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Cummins Inc. announced today that it will temporarily close its Columbus MidRange Engine Plant for a month or longer and idle at least 610 workers as a result of Chrysler LLC’s bankruptcy reorganization. The plant in Walesboro, just south of Columbus, is the sole manufacturer for the 6.7-liter turbo diesel engine used in the heavy-duty […]
Auto auction veteran Mike Hockett couldnâ??t have been happy yesterday about news that one of his sons, Scott
Hockett, has signed a document saying he will plead guilty to charges of federal bank fraud.
A few years earlier, another of…
Just when you think Roger Penske would be focused on Indianapolis—as in the Indy 500—he apparently is looking at other interests to the north. Penske is considering a bid for General Motors’ Saturn…
Normal 0 false false false MicrosoftInternetExplorer4 General Motors Corp. today posted a $6 billion first quarter loss and said it spent $10.2 billion more cash than it took in during the first three months of the year as revenue plummeted by $20 billion. Chief Financial Officer Ray Young said talk of the company going into […]
In the print edition of IBJ this week, I offered my thoughts on Peter Shelton’s “thinmanlittlebird,” which now adorns the front of the Central Library. See story here.
Since that appeared,…
Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4 Shopping mall giant Simon Property Group Inc. plans to sell another 14 million shares of common stock to raise money for “general corporate purposes” in a new attempt to shore up its balance sheet, the company said yesterday. The Indianapolis-based real estate investment trust did […]
Five of the nation’s largest regional banks, including four with dozens of branches and hundreds of employees in Indiana, are vulnerable to a worsening recession and need to raise a total $8.2 billion in new capital based on results of government “stress tests” released yesterday.The two regional banks based in the Southeast, Regions Financial Corp. […]
The only Ford dealership in the southwestern Indiana city of Vincennes will close its doors later this month, one of the latest victims of the nation’s struggling auto industry. Mayor Al Baldwin said he’s stunned by the news that Vincennes Ford will close May 23 after more than 71 years of selling cars to Vincennes […]
Blackboard Inc., a Washington, D.C.-based education-technology firm, has agreed to acquire Indianapolis-based software developer Angel Learning Inc. for about $95 million, the companies announced yesterday. The transaction, composed of $80 million in cash and $15 million in stock, has been approved by both companies’ boards of directors and Angel Learning’s shareholders. It is expected to […]
Normal 0 false false false MicrosoftInternetExplorer4 A Bloomington company that provided limestone for Yankee Stadium, the White House and the new Indianapolis International Airport has filed for Chapter 11 bankruptcy protection. Victor Oolitic Stone Co., which has 85 full-time employees and 2,400 acres in Bloomington, listed assets worth up to $50 million and liabilities between […]
Normal 0 false false false MicrosoftInternetExplorer4 More Indiana schools have fallen into academic watch and probation status, and the state is sending assistance teams to help 31 schools stuck for years on the lowest rung of the state’s five-tier ranking system. State Superintendent Tony Bennett said today that teams of three to five people will […]
Normal 0 false false false MicrosoftInternetExplorer4 Normal 0 false false false MicrosoftInternetExplorer4 Indianapolis-based ExactTarget Inc. announced today that it has signed a $70 million financing deal with three venture capital firms. Led by Boston-based Battery Ventures, the VC infusion includes investments from Silicon Valley’s Scale Venture Partners and Baltimore‘s Montagu Newhall Associates. The investment […]
Normal 0 false false false MicrosoftInternetExplorer4 Several Indianapolis businesses are taking steps to protect against the spread of swine flu as the number of confirmed cases in the United States continues to rise. The U.S. Centers for Disease Control and Prevention yesterday reported 403 confirmed cases across 36 states – 124 more than were […]
It’s opening day for the Indianapolis 500. Gates at the Indianapolis Motor Speedway opened at 9 a.m. Rookie orientation runs until 2 p.m. and practice from 2-6 p.m. Admission is $5, with children 5 and under free. The Indianapolis 500 is scheduled for May 24.
Indianapolis-based ExactTarget announced today that it has signed a $70 million financing deal with three venture-capital firms. Led by Battery Ventures, the round of financing includes investments from Silicon Valley’s Scale Venture Partners and Baltimore’s Montagu Newhall Associates. The VC infusion is one of the largest venture-capital investments in the nation this year. IBJ.com will […]
Investigators are trying to figure out what sparked a fire that damaged an east-side Indianapolis nightclub called Club Escalade in the 6700 block of East 38th Street. Repair men noticed the smoke late yesterday. No one was inside the building at the time of the fire.
The son of Adesa Inc. co-founder Michael Hockett agreed to plead guilty Monday to federal bank fraud, the same day the charges were brought by the U.S. Attorney for the Southern District of Indiana in Indianapolis. B. Scott Hockett, 45, faces maximum penalties of 30 years in prison and a fine of $1 million. A […]
A Bloomington company that provided limestone for Yankee Stadium, the White House and the new Indianapolis International Airport has filed for Chapter 11 bankruptcy protection. Victor Oolitic Stone Co., which has 85 full-time employees and 2,400 acres in Bloomington, listed assets worth up to $50 million and liabilities between $50 million and $100 million in […]
