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Indalex Inc. of Lincolnshire, Ill., said today it will expand its aluminum extrusion plant in Connersville. In exchange, the company received government incentives worth nearly $3.4 million. Indalex plans a 100,000-square-foot addition to its plant to make room for a 6,000-ton extrusion press. The expansion is expected to generate 62 new jobs and $22 million […]
Unlike the heated opposition swelling in northwest Indiana, leaders in Illinois are clamoring for the Illiana bypass to be built as quickly as possible, according to The Times of Munster. A meeting called in Porter County in Indiana earlier this month to discuss the project attracted 1,000, most of whom expressed deep reservations. Yet, Illinois […]
Two new hotel brands coming to central Indiana will introduce a trend that’s hot nationwide—so-called “lifestyle” lodging offering an upscale feel at an affordable price. Hotels geared toward younger travelers account for 50,000 new rooms nationwide, said Rob Hunden, a hospitality consultant with Chicago-based Hunden Strategic Partners. That’s just 1 percent of the 4.5 million […]
A draft document of ideas for renovating North Meridian Street between Interstate 65 and Fall Creek calls for many of the design cues used to reconstruct a stretch of 38th Street that crosses Meridian farther north. Recommendations being prepared for Near North Development Corp., a community-based revitalization group, vary depending on the stretch of Meridian […]
Haynes International Inc.’s long-expected initial public offering has generated $136.5 million that the Kokomo company plans to spend mostly to pay off debt and buy capital equipment. The 2.1 million shares sold at $65 each, above the forecasted $61 to $64, Reuters reported. Haynes, which has asked to be traded on NASDAQ under the ticker […]
Haynes International Inc.’s long-expected initial public offering has generated $136.5 million that the Kokomo company plans to spend mostly to pay off debt and buy capital equipment. The 2.1 million shares sold at $65 each, above the forecasted $61 to $64, Reuters reported. Haynes, which has asked to be traded on NASDAQ under the ticker […]
Triad Hospitals Inc., which owns seven hospitals in northern Indiana, has received a buyout offer from Tennessee-based Community Health Systems Inc. that beats an earlier offer from a group of private equity firms. Community Health Systems said today it is offering $5.1 billion. A group that includes affiliates of Goldman Sachs and JPMorgan Chase & […]
Indianapolis Colts quarterback Peyton Manning is the second-most marketable active athlete, according to a survey of 65 sports business and media executives by Street & Smith’s Sports Business Daily. Manning, who has endorsement deals with Sony, Reebok and Gatorade among others, rated 208 of a possible 325 points—following only the 280 points garnered in the […]
Plenty of conflicting trends are apparent when examining success of the state’s business owners, according to Morton Marcus, emeritus director of the Indiana Business Research Center at Indiana University. A lack of data makes detailed comparisons all but impossible, Marcus wrote in a column that is distributed to Indiana newspapers, including IBJ. Still, he said […]
Honda Manufacturing of Indiana LLC said today its new Greensburg plant will make Civic sedans when it opens in fall 2008. The Japanese automaker announced in mid 2006 it would build the $550 million plant, but hadn’t revealed which vehicle line the would be assembled. As part of today’s groundbreaking ceremony, Honda also said Yuzo […]
The American Basketball Association is nearing one of its major goals for the 2006-07 season—and it has nothing to do with on-court wins and losses. Officials for the Indianapolis-based professional basketball league announced today they have signed a letter of intent with Miami-based International Apparel Group Inc. to create ABA Apparel LLC. ABA Apparel will […]
CSO Architects President Jim Schellinger has issued a statement saying he will file paperwork at 12:45 p.m. to establish a campaign committee to run for governor. A Democrat, the South Bend native is considered by many observers to be the best chance the party has to unseat incumbent Republican Mitch Daniels in the 2008 election. […]
CSO Architects Inc. is reverting to its original name two years after adding Schenkel Shultz to its name to reflect its acquisition of the Indianapolis office of Fort Wayne-based SchenkelSchultz Architecture. Removing the name was based on previous agreement, said Indianapolis-based CSO.
Construction on a hotel Fishers-based Dora Bros. Hospitality Corp. is building in downtown Columbus can resume, now that Sears, Roebuck & Co. has withdrawn part of a lawsuit it filed in November. But the retail giant still wants monetary damages, according to The Republic of Columbus. Sears, based in Hoffman Estates, Ill., claims construction on […]
Online banks usually avoid brick-and-mortar overhead. Eliminating expense is the core of their business advantage. So why did First Internet Bancorp spend $12 million to acquire traditional mortgage lender and savings bank Landmark Financial Corp. and its two Indianapolis branches? Because the acquisition of Landmark provides First Internet an opportunity to finally broach the mortgage market. Landmark, which traces its roots back to 1925, is best known as a new-construction underwriter in the local home and commercial builder market. Its…
Small public companies yet to comply with the stringent accounting provisions of the Sarbanes-Oxley Act could receive a reprieve from federal regulators weighing a one-year extension. Section 404 of the act requires public corporations to assess their internal accounting controls to ensure their financial reporting is accurate-and requires accounting firms to vouch for those controls. To comply with the act, which was enacted in the wake of financial scandals at Enron Corp. and MCI WorldCom, public companies have devoted thousands…
I was scanning a 2004 report on corporate security the other day when the phrase “Less than half of all businesses ever evaluate their return on investment (ROI) on security spending” came scrolling down the page. The sentence includes a presumption that is just dead wrong. No security software ever made its purchaser a dime. It can make the seller wealthy, but there is no way security software is an investment. It’s a cost, and always will be. In point…
WORTH SEEING COWBOYS & INDIANS Eiteljorg showcases famous artists’ not-so-famous work Cowboys and Indians aren’t what come to mind when the world thinks of Roy Lichtenstein and Andy Warhol, two great American pop artists better known for comicbook imagery and Campbell’s Soup cans. And that’s what makes “Roy Lichtenstein: American Indian Encounters” and “Andy Warhol’s Cowboys & Indians” so fascinating and surprising. The artists’ exhibits, presented under the common title “Pop! Goes the West,” run through April 15 at the…
Trustees, picture this: You are at the table with the beneficiary children of one of your most successful clients. You are reviewing the estate of their deceased parent. You have the unpleasant task of explaining that the insurance policy that was purchased 15 years ago had lapsed several years prior to Dad’s passing. Result: nothing to lighten the tax bill. Most trustees do not adequately manage the life insurance policy assets held inside the trust. According to a 2003 survey…
The face of the homeless is changing in our community. Two decades ago, the image conjured up by Indianapolis residents would be that of a panhandler near the Circle or the occasional man with the “Will work for food” sign standing just off an exit ramp; homeless families were virtually nonexistent. The fact is, this image is about half right-literally. Single homeless men make up around 60 percent of the homeless in our city. Remarkably, the other 40 percent are…
