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Production of a new engine at Caterpillar Inc.’s engine plant in Lafayette will require adding an undisclosed number of workers to the 1,600 who are staffing the facility, the Peoria, Ill., company told The Journal & Courier of Lafayette. The new C175 engine, which will sell for about $500,000, is used for powering electricity generators. […]
Indianapolis-based WellPoint Inc. is telling 75,000 members that an unencrypted compact disc with their personal and medical information has been lost, according to The New York Times. The members are part of its Empire Blue Cross and Blue Shield arm in New York. The disc was sent to Magellan Behavioral Services, a Connecticut firm that […]
Detailed reviews of Chrysler Group have begun by the Canadian auto parts giant Magna International Inc., Cerberus Capital Management LLC and a team of two other leveraged-buyout firms, Blackstone Group and Centerbridge Partners LP, according to Bloomberg, citing sources familiar with the discussions. Chrysler’s German parent, Daimler-Chrysler AG, is considering a sale of its American […]
Trustees of Ivy Tech Community College have narrowed their search for a new president to a former Remy International Inc. executive and a U.S. Air Force colonel—and passed over Executive Vice President Carol D’Amico. Internal documents obtained by IBJ show the trustees plan to conduct a fourth interview with the two candidates March 22 to […]
Boston Scientific Corp. said today that it is exploring an initial public offering for its Endosurgery group, which focuses on less-invasive surgery. The group operates an 800-employee manufacturing plant in the southern Indiana community of Spencer. The spinoff would be majority-owned by the Massachusetts company, and the $1 billion-plus in IPO proceeds would be used […]
Gregory J. Scharnott, executive vice president of operations at Patrick Industries Inc., has resigned immediately to “pursue other options,” the Elkhart company announced this morning. Chief Financial Officer Andy Nemeth said Patrick would only say Scharnott left yesterday. Patrick manufactures components for manufactured homes and recreational vehicles.
An Evansville-based maker of plastic cups has absorbed another plastics company to form what might be the continent’s largest plastic packaging firm. Berry Plastics Group Inc. announced yesterday it had merged with Covalence Specialty Materials Holding Corp. of Bedminster, N.J., in a stock swap arranged by the owner of both companies, the New York private […]
Indiana steel jobs could suffer as China exports more and more subsidized steel to keep its people employed, according to The Times of Munster. The 480 million metric tons of crude steel China is expected to send abroad this year would be at least 13 percent more than 2006 and triple 2000 levels. The subsidies […]
The state of Montana has sued Eli Lilly and Co. for marketing its Zyprexa antipsychotic drug for off-label uses—the seventh state to make such claims. The lawsuit alleges the Indianapolis drugmaker owes the state for drug costs and harming patients after promoting the drug to sedate nursing home patients and giving kickbacks to doctors, according […]
SPX Corp. of Charlotte, N.C., has sold its Contech Inc. division to Marathon Asset Management LLC, a New York private equity firm, for $146 million. Contech, which is headquartered in Portage, Mich., has one plant each at Pierceton and Auburn near Fort Wayne and another at Mishawaka. SPX said the manufacturer of aluminum auto parts […]
A developer has asked for tax abatements on a medical complex and office buildings he hopes to build in the Eastport Centre industrial park in Valparaiso, according to The Times of Munster. George Uzelac envisions the project, which has been approved by the city’s Redevelopment Commission, to include six buildings employing 450. City economic development […]
Copperfield LLC, a Bremen-based maker of copper wire and cable, has been bought by Coleman Cable Inc. of Waukegan, Ill., for $213 million in cash. Copperfield, which bought International Wire Group insulated wire plants in Avilla, Ind., and El Paso, Texas, in late 2005, was owned by Spell Capital Partners of Minneapolis. The Coleman acquisition […]
PROFILE ELIZABETH HAHN ELLIS Love of sports, organization really ‘peying’ off Foundation director coordinates philanthropic moves for Colts quarterback Peyton Manning There’s hardly a Hoosier today who hasn’t heard of Peyton Manning and his amazing plays on the field. But quietly coordinating the philanthropic plays behind the scenes for Manning’s PeyBack Foundation is Indianapolis native Elizabeth Hahn Ellis. As executive director of the 7-year-old charitable foundation, Ellis, 36, deftly fields requests from not-forprofit organizations seeking grants, contributions from individuals and…
Don’t rest the chopsticks on your food. Don’t blow your nose during the meal and never pour the soy sauce on your rice. These and other tidbits of Japanese dining etiquette had to be digested before our first trade mission to Japan in 2005. That 74-person mission, led by Gov. Mitch Daniels, was the largest delegation of Indiana business leaders and state and local officials ever on foreign shores. Indiana is the No. 1 manufacturing state in the union. More…
One of the most effective advertisements I ever created never had to be published. The mere fear it instilled via private showings to Connecticut state legislators was enough to undo the havoc they were threatening to wreak. At the time, lawmakers were contemplating what they called a “business services tax,” a tax that would be imposed on the services one division of a corporation provided to another, so long as both operated within the state. For example, if an Aetna…
This isn’t the Well-Point Inc. way. The last two times the Indianapolisbased health insurer appointed a CEO-when Ben Lytle took the job in 1989 and Larry Glasscock succeeded him in 1999-there was no drama. The board had publicly, and painstakingly, groomed the new leader. WellPoint did nothing remotely similar this time around. As CIBC World Markets analyst Carl McDonald pointedly observed in a research note, “There’s clearly a gap in succession planning when a company of Well-Point’s size has to…
Indiana University Kelley School of Business students will market and sell five lots along a strip of white sandy beach on
secluded Dog Island, Fla., as a class project that likely will span
several semesters. Whatever the students get for the land will be all profit.
HH Gregg–under increasing market pressure–has put its multimillion-dollar advertising account up for bid, and Pearson McMahon
Fletcher England this month decided not to pursue the contract it has held for an unprecedented 24 years.
“I’m baaack!” yelled Mr. Risk at the top of his lungs on Feb. 27. “Welcome back, Mr. Risk. You have been gone a while,” responded a nervous Mr. Market. “Even though deep down we knew you were hanging around the neighborhood, we had forgotten all about you.” And thus ended the calm that had presided over the stock market, which had risen in regimented fashion the past seven months. With the 416-point drop in the Dow Jones industrial average that…
Not only did airport tenant FedEx cancel its order for the cargo version of the “superjumbo” last November, but no other carriers have indicated they’ll likely use the super-jumbo here, said airport Director Patrick Dooley. Nor, Dooley added, is there a compelling case to be made for taxiway upgrades merely as a contingency for A380’s being diverted here occasionally from Chicago’s O’Hare International or other airports. So managers are removing all references to the A380 in a long-range airport plan…
