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Motorsports experts are divided over who is the biggest loser after the announcement that Formula One will not return in 2008 to Indianapolis Motor Speedway. “The Speedway loses one of the world’s marquee global motorsports events and F1 loses out on one of the world’s largest markets for its teams and corporate partners,” said Tim […]
A developer is negotiating individually with 77 condo owners to buy a community called Lakes at the Crossing that sits near the Fashion Mall. Gershman Brown & Associates has…
KB Home Inc. probably will be the only national builder to abandon the Indianapolis-area market, local observers say. Dallas-based Centex Corp., Pulte Homes Inc. of Bloomfield Hills, Mich., and Beazer Homes USA, headquartered in Atlanta, are even more likely to stay now that KB is leaving, said Steve Lains, CEO of the Builders Association of […]
Demand for new ethanol plants, of which Indiana has 20 planned or operating, could already be drying up. Aventine Renewable Energy, a Pekin, Ill., ethanol producer whose shares have fallen 35 percent this year, said a year-long price slump caused by a glut of the fuel additive might last two more years. U.S. ethanol prices […]
Locally based Royce Inc. has sold its Illinois consumer-finance business to World Acceptance Corp. of Greenville, S.C., to avoid the prospect of paying a gross-receipt tax. Illinois Gov. Rod Blagojevich is pushing for the tax in a heated battled with the Legislature over the 2008 budget. Such a tax would be too great of a […]
As early as next year, Moody’s Investors Service could lower its debt rating on Eli Lilly and Co. because of the looming patent expiration of Lilly’s top-selling drug, Zyprexa. In a quarterly snapshot of the drug industry, Moody’s said it will take a hard look at any pharmaceutical company with a blockbuster drug set to […]
More bad news on the housing front, as KB Home says it’s bailing on Indianapolis. How big of a loss is it? KB entered the market in 2004 with…
A Minneapolis-area startup apparently has withdrawn plans to build an $18 million processing plant in Richmond, but the Economic Development Corp. of Wayne County isn’t sure because it can’t reach the company. Nevertheless, the development group says the company, Kelsie’s Food and Dairy, must forfeit a $10,000 deposit it made on 26 acres because it […]
KB Home Inc. is pulling out of the Indianapolis market, a spokesman for the Los Angeles-based homebuilder confirmed this afternoon. The company was the fourth-biggest homebuilder in the Indianapolis area in 2005, ranked by permits filed, according to IBJ’s Book of Lists. However, in recent quarters the housing slowdown has taken a toll on it […]
The vacant 15-story Consolidated Building at 115 N. Pennsylvania St. was listed for sale with a $6.5-million pricetag yesterday until the owners pulled it off the market, ostensibly to focus on trying…
Publishers Weekly is reporting that the latest Harry Potter book, Harry Potter and the Deathly Hallows, is being printed at the R.R.Donnelley & Sons Co. plant in Crawfordsville. The trade publication quoted anonymous but “reliable” sources in the city northwest of Indianapolis. However, the Chicago company wouldn’t comment on where the 12 million copies would […]
Eli Lilly and Co. has been ordered by the Food and Drug Administration to yank certain ads and promotions for its Reconcile drug for separation anxiety in dogs because the promotions are “misleading.” Lilly didn’t note that some dogs in trials improved because they were given behavior modification training, and did not receive just a […]
Miller Environmental Co. Inc., a Shelbyville company owned by Bargersville resident Anthony McCullough, has been cited by the U.S. Department of Justice for dumping oily residue and wastewater containing acids down drains a total of at least 33 times. If convicted, the 63-year-old McCullough could be slapped with $1.7 million in fines for each count. […]
Emmis Communications Inc. said today it lost $1.9 million in its first fiscal quarter ended May 31 due to continued weakness at its radio stations. A year earlier, the Indianapolis media company turned nearly $6.5 million in profit. Revenue also slipped-3 percent, to $87.3 million. Operating income plunged to $12.1 million from $16.1 million.
The largest shareholders of First Indiana Bank, the McKinney family, stand to reap $111 million from the sale of the bank announced today. The family owns about 3.5 million shares, or approximately 21 percent, of the company, according to recent filings with the SEC. The acquisition by Milwaukee-based Marshall & Ilsley Corp. would pay $32 […]
Milwaukee-based M&I Bank has no plans to vacate a 31-story skyscraper in downtown Indianapolis after acquiring its namesake, First Indiana Bank, the CEOs of both companies said today. First Indiana recently renewed…
WellPoint Inc. has agreed to buy American Imaging Management, a firm that uses Web technology to manage the frequency and cost of radiation tests. The Indianapolis health insurer will pay $300 million to buy American Imaging parent Imaging Management Holdings, which is headquartered in Deerfield, Ill. The deal is expected to close in the third […]
The Wisconsin bank acquiring First Indiana expects to realize cost savings of 20 percent by merging back-office functions and cutting potentially dozens of local jobs. Milwaukee-based Marshall & Ilsley Corp. hopes to retain most of First Indiana’s bankers and will keep all 32 branches open. CEO Mark Furlong told IBJ this morning that within three […]
Indianapolis-based Compendium Software said today that it has attracted $1.1 million in funding from local angel investors. Compendium offers tools to help businesses create, manage and search-optimize blogs. The startup was founded six months ago by Chris Baggott, who also co-founded the fast-growing e-mail marketing software firm Exact Target, which now has more than 250 […]
