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Baldwin & Lyons Inc., an Indianapolis property and casualty insurer specializing in trucking firms, said yesterday that Otto N. Frenzel III, 77, has retired as a director. Frenzel, a former chairman of National City Bank of Indiana and Merchants National Corp., held the post since 1979. He has been replaced at Baldwin by his son, […]
Kite Realty Group Trust late yesterday reported $11.6 million in funds from operations in the second quarter, down slightly from a year earlier. The Indianapolis-based real estate investment trust, which focuses on neighborhood shopping centers, scaled back guidance for its funds from operations for the year, citing higher interest rates and sluggish market conditions. Stifel […]
Sardar Biglari, the rebel Steak n Shake Co. shareholder who in June persuaded fellow directors to name him chairman, now is taking on the additional post of CEO. He replaces interim CEO Wayne Kelley, who will retain his board seat, the company announced late yesterday. Kelley was named to the interim post in March, replacing […]
Developers White Lodging and REI Investments have made some changes to their plans for a Courtyard by Marriott and a SpringHill Suites next door to the JW Marriott convention hotel, at the request of city planners. Among the changes: signs…
Earlier today, City County Councillor Christine Scales e-mailed me regarding the city arts budget and the rumored threats against it. I’m reprinting the letter here (and posting it with the earlier blog) with her permission. Your thoughts are, of…
Goshen-based Keystone RV Co., which makes recreational vehicles under 20 brand names, has laid off 290 workers across 15 plants in its home base of Elkhart County, according to The Truth of Elkhart. The company will be left with 2,600 employees after the layoffs. Keystone CEO Ron Frenech said the industry hasn’t seen such difficult […]
Nestle has gotten the green light from the city of Anderson to build a 50-foot-tall rabbit near the companyâ??s
new Nesquik plant along I-69.
The steel and fiberglass rabbit will look like the smiling cartoon logo thatâ??s been on…
Haynes International Inc., a Kokomo company that makes specialized alloy parts used in corrosive and high-temperature conditions, saw its stock price explode this morning after it reported a jump in profit late yesterday and an analyst upgraded his recommendation. The shares traded up 25 percent, to $54.25 each. Haynes said profit in its third fiscal […]
Schwab Corp., a Lafayette company founded shortly after the Civil War, has been acquired by another manufacturer of safes, Rochester, N.Y.-based SentrySafe, for an undisclosed price. Schwab employs 105, including 80 at its manufacturing plant in Cannelton. In addition to safes, the company makes files, cabinets and vault doors. SentrySafe makes residential and small office […]
Clarcor Air Filtration Products announced this morning that it will bring 425 jobs to Jeffersonville by relocating its Louisville headquarters and consolidating its Midwest manufacturing operations there. Jeffersonville is across the Ohio River from Louisville. The company, which manufactures filters under the brands Purolator, Air Technologies, Airguard Industries and ATI, will invest $8.5 million to […]
Irwin Financial Corp.’s exit from the leasing and home equity businesses helped throw the Columbus bank for a $107 million loss in the second quarter. Irwin also said this morning that it expects to lose that much more in the third quarter as the restructuring draws nearer to an end. However, the bank added that […]
With a new season starting on Broadway, I thought it a good time to give a listen to a stack of cast recordings of 2007/2008 shows. More than the original production, I believe, the cast recording is what encourages future…
Government officials are accustomed to granting economic development incentive to companies in the hope of encouraging expansions that otherwise might not occur. However, in Evansville, Berry Plastics Group Inc. has asked for incentives months after starting construction on an addition to its tool shop, according to the Evansville Courier & Press. The newspaper quoted Vandenburgh […]
Haynes International Inc., a Kokomo company that makes specialized alloy parts used in corrosive and high-temperature conditions, late yesterday reported $17.6 million in fiscal third-quarter net profit. The $1.46 per share in earnings for the period ended June 30 was nearly identical to a year earlier, but well over the $1.20 anticipated by analysts surveyed […]
Second-quarter net profit soared 49.3 percent for Republic Airways Inc., the Indianapolis-based carrier said late yesterday. Republic’s $28.4 million in profit was bolstered by a one-time gain of $6 million resulting from an interest-rate swap. Without the swap, Republic still turned a profit of $22.4 million, up nearly 18 percent from the same quarter last […]
Some thoughts on recent arts encounters that didn’t make it into my weekly IBJ A&E review column:
— With a trio of young, out-of-town sports nuts in tow, I recently paid my first visit in years to the National Art…
The Steak n Shake Co. yesterday abruptly withdrew a request for a tax abatement worth more than $100,000 just before a final hearing. The unusual move suggests new management of the struggling chain already may have found an opportunity to cut costs – and the moves could affect the local headquarters. The package of incentives, […]
Eli Lilly and Co. will shed about 440 jobs after the sale of its Greenfield Laboratories and outsourcing other work. But the Indianapolis-based drugmaker hopes Indiana sees no net loss of jobs from its restructuring moves. The announcements this morning are part of a quickening effort by Lilly to reduce overhead costs before it loses […]
The acquisition of Europe’s largest distributor of mobile phones dialed up expenses and lowered second-quarter net profit for Brightpoint Inc. The Plainfield-based wireless phone distributor, which recently acquired Dangaard Telecom, lost $2.3 million, or 3 cents a share, in the period ending June 30 compared to a profit of $17.7 million, or 35 cents a […]
Indianapolis has won the dubious distinction of third place on a Forbes magazine list of the nation’s “Most In-Debt Households”. The magazine uses numbers from Moody’s Economy.com to establish which of…
