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Indianapolis-based Royce Motors Inc., which operates three buy-here/pay-here car lots in its hometown, has been acquired by subsidiaries of Dallas-based Manchester Inc. for $5.3 million. Lot employees and executives will be retained, Manchester said. A recorded message at Royce said its home office is closed and operations would be transferred to a new facility. Earlier […]

Indianapolis-based Simon Property Group Inc. announced today that the company’s board has approved a buyback plan for up to $1 billion in common stock. The company said it may purchase the stock over the next two years on the open market or in negotiated transactions. Shares were up slightly on the news, to $87.87.

A 321,627-square-foot industrial building in Plainfield Business Center at Airwest is one of nine buildings bought by California-based KBS Real Estate Investment Trust. The total portfolio sold for $124.5 million. The seller was Opus Corp., based in Minneapolis.

Emotions in the Seattle area are still raw months after Indianapolis-based Eli Lilly and Co. bought full ownership of Icos Corp. and promptly announced that it would wipe out most of Icos’ 700 jobs. Lilly acquired the Bothel, Wash., maker of the Cialis erectile dysfunction drug for $2.3 billion in December. The massive job loss […]

Marsh Supermarkets Inc. has sold its Butterfield Foods LLC central kitchen to Violi Foods LLC for an undisclosed price. Butterfield President Frank Violi is president and CEO of Violi Foods, which was incorporated in May and operates from Butterfield’s current location in Noblesville. Butterfield prepares salads and other deli foods sold in the grocers’ delicatessens, […]

Shares of Cummins Inc. are up 6.7 percent, to $117.2, after the Columbus diesel engine maker this morning reported strong sales across its market segments and raised its earnings outlook. A one-time tax gain in the second quarter last year resulted in profit slipping 3 percent in the second quarter this year, to $214 million. […]

Lower-than-expected earnings at Exxon Mobil Corp. and ongoing questions about debt defaults and a slowing in the takeover frenzy combined to clobber stocks this morning. The Dow Jones industrial average fell 243.8 points, to 13,541.3, and the Standard & Poor’s index was down nearly 32, to 1,486.2. Exxon reported that production fell, and homebuilders including […]

Broad Ripple developer Westgate @ Crane Development Co. has broken ground on a technology building in a fledgling industrial park near Naval Surface Warfare Center at Crane in southwest Indiana. The 37,800-square-foot facility will be occupied by Science Applications International Corp., a Fortune 500 company that is one of the largest civilian contractors at Crane, […]

A one-time tax consideration caused Cummins Inc.’s profit to slip 3 percent in the second quarter, but net income was still a robust $214 million, and quarterly revenue set a record, the Columbus diesel engine maker reported today. The income was generated by $3.3 billion in revenue, an increase of 18 percent over last year’s […]

ITT Educational Services Inc. reported second-quarter profit of $35.9 million, up 49 percent from the year-ago period. Revenue in the three months ended June 30 increased 16.9 percent, to $217 million. New student enrollment rose 11 percent, to 48,873. Carmel-based ITT attributed the quarter’s gains to improved student retention and strong controls on operating costs.

Strong demand in Latin America for pesticides and other Dow AgroSciences products caused profit for the Indianapolis-based agricultural arm of Dow Chemical Co. Inc. to spurt 29 percent in the second quarter. Much of the $208 million in earnings was driven by Brazilian soybean and corn growers as well as by sugar cane farmers who […]

Indianapolis Monthly publisher Emmis Communications Inc. has bought Orange Coast Kommunications Inc., which publishes Orange Coast magazine in Orange County, Calif., for undisclosed terms. Orange Coast has 26 full- and part-time employees and has a circulation of about 60,000, Emmis announced yesterday. Orange County is a wealthy enclave south of Los Angeles. Former owner Ruth […]

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 […]