A Terre Haute plant that makes gas turbine components is part of a $4.8 billion acquisition of its British parent announced this morning by General Electric Co. Connecticut-based GE said it wants the parent, Smiths Aerospace, for its electronic and mechanical products in order to improve its commercial and military jet engines and services. The […]
Eli Lilly and Co. has sued DHL Express USA and Lufthansa Cargo on claims the shipper and airline allowed its Humulin, Humalog and Humatrope drugs to spoil, according to Miami Daily Business Review. The December suit, filed in U.S. District Court in Miami, alleges DHL and Lufthansa let the insulin and growth hormone products freeze […]
The town of Burns Harbor is springing back after Bethlehem Steel filed bankruptcy in 2002 and gutted 85 percent of the town’s net assessed tax valuation. The good reputation of its Duneland schools, quick access to several major highways and low tax rate of 17 cents per $100 assessed valuation has prompted a miniature boom […]
Fitch has upgraded several debt ratings for Simon Property Group by one notch. One example is its senior unsecured notes, which were pushed to A- from BBB+. Fitch attributed its decision to the Indianapolis company’s stable cash flows and large, well-diversified asset portfolio of shopping malls.
Guide Corp. has told its employees that its Anderson car taillight plant will close today, ahead of a June 2007 target announced in October. The action was caused by General Motors’ shifting production to alternative, lower-cost producers, the Pendleton company said in a statement published on The Herald Bulletin‘s Web site. About 265 hourly workers are affected […]
Diesel engines made at a Navistar International Corp. plant on Indianapolis’ east side are at the center of a lawsuit Ford Motor Co. has filed against Navistar in Michigan. Ford claims Illinois-based Navistar isn’t adequately sharing warranty costs for the engines, which are used in its lucrative Super Duty F-Series pickup trucks, according to Chicago […]
Toyota Motor Corp. probably will look closely at Indiana as it adds assembly plants to meet its rising sales, according to Kim Hill, associate director of the not-for-profit Center for Automotive Research in Ann Arbor, Mich. Now ramping up its Tundra pickup truck plant in San Antonio, the Japanese automaker is thought to be considering sites […]
A drug Eli Lilly and Co. is developing to prevent blood clots is the most important in Lilly’s pipeline, according to a report on TheStreet.com this morning. Prasugrel, which aims to prevent heart attacks and strokes, faces important clinical trials this year, and could yield several billion dollars in sales. However, its impact on the […]
Warsaw orthopedic equipment maker Symmetry Medical Inc. paid $10 million for U.K.-based Whedon Ltd. and its subsidiary, Clamonta Ltd. The deal was announced Jan. 9 but the price was not disclosed at the time. Symmetry disclosed the price in a Securities and Exchange filing late yesterday. The company, which forges parts for airplane engines, is […]
Hat World, the Indianapolis subsidiary of Nashville, Tenn.-based Genesco Inc., has closed its acquisition of Hat Shack Inc. for $16.6 million. Marietta, Ga.-based Hat Shack operates 49 retail hat stores, mostly in the Southeast. Genesco bought Hat World Corp. in 2004 for $177.4 million. Hat World was one of Indianapolis’ top entrepreneurship success stories, having […]
Several auto-parts suppliers have avoided locating plants in Shelby County because they don’t want to compete against Honda Motor Co. for workers, Shelby County economic development chief Dan Theobald told The Shelbyville News. The Japanese auto maker is building a $550 million assembly plant in adjoining Decatur County. However, Shelby County, which is southeast of […]
Outspoken General Motors Corp. Vice Chairman Robert Lutz told reporters yesterday that it is being out-muscled in Washington, D.C., by Toyota lobbyists. Toyota, the nation’s third-largest automaker behind GM and Ford Motor Co., is treated well because its sales are rising and it has a growing number of factories in many states, Lutz said in a The New […]
Ford Motor Co. said Thursday it was unable to find a buyer for its east-side Indianapolis steering-systems plant and thus will close it by the end of next year, The Associated Press reported. The plant employs more than 1,500 workers. Ford spokeswoman Della DePietro told AP the plant was too large to attract buyers. The automaker […]
Eli Lilly and Co. revealed in a regulatory filing today that the recent settlement of a Zyprexa class-action lawsuit cost $495 million, according to Bloomberg. The Indianapolis pharmaceutical company announced Jan. 4 that it had reached the agreement on 18,000 claims, leaving 1,200 remaining to resolve. The plaintiffs claimed the drug caused them to gain […]
Champps Entertainment Inc., which operates two of its casual dining eateries in Indianapolis, has agreed to be bought by Kinderhook Industries LLC for $75 million. Kinderhook Industries is a New York-based private-equity firm. Champps plans to reinvest the sale proceeds in another business. There are about 65 Champps restaurants in 22 states.
Eli Lilly and Co. said today it will invest “significant resources” in biotechnology manufacturing in Indianapolis and offer voluntary buyouts to 250 workers in Lafayette as part of a shake-up of global manufacturing operations. The Indianapolis drug maker said it will expand Indianapolis operations in order to turn active ingredients made at an expanded site […]
Interactive Intelligence opens regional office in Virginia Interactive Intelligence, the Indianapolis-based business software developer, has opened an office in Herndon, Va., to oversee service, sales support and education in the Eastern United States. The office is half hour’s drive west of Washington, D.C., where Interactive counts the military and several government agencies as customers.
Fortune Industries Inc.’s first-quarter profit fell 14 percent, to $726,000, from the year-ago quarter. The Indianapolis-based holding company for wireless technology and human resources companies attributed the drop to an increase in interest expense and stock dividends. Revenue in the period ended Nov. 30 grew 12 percent, to $40.7 million.
An affiliate of IBM wants to spend $2.5 million to open a customer service center in a former school in Marion. The center, which would be part of Gov. Mitch Daniels’ privatization of the collection and management of data for the Family and Social Services Administration, would answer questions about Medicaid, welfare and other FSSA […]
Armor Metal Group plans to lay off 112 workers at its plant at Madison in southern Indiana, according to a filing the company made with the state. The layoff will be carried out by March, the filing said. Officials for the Mason, Ohio-based company were not immediately for comment. Armor Metal’s Web site said 160 […]
