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C.P. Morgan Communities LP, the Indianapolis area’s largest home builder, this morning confirmed it has made a “workforce reduction” as a result of the slowing housing market. The privately held company would not reveal how many jobs it cut or the types of positions eliminated. According to IBJ’s 2007 Book of Lists, C.P. Morgan filed […]

Eli Lilly and Co. launched a three-year collaboration today with GE Global Research, the central research and development unit of New York-based General Electric Co. The companies will develop diagnostic tools to predict patients’ response to targeted cancer therapies. Lilly is in the testing phase for compounds that would aim chemotherapy at specific cancer cells; […]

The U.S. Supreme Court allowed Eli Lilly and Co. to keep its patent on its top-selling drug Zyprexa today by denying an appeal by two generic drug makers seeking to break the patent. Without comment, the court denied a request by units of Dr. Reddy’s Laboratories Ltd. and Teva Pharmaceutical Industries Ltd. for the justices […]

Charlotte, N.C., behemoth Bank of America has closed its $21 billion acquisition of Chicago-based LaSalle Bank Corp. LaSalle, which was owned by Dutch banking giant ABN Amro, has six offices in Indiana, including at least one in the Indianapolis area. LaSalle focuses on commercial services in Indianapolis. Bank of America had no local presence.

Major Tool & Machine Inc. will invest $20 million and hire 50 workers to expand near its headquarters at 1458 E. 19th Street northeast of downtown. The expansion will add 150,000 square feet to house automated production equipment, Indiana Economic Development Corp. announced today. The announcement confirms a report Sept. 11 on IBJ‘s real estate […]

International Truck and Engine Corp. and the United Auto Workers have failed to agree on a new contract, but the 3,700 employees represented by the UAW are expected to continue working, the Warrenville, Ill., company said today. The contract expired today. In Indiana, International employs 570 UAW workers at an engine assembly plant and 400 […]

Indy Racing League and Indianapolis Motor Speedway officials tomorrow are expected to announce a restructured earnings package for teams that includes a 20-percent increase in the purse for the Indianapolis 500. Sources close to the league said they expect next year’s race winner to net $2 million, up from $1.64 million this year; 33rd place […]

Grain elevators throughout the state are merging to gain advantages of scale, according to The Journal Gazette. The 268 grain-storage companies operating in 2006 was a 16 percent drop from five years earlier, the Fort Wayne newspaper reported. The elevators, many of which were started in the 1920s, are striving to gain better access to […]

A long battle by workers of UPS Freight, formerly Overnight Transportation Co., to be represented by the International Brotherhood of Teamsters has been won in Indianapolis, the union said last night. The Teamsters intend to use the agreement as a pattern to attempt to organize other UPS Freight sites. The tentative contract covers 125 drivers […]

General Motors Corp.’s stamping plant in Indianapolis would be allowed to close or be sold under the tentative contract with the United Auto Workers, according to a detailed copy of the agreement. According to the detailed document, called the “white book,” work at the Indianapolis stamping operation will continue or be reallocated to another GM […]