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.
Tipton, the community north of Hamilton County, might become home to a Getrag Corporate Group transmission plant if the German company follows through on a plan it filed recently with the Tipton County Plan Commission. The plan calls for building a total of 700,000 square feet on 228 acres at U.S. 31 and State Road […]
Joblessness is ebbing in Indiana, but the reason might be driven more by people dropping out of the labor force than by workers soaking up new jobs. The state’s unemployment rate stayed stubbornly above 5 percent for four years. In the past few months, though, the rate mostly has stayed below 5 percent, U.S. Bureau […]
Mutual Bancorp Inc. of Sidney, Ohio, has been sold to Richmond Mutual Bancorporation for $19.8 million in cash, the parties said today. Richmond Mutual is the parent of First Bank Richmond in the eastern Indiana city and American Trust Federal Savings Bank in Peru. The Ohio institution has four offices north of Dayton, Ohio The […]
Krom River Partners, Mother Earth Investment AG and other investment firms are snapping up corn contracts as prices slip, according to Bloomberg. Corn prices fell after a March 30 report showed farmers plan a big increase in planting. However, large investors are turning bullish because the increase is not as large as traders expected. […]
Indianapolis is growing faster than Columbus, Ohio, and that concerns officials in the Ohio city, according to the Columbus Dispatch. Metro Indianapolis’ population increased 9.2 percent between 2000 and 2006 compared to 7 percent for the Columbus area; also, Indianapolis’ job numbers swelled 5.5 percent vs. Columbus’ 1.8 percent. Though Columbus has 59,500 more residents—1.73 […]
When IBJ newsgathering partner WISH-TV Channel 8 and cross-town rival WTHR-TV Channel 13 each won a Peabody award last week, it was a rare event for any television market, let alone Indianapolis, the 25th-largest television market. Only New York, Boston and Chicago also have seen two local stations win the prestigious award in the same […]
Eli Lilly and Co.’s optional severance package has been accepted by 200 of the 1,000 workers at its Tippecanoe Laboratories in Lafayette, according to The Journal & Courier of Lafayette. The Indianapolis drugmaker said in January it would offer the buyouts to 250 at the Lafayette site because it had too much capacity in biomolecules. […]
The peak of excess new houses for sale in the Indianapolis area passed about two months ago and is on track to be whittled to a normal level before September, predicts a Nashville, Tenn., company that researches housing stock in 30 Midwestern and Southern cities. Edsel Charles, who owns Market Graphics in Nashville, Tenn., said […]
One of the fastest-growing sectors in the Indianapolis area is fueled by the region’s burgeoning warehouses and trucking companies. The industries have added 4,500 jobs in the past four years to bring the February total to 50,900, according to figures compiled by Ball State University. That’s a nearly 10-percent increase compared to the 5.4-percent gain […]
