Farmland prices are rising so fast globally that hedge funds and investment brokers are buying into the traditionally pokey investment, according to Bloomberg. U.S. farmland rose an average of 15 percent in 2006, Bloomberg reported, citing government figures. The soaring prices are mostly driven by rising demand for corn from ethanol fuel distillers, but also […]
1st Source Corp. of South Bend has agreed to buy FINA Bancorp, the parent of First National Bank, Valparaiso, for $135 million in cash and stock. Both boards have approved the deal. 1st Source, which has $3.8 billion in assets and 67 branches in Indiana and Michigan, said it wants the northwest Indiana bank to […]
A new contract ratified by General Drivers, Warehousemen & Helpers Local 89 at Jeffboat LLC calls for an average wage increase of 11 percent over three years. About 95 percent of 900 eligible Teamsters members voted in favor of the contract, according to Jeffboat parent American Commercial Lines Inc. The Ohio River shipyard, located in […]
Indianapolis Motor Speedway has hired Hardcard Holdings, a consulting firm specializing in motorcycle races, the speedway said today. “The Speedway has been looking at hosting a motorcycle event for some time, and we continue to be enthusiastic about the prospects,” IMS President Joie Chitwood said in a statement. “Hardcard will advise and consult with the […]
The city is restarting efforts to find a company to redevelop the former site of Market Square Arena, which has languished as a parking lot since the city tore down the arena almost six years ago. A new request for proposals likely will go out Wednesday. This time around, developers will need to propose […]
Tomasco Indiana LLC is spending $20 million to expand its Winchester auto parts plant to supply the Honda Motor Co. assembly plant under construction at Greensburg, the company said today. The Winchester plant will grow to 305 jobs from 180, and add 122,000 square feet to the existing 202,000 square feet. It stamps, welds and […]
Snow storms will crimp sales for Gregg Appliances Inc. in its fourth fiscal quarter, the Indianapolis-based electronics and appliance retailer disclosed in a regulatory filing last week. Percentage gains in same-store sales will rise only “mid-single digits” instead of the mid- to-high single digits Gregg forecast when it reported third-quarter sales ended Dec. 31. The […]
Wal-Mart Stores Inc. said this morning that it will build a 176,000-square-foot Supercenter immediately south of the abandoned Builders Square store at 46th Street and Lafayette Road. The new store will employ 300 when it opens in early 2008. The store is smaller than the 203,000 square feet anticipated by the city when it announced […]
Veteran television journalist Kevin Finch has been promoted to news director from assistant news director of WISH-TV Channel 8, IBJ ’s newsgathering partner. In his new position, Finch will oversee news operations. Earlier, he planned and produced long-term news coverage at WTHR-TV Channel 13.
Eli Lilly and Co. has contracted with four companies to distribute its new line of drugs for dogs and cats. The companies include Butler Animal Health Supply of Dublin, Ohio; MWI Veterinary Supply of Nampa, Idaho; Professional Veterinary Products Ltd., of Omaha, Neb.; and Webster Veterinary Supply Inc., of Sterling, Mass. Indianapolis-based Lilly also said […]
The computer search engine that helps the Indiana Department of Workforce Development match unemployed people with jobs offers only a small portion of the jobs listed on CareerBuilder, Monster and other Web sites, according to the Post-Tribune of Merrillville. The CS3 search engine used by WorkOne is so obsolete that one former state worker estimated […]
Orange County’s unemployment rate has fallen a full percentage point—to 6.4 percent—since French Lick Resort Casino opened in the southern Indiana community of French Lick in November. Also, the turnover rate for the 1,520 workers has ranged between 23 and 25 percent, lower than for some casino openings, according to the Times-Mail of Bedford. Casino […]
Hurco Companies Inc. said profit in its first fiscal quarter exploded 78 percent due to strong sales in Europe. The Indianapolis machine tool maker said the $5.4 million in earnings in the period ended Jan. 1 also was driven by selling higher-priced machines. The increase came despite softening sales in North America and Asia.
Eli Lilly and Co. said today it will appeal a decision by Great Britain’s National Institute for Health and Clinical Excellence to not recommend its Alimta lung cancer drug. The Indianapolis drugmaker said it was disappointed with the decision, and that the decision would limit patient treatment. The agency, which is influential with doctors, said […]
Metropolitan Indianapolis Public Broadcasting Inc. said this morning it will move its WFYI Teleplex into the former Indiana Energy headquarters building at 1630 N. Meridian St. The not-for-profit broadcaster is buying the building for $8.5 million and plans to spend another $11.6 million renovating the first two floors and equipping its radio and television stations. […]
Pernod Ricard USA has agreed to sell its Lawrenceburg distillery and bottling plant to CL Financial Group for an undisclosed amount. Early last year, Pernod said the 150-year-old distillery would close in phases over two years to cut unneeded capacity, putting about 400 workers out of jobs. The plant is Pernod’s largest facility in the […]
Metropolitan Indianapolis Public Broadcasting Inc. has called a news conference this morning to make an announcement. The city this week approved a variance for WFYI Teleplex to build a 150-foot tower near 1630 N. Meridian St. IBJ reported in December that the board of the public broadcasting affiliate voted to authorize buying the building in […]
A $1.64 billion offer from Simon Property Group and a partner for Mills Corp. has been accepted, the Chevy Chase, Md.-based shopping center developer said today. The offer was about 5 percent higher than the $24 per share Indianapolis-based Simon and Farallon Capital Management of San Francisco extended in an unsolicited bid Feb. 23. Mills […]
An offer from Indianapolis-based Simon Property Group and a partner for Mills Corp. has been accepted by the Chevy Chase, Md., shopping center developer. Mills said today that accepting the $1.64 billion means it has ended its previous merger agreement with Toronto-based Brookfield Asset Management Inc. Simon partnered with Farallon Capital Management of San Francisco […]
Firefighters are battling a fire at Knauf Insulation in Shelbyville that has been burning since early this morning, according to our newsgathering partner WISH-TV Channel 8. Knauf, founded in 1978, began a $200 million renovation of the plant in 2005. It makes thermal and acoustical fiberglass insulation for residential, commercial and industrial building applications. […]
