were $1.3 billion, up from $679 million the year […]

Read More

BREAKING: WellPoint CEO Glasscock resigns

Larry Glasscock, who built WellPoint Inc. into the nation’s largest health insurer, will retire as CEO and president on June 1, the Indianapolis company announced this morning. Glasscock, 58, will remain as chairman. He will be replaced as president and CEO by WellPoint executive Angela F. Braly, 45. Since 2005, she has served as an […]

Read More

Arvin merger a ‘disaster,’ ‘mistake,’ experts say

Both Arvin Industries Inc. and its headquarters city of Columbus have suffered from the company’s 2000 merger with fellow auto parts supplier Meritor Automotive Inc., of Troy, Mich. Instead of keeping a sharp focus on its niche in exhaust and suspension parts, Arvin under the so-called merger of equals lost not only its way, but […]

Read More

Ivy Tech ranks first in charitable giving

For the first time in its history, Ivy Tech Community College has ranked tops in the nation in private donations to community colleges, according to the Council for Aid to Education, a New York not-for-profit that conducts policy research on higher education. Ivy Tech received $15.3 million last year from foundations, corporations and individuals. The […]

Read More

‘Hundreds’ of jobs to be announced Tuesday

A company with operations in Indianapolis plans to announce Tuesday that it will create “hundreds” of additional jobs, according to Mitch Frazier, spokesman for Indiana Economic Development Corp. Frazier declined to identify the company, but said Indiana has won a tussle with several other Midwestern states for the project. Gov. Mitch Daniels and Indianapolis Mayor […]

Read More

Conseco reserve costs to wipe out fourth-quarter profit

Conseco Inc. expects to spend $53 million after taxes to shore up capital reserves for its long- term care and core insurance businesses, the company announced today. The Carmel-based insurer said the expense likely will wipe out its fourth-quarter profit, which Conseco now will announce on March 6, a week later than originally planned. During […]

Read More

BREAKING: Citizens Gas warns 300 of possible layoff

About 300 workers at Citizens Gas & Coke Utility’s coke-making division have been told that they risk be laid off because the plant might be sold, Citizens announced this morning. Citizens, which has been trying to sell the plant at 2950 Prospect St. because it no longer fits its business strategy, said it is “concluding […]

Read More