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Merrillville-based NiSource Inc. is close to selling its Indiana utility for as much as $4 billion, Bloomberg reports, citing unnamed people familiar with the matter. Duke Energy Corp. is the most likely buyer of Northern Indiana Public Service, the story said. Also named as possible bidders were AES Corp., American Electric Power Co. and Exelon […]
Buzz Telecom Corp. of Merrillville will lose its license to operate in Ohio if Ohio’s Public Utilities Commission goes along with a recommendation by the staff of the oversight body. Consumers have lodged 274 complaints that Buzz misled older adults into switching long-distance service, according to The Akron Beacon Journal. The recommendation follows an investigation […]
Profit fell 10.6 percent to $4.2 million in Steak n Shake Co.’s first fiscal quarter, the Indianapolis restaurant company reported today. Same-store sales dipped 1.7 percent. However, the same-store decline was an improvement from the 3.4 percent setback in the prior quarter—a sign, the company said, that turnaround efforts are moving in a positive direction.
Celadon Group Inc. said today profit in its second fiscal quarter increased 26.4 percent, to $6.1 million. The Indianapolis-based long-haul trucking company said the quarter was its most “challenging” in several years. A decline in freight traffic late in the quarter reduced miles its trucks were driven and increased the number of miles they were […]
Lilly Ventures, the venture capital arm of Indianapolis-based Eli Lilly and Co. has co-led a $44 million round of financing for Cylene Pharmaceuticals Inc., the San Diego drug discovery company said today. HBM BioVentures Ltd. of Switzerland lead the round. It is Lilly’s first investment in Cylene; it’s share of the financing was not […]
Lilly Ventures, the venture capital arm of Indianapolis-based Eli Lilly and Co. has co-led a $44 million round of financing for Cylene Pharmaceuticals Inc., the San Diego drug discovery company said today. HBM BioVentures Ltd. of Switzerland lead the round. It is Lilly’s first investment in Cylene; it’s share of the financing was not […]
Mattress Firm, a Houston-based mattress retailer with three Indianapolis stores, has been sold to management and the Boston private equity firm J.W. Childs Associates LP. The seller was Sun Capital Partners Inc., the Florida private equity firm that bought Marsh Supermarkets in September for $88 million.
Two high-level managers at the new Conrad Indianapolis hotel downtown have resigned effective at the end of the month, the hotel said today. The hotel said today General Manager Jan Chovanec will leave at the end of this month to move closer to his family. Director of Sales and Marketing David Catalon has taken a […]
A federal judge has ordered Medical Savings Insurance Co. to pay $260,000 to a Florida health care system that sued the Indianapolis insurer for allegedly refusing to pay its bills, The News-Press of Fort Myers, Fla., reports. Medical Savings Insurance was started by Golden Rule Insurance Co. founder J. Patrick Rooney. Fort Myers-based Lee Memorial […]
If Indianapolis wins its bid to host the Super Bowl in 2011, the region would attract 98,000 visitors and reap $131 million in direct spending, an analysis by PricewaterhouseCoopers shows. Spending could be as high as $262 million when certain indirect spending, such as a concession company’s purchase of goods from local firms, is applied. […]
WellPoint Inc. reported a 23-percent increase in fourth-quarter profit, to $801.1 million, on revenue of $14.6 billion, a rise of 28.9 percent. For the year, the Indianapolis-based health insurer said profit rose 25.6 percent, to $3.1 billion. Revenue of $57 billion was up 28 percent. The upswing was driven mainly by new enrollments and the […]
Rene Champaigne is retiring as CEO of ITT Educational Services Inc. in April after pushing the value of stock in the Carmel company to $70 a share from virtually nothing a decade ago. Champagne, 65, has been chief executive since 1985. He will remain chairman and be paid an annual salary of $560,000, according […]
Mittler Supply Inc., a South Bend-based independent distributor of industrial, medical and specialty gases as well as welding equipment and supplies, has agreed to be bought by Praxair Distribution Inc. for an undisclosed price. Praxair is a subsidiary of Praxair Inc. of Danbury, Conn. Mittler generated $73 million in sales last year and has 210 […]
The Florida businessman whose financially troubled airline forced Integra Bank to write off $17.7 million in bad loans is being sued by music groups including Backstreet Boys and ’N Sync over royalties, according to the Evansville Courier. Louis J. “Lou” Pearlman, a first cousin of folk singer Art Garfunkel, is heavily involved in recording music […]
Strong demand for recycled steel and falling energy prices helped Steel Dynamics Inc. churn out $105 million in fourth-quarter profit, its second best, and $396.7 million in 2006 profit, a record. The Fort Wayne company said the quarter was an increase of 64 percent from the same period a year earlier; the year was up […]
The Indianapolis Museum of Art has revoked Wolfgang Puck Catering’s exclusive contract for events at the museum after the Los Angeles-based company failed to deliver at a big event last year. The IMA sent a letter Monday to 10 caterers that are locally based or have a local presence in order to gauge interest in […]
More people watched the AFC title game between the Indianapolis Colts and New England Patriots than any non-Super Bowl television show since the final episode of Friends, according to CBS, which broadcast Sunday’s game. The 46.7 million people viewing the Colts-Patriots game compared to 52.5 million who tuned into the conclusion of NBC’s Friends in […]
A study released this week projects $66 billion changing hands among generations in Indiana over the next 10 years. If 5 percent of the amount were donated to charity, the resulting $164 million a year in income could be made available to communities, according to the study sponsor, the Indiana Grantmakers Council. Other findings include: […]
The compelling AFC Championship game between the Colts and Patriots won record ratings for CBS. But the broadcast frustrated city officials for what it lacked. CBS didn’t show a single shot of the city. No shots of the skyline. No beauty shots of White River State Park or Monument Circle. No street-level shots. “It’s a […]
State job numbers rose 0.3 percent in December from the same month last year, according to the Indiana Department of Workforce Development. The 2,986,300 nonfarm jobs were down slightly from November but in line with a long-term trend of plodding growth. The Indianapolis area also maintained a steady upward pace, increasing 0.8 percent from December […]
