Hillenbrand Industries Inc. posted $51.9 million in profit in its first fiscal quarter, up 7 percent from a year earlier. Revenue for the quarter ended Dec. 31 rose slightly to $483.2 million. The Batesville company said it is still considering separating the company’s health-care and funeral services business into two companies. Its largest shareholder, Franklin […]
Sidney Taurel, CEO of Eli Lilly and Co., earned $15.2 million in salary, stock and other compensation in 2006, according to a Securities and Exchange Commission filing. On top of a base salary of $1.6 million, Taurel received a bonus of $2.8 million and $9.2 million in stock awards and options. Other compensation included $91,069 […]
Simon Property Group might have to work harder to buy Mills Corp., say analysts quoted by The Toronto Star. Indianapolis-based Simon, the world’s largest shopping mall owner, joined with Mills shareholder Farallon Capital Management yesterday to offer an unsolicited bid of $1.56 billion for the Chevy Chase, Md., mall developer. That was $210 million more […]
Daimler-Chrysler AG will eliminate 10,000 blue-collar jobs as part of a sweeping restructuring that will shrink Chrysler and integrate it more closely with its German parent, the Detroit News reports, citing unnamed sources familiar with the plan. Project X” aims to reverse losses that mounted to $1.2 billion for Chrysler last year. However, it is […]
Workers at Beta Steel Corp., a minimill in Portage, are upset about a new policy that forbids sticking decals to hardhats, according to The Times of Munster. Beta Steel thinks the blue hardhats promote a team image and doesn’t want them plastered with stickers. But International Longshoremen’s Association Local 2038, which represents about 325 workers, […]
Five hospitals in northeast Indiana have been bought by private equity arms of the Wall Street firms Goldman Sachs and JPMorgan Chase for $6.4 billion, the seller, Dallas-based Triad Hospitals Inc., said Monday. The hospitals are part of Triad’s Lutheran Health Network. They include Lutheran Hospital of Indiana, St. Joseph Hospital and Dupont Hospital […]
Central Indiana residents set a television viewing record Sunday night by tuning TVs in droves to watch the Indianapolis Colts beat the Chicago Bears in the Super Bowl. An average of 79.4 percent of televisions that were turned on during the game period were tuned in to the event, according to the CBS affiliate […]
The $1.56 billion takeover offer that Simon Property Group unveiled this morning for mall owner Mills Corp. was long overdue, said a RBC Capital Markets analyst. Rich Moore, who follows the Indianapolis-based shopping mall owner for the Columbus, Ohio, company, told Bloomberg he was baffled why Simon hadn’t pounced earlier on Mills’ 38 regional shopping […]
Kite Realty Group Trust said today it will develop 26 acres owned by the University of Notre Dame. The mixed-use, 500,000-square-foot project south of the football stadium will include retail, hotel, office and condominiums, townhouses and apartments, the Indianapolis real estate investment trust said. The university is considering a technology park, single–family homes and more […]
Chambers of commerce in north-central Indiana have banded together to boost their influence with lawmakers on issues ranging from regional prosperity to full-day kindergarten, according to The Journal Gazette of Fort Wayne. Other priorities include transportation and making local government more flexible. Members of the Northern Indiana and Southwest Michigan Business Leadership Coalition include chambers […]
Simon Property Group today offered a competing bid for Mills Corp., a Chevy Chase, Md., shopping mall company that said last month it might have to seek bankruptcy protection. Simon’s offer of $24 per share, or $1.56 billion, is $3 per share higher than a January offer by Brookfield Asset Management Inc. of Toronto, Canada. […]
Pennsylvania Gov. Ed Rendell and New Jersey Gov. John Corzine have asked advice from Indiana counterpart Mitch Daniels about leasing roads as Rendell and Corzine look to solve budget problems, according to the Post-Tribune of Merrillville. Also, Colorado is discussing leasing its state lottery and Michigan Gov. Jennifer Granholm this week is expected to propose […]
Enzon Pharmaceuticals Inc. said yesterday it is closing a plant in South Plainfield, N.J., that makes enzyme booster Adagen and the leukemia drug Oncaspar, and consolidating the work at a manufacturing site at 6925 Guion Road on the northwest side. The Bridgewater, N.J.-based company said 50 workers in South Plainfield are affected but didn’t specify […]
A private laboratory and federal and insurance investigators have concluded they cannot determine what caused the spectacular fire at National Magnesium and Aluminum Foundry Inc. in Fort Wayne, according to The Journal Gazette. The Aug. 1 blaze started in the back of the building, the investigators say, but evidence was scattered by exploding gas cylinders. […]
Indianapolis real estate veteran Chris Carmen left Resource Commercial Real Estate Jan. 30 to resurrect his own firm, Carmen Commercial Real Estate Services. Carmen, 48, moved to Indianapolis in 1985 to work for what later became Duke Realty Corp., first in industrial then in office leasing. In the early 1990s, he left to start Carmen […]
Chicago Bears T-shirts are outselling Indianapolis Colts T-shirts by 55-45 margin at Wal-Mart, according to MarketWatch. The figures for NFL-licensed T-shirts are derived from the two weeks leading up to the kick-off. Wal-Mart says the sales have accurately predicted winners of three of the last four Super Bowls.
Indiana’s economy will perform slightly better than the U.S. economy this year, according to a survey of 89 members of the Indiana CPA Society. They also think the Indiana economy will be somewhat stronger than last year’s, and that wages are more likely to rise than they were last year. The organization’s second annual survey […]
Connersville has more problems than Visteon Corp.’s announcement yesterday that it will close its 890-worker automotive heating and air-conditioning components plant in September. The small city east of Indianapolis also no longer has an economic development director. Charlie Dibble, who led the Connersville-Fayette County Economic Development Group, left just one week ago by mutual agreement […]
ArvinMeritor Inc. has sold its Emissions Technology group for $310 million to the New York investment firm One Equity Partners, but the auto exhaust group will have dual headquarters in Columbus and the Detroit area. The dual offices trace to Meritor Automotive Inc.’s 2000 acquisition Columbus-based Arvin Industries Inc. ArvinMeritor, of Troy, Mich., wants to […]
Funds from operations increased 7.5 percent, to $450.4 million, in the fourth quarter for Indianapolis-based shopping mall owner Simon Property Group. For 2006, funds from operations rose 8.9 percent to $1.5 billion. Real estate investment trusts like Simon commonly use the funds from operations measure rather than net income.
