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The correction underway in the Indianapolis housing market will linger until mid- to late 2008, according to an assessment released today by Metrostudy, a Houston research company with an office in Indianapolis. The study, Metrostudy’s first in Indianapolis, found an oversupply of houses and construction starts in the second quarter. The region in the second […]
Celadon Group Inc. profit fell 20 percent, to $5.1 million, in the fourth quarter, the Indianapolis long-haul trucking firm reported today. Revenue for the quarter ended June 30 rose 4 percent to $131.7 million. For the fiscal year, profit increased 9 percent, to $22.3 million. Even though the trucking business often reflects changes in the […]
Shelbyville’s planning commission has set on a back burner plans by a nearby developer to build a Rally’s hamburger restaurant close to Interstate 74. The problem, according to The Shelbyville News, is that the black Rally’s sign violates a city code banning the color on building exteriors. An attorney for developer 3 Bees Management Inc., […]
The estate of Indianapolis physician Frances T. Brown has given matching gifts of $1.4 million each to the Indianapolis Zoo and Children’s Museum of Indianapolis. The Children’s Museum donation will support its upcoming Global Perspectives exhibit. The gift to the zoo will go to the Roy Shea Fund, which finances pressing capital needs. The female […]
H. Douglas Williams, the Perry Township School superintendent who accepted a buyout early this month in a high-profile clash with the board, has joined The Mind Trust, a downtown not-for-profit that supports entrepreneurs in the field of education. Williams, who started July 23, will develop alternatives to traditional high schools in an effort to curb […]
Investors whacked WellPoint Inc. stock this morning after the Indianapolis-based health insurer tamped down expectations for customer growth. WellPoint said in its second-quarter earnings report that it lost 108,000 customers in the three months ended June 30 and now expects to add 400,000 fewer customers than it predicted in April. Its shares dropped more than […]
By popular demand, here’s the other rendering of West Merrill Tower. You can also see it here. This is the side of the building that would face downtown:
An auto parts plant in Morocco in northwest Indiana is being closed by its Palatine, Ill., parent, Intec Group Inc. The work will be spread among Intec plants in Palatine, Mexico and China in order to cut costs, according to the Journal & Courier of Lafayette. The Morocco plant mainly supplied Delphi Corp., which is […]
David Boncosky has been named director of Indiana Economic Development Corp.’s life sciences initiative. Boncosky has been in the real estate industry for several years and is developing Georgetown at the Crossing-16 upscale townhouses near 86th Street and Keystone Avenue, where a Whole Foods Market is slated to go up. He begins his new duties Aug. […]
WellPoint Inc. reported today that second-quarter profit rose 11 percent, to $835.2 million, meeting analysts’ expectations of $1.35 per share. The Indianapolis-based health insurance giant also boosted its full-year profit forecast to $5.55 per share. WellPoint pushed revenue past $15 billion for the three months ended June 30, slightly below analysts’ expectations, according to a survey by Thomson […]
Marsh Supermarkets has withdrawn a request for a five-year tax abatement for renovation of the downtown O’Malia’s store. Marsh officials notified the city Tuesday, shortly after Property Lines reported on the…
OneAmerica Financial Partners, the Indianapolis-based insurance and financial services company, said today it has acquired a block of fixed annuity business from Transamerica Life Insurance Co. of Cedar Rapids, Iowa. The price was not disclosed, but the addition will boost OneAmerica’s asset base by about $700 million, pushing the total above $19 billion. The new […]
A development team including locally based Prince/Alexander Architects has filed plans to build a 24-story tower between Eli Lilly & Co.’s Faris Campus and Lucas Oil Stadium. The $47-million project calls…
A Food and Drug Administration advisory panel has recommended approving Eli Lilly and Co.’s Evista osteoporosis drug for cutting the risk of cancer in post-menopausal women with osteoporosis and post-menopausal women at high risk for breast cancer. The non-binding recommendation follows an announcement from Lilly earlier this month that Evista reduced the risk of certain […]
Marsh Supermarkets is hoping for final approval next month of a five-year tax abatement worth about $50,000 for a renovation of its downtown O’Malia’s store. The company plans to invest $1.5 million…
Underwriters have postponed the sale of $3.1 billion in loans that would pay for the leveraged buyout of General Motors Corp.’s Allison Transmission unit, according to The Wall Street Journal. Officials for Citigroup, Lehman Brothers and Merrill Lynch, which were planning to sell the loans, were met with a cool reception from potential investors, the […]
Investors embraced Eli Lilly and Co. stock this morning after the company’s second-quarter profit beat analysts’ expectations. Shares of the Indianapolis-based drugmaker jumped as much as $1.50, or 2.6 percent. Lilly’s stock price has risen about 13 percent this year. Lilly enjoyed strong growth by its antidepressant Cymbalta and its Cialis impotence treatment. Also, two […]
Damar Services, which treats people with developmental disabilities, said today it has received $4.3 million in gifts from Lilly Endowment, Nina Mason Pulliam Charitable Trust and The Indianapolis Foundation. The gifts are expected to result in 250 additional jobs at the not-for-profit, which already employs about 600 at 6324 Kentucky Ave. Damar also plans to […]
Hillenbrand Industries Inc. said today that its Batesville Casket Co. unit has aborted its planned acquisition of Yorktowne Caskets Inc. because it learned yesterday that Yorktowne sold some of its assets to another company. Yorktowne, of York, Pa., sold the assets to Matthews International Corp., a Pittsburgh maker of memorials, Hillenbrand alleged. Hillenbrand, headquartered in […]
Biopsy needle maker Promex Technologies said today it will create 40 jobs as part of an expansion of its production and office facilities in Franklin. The company has about 50 full-time-equivalent workers. It will add new injection molding, grinding and welding equipment, and double the size of its building at 3049 Hudson Street to more […]
