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Arcelor Mittal, the world’s largest steelmaker, and No. 2 Nippon Steel agreed Sunday to double capacity of their U.S. joint venture, according to the Post-Tribune of Merrillville, quoting the Japanese business daily Nikkei. Arcelor, headquartered in Luxembourg, and Japan-based Nippon plan to spend $254 million on the expansion. The companies make cold-rolled and galvanized steel […]
Henry County in eastern Indiana has been chosen for a $180 million ethanol plant that will employ about 50 workers. Blue River Ethanol LLC will produce 100 million gallons a year at the site when it begins operating in 2009. The location near Mount Summit is next to a Norfolk Southern Corp. railroad that will […]
In his decision to toss out a lawsuit against former top executives of IPALCO Enterprises Inc., U.S. District Judge David Hamilton said a confluence of circumstances faced by the executives persuaded him that they were reluctant to sell the company. The industry was consolidating rapidly and deregulation loomed in California and other states. Both trends […]
Eli Lilly and Co. weighed in against a proposed constitutional amendment to ban same-sex marriage in Indiana in a letter sent to Speaker of the House B. Patrick Bauer, D-South Bend. Lilly joined three other major Indiana employers that have voiced opposition to the amendment. Representatives of Cummins Inc. and WellPoint Inc. testified before a […]
A federal judge this morning threw out a five-year-old lawsuit charging that top executives of IPALCO Enterprises Inc. breached their fiduciary duty to investors when they agreed to sell the company to Virginia-based AES Corp. in 2000. Many executives sold their stock before the sale closed in 2001 and AES shares began a prolonged slide. […]
Shareholders of Carmel-based Adesa Inc. today approved the auto auction’s $3.7 billion acquisition by Kar Acquisition Inc., which is owned by Kelso & Co.; GS Capital Partners, an affiliate of Goldman Sachs; ValueAct Capital and Parthenon Capital. The price of $27.85 per share was a premium of about 10 percent over the value of Adesa […]
Indianapolis-based accounting firm Clifton Gunderson LLP has acquired Chavarria Dunne and Lamey LLC of Albuquerque for an undisclosed price. The New Mexico accounting firm’s 100 employees will remain at their current location. Clifton Gunderson is the 10th largest accounting firm in the Indianapolis area, according to IBJ research.
Hoosiers saw per-capita personal income rise 4.3 percent in 2006, but the increase lagged behind the 5.2 percent gain of the U.S. and marked the second year in a row in which the state ranked 33rd in growth. The figure increased to $32,526 in Indiana while Americans as a whole saw their incomes rise to […]
Prospects of losing about $675,000 in county option income taxes convinced Boone County commissioners yesterday to sue Whitestown to slow the town’s planned annexation of 3,918 acres. It’s the fourth annexation-related suit to emerge in the county northwest of Indianapolis, according to The Daily Sun of Lebanon. Whitestown and Brenwick Associates separately sued the commissioners […]
Karl Schmidt Unisia Inc. of Marinette, Wis., plans to eliminate 140 jobs at its Fort Wayne piston-making plant after losing a contract with Ford Motor Co., according to The Journal Gazette. Only 100 workers will survive the cutback. More than 300 other union positions have been slashed in recent years as production was moved elsewhere.
A group that says it has lined up private financing to build a monorail linking East Chicago and Indianapolis pitched the idea to a several lawmakers Monday, according to The Times of Munster. The suspended monorail could be built on abandoned rail lines and be powered by motors that draw electricity from solar collectors and […]
IndyGo tomorrow plans to reveal details of an express bus route between downtown and Fishers, starting late this summer or early fall. In Fishers, the bus will stop at 106th Street and Lantern Road, at Eastern Star Church. It likely will proceed down Binford Boulevard and make stops at a handful of downtown locations, Indianapolis […]
Aearo Co., the northwest-side maker of earplugs and specialty composites, plans to add an earplug manufacturing line that would create 48 jobs at an average wage of nearly $18 an hour, according to the city and Indy Partnership. The company, which operates as E-A-R Composites, also plans to add office space and a 12,000-square-foot acoustical […]
State and federal regulators have handed down a string of accusations against Lafayette Community Bancorp, claiming the institution violated safe-banking principles and laws. The Lafayette-based parent of Lafayette Community Bank didn’t document loans properly or have enough collateral, said the Indiana Department of Financial Institutions and the Federal Deposit Insurance Corp. The institution also had […]
Sprint Nextel Corp. plans to roll out WiMax wireless Internet access in Indianapolis in May next year, the Orlando, Fla., company said yesterday. WiMax broadens wireless access beyond local hot spots. The exact coverage area isn’t known, said company spokesman John Polivka. But access will begin in Indianapolis’ center, then be expanded to some suburban […]
California Public Employees’ Retirement System has sent letters to Eli Lilly and Co.’s 1,600 largest shareholders seeking support for a proxy resolution that would require only a majority vote by shareholders to amend its bylaws, Bloomberg reports. The Indianapolis drugmaker requires a supermajority of shareholders, which Calpers says restricts change and ultimately retards stock prices. […]
Veolia Water Indianapolis LLC and Poindexter Excavating Inc., both of Indianapolis, are among seven companies bidding to build a 4-mile water line from Greensburg to the Honda Motor Co. assembly plant under construction near the southeastern Indiana city. Veolia submitted the highest bid, nearly $1.7 million, and Poindexter offered the next-highest, $1.5 million, according to […]
Freedom Financial Holdings Inc. has filed with the Securities and Exchange Commission to take itself public, according to The Journal Gazette. Freedom Financing Holdings owns Freedom Financial Mortgage Corp. The company, which employs about 30 in Fort Wayne, expects to raise as much as $1.25 million by selling a maximum of 625,000 shares at $2 each.
VeraSun Energy Corp. has abandoned plans to build an ethanol plant in Kosciusko County in northern Indiana, according to the Goshen News. Opposition to the project had been fierce. County Commissioner Brad Jackson said the Brookings, S.D., company isn’t likely to announce the decision, but that a reliable source told him VeraSun won’t pursue the […]
BHC Marketing Inc. plans to create 20 jobs in Carmel in April by opening a Midwest regional office, Indiana Economic Development Corp. announced today. Based in the Houston suburb of The Woodlands, BHC is an independent national insurance marketing organization focusing on annuities and long-term care insurance. The company said it picked Indiana for the […]
