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Indianapolis residences will see their water rate rise 25.8 percent if the Indiana Utility Regulatory Commission approves a compromise reached today among the city, the town of Pittsboro and the Indiana Office of Utility Consumer Counselor, the state agency charged with ensuring consumers are not over-charged. Most residential customers will pay $20.95 per 700 cubic […]
No other state recorded as large of an increase in home sales as Indiana in the fourth quarter, reports the National Association of Realtors. The 13.7-percent gain, to an annualized rate of 157,300 units, was well ahead of the 10.1-percent overall national decline in sales of single-family houses and condominiums. Only six states had increases […]
Eli Lilly & Co. Chief Executive Sidney Taurel told CNBC this morning that the Indianapolis-based drug company has no plans to slash its global sales force. Taurel said there has been “some reduction, some reorganization” in Lilly’s sales force, but added, “we don’t see major decreases.” Pfizer, the world’s largest drugmaker, said recently it would […]
Fourth-quarter profit rose 10.3 percent for Republic Airways Holdings Inc., the Indianapolis company said Wednesday. The $20.4 million in earnings was driven by $295.3 million in revenue, up 17.3 percent. Republic operates Chautauqua Airlines Inc., Republic Airlines Inc. and Shuttle America Corp., and serves American Airlines Inc., US Airways, Delta Air Lines Inc. and United […]
White Lodging Services Corp., the Merrillville developer picked by the city of Indianapolis to build a 1,000-room convention hotel near White River State Park, was the only bidder to build a hotel in downtown Fort Wayne. White joined with Acquest Realty Advisers Inc. of Bloomfield Hills, Mich., to compete for the Marriott-branded, 250-room project, which […]
Escalade Sports Inc., the Evansville maker of pool tables, fitness equipment and other sporting goods, has bought Trophy Ridge LLC for an undisclosed price. Trophy Ridge, of Belgrade, Mont., is best known for its archery bow sights, arrows and arrow rests. Its products will be integrated with Escalade’s Bear Archery line of bows and accessories.
General Motors Corp. and Chrysler about a month ago began negotiating a design agreement that involves sharing chassis designs in order to cut costs, according to Bloomberg, quoting unnamed sources familiar with the talks. Yesterday, DaimlerChrysler AG officials wouldn’t comment on a report in the German magazine Manager Magazin that the German automaker is in […]
Masco Corp. said today it will slash 8,000 jobs—about 16 percent of its domestic labor force—due to a weak housing market. Masco, based in Taylor, Mich., owns Delta Faucet Co., which is headquartered in Carmel and operates a large faucet manufacturing plant in Greensburg southeast of Indianapolis. About 1,000 of the layoffs will be white-collar […]
Automaker DaimlerChrysler AG’s discussions about developing a dual-clutch transmission with supplier Getrag has resulted in the German companies signing a non-binding agreement, DaimlerChrysler said this morning. The Getrag project is part of a planned $3-billion investment in new engines, transmissions and drive trains to make vehicles more fuel-efficient, DaimlerChrysler said. Chrysler has relied on trucks […]
Indiana Life Sciences Inc. has completed its acquisition of Cumberland Pharmacal, a pharmaceutical wholesaler and medical device distributor headquartered in Cumberland, Md. The Indianapolis company, which offers manufacturing services and medical supply distribution, did not disclose the purchase price. Indiana Life Sciences said it will move Cumberland’s operations to its northeast side campus but did not […]
TechSmith, an Okemos, Mich., software maker, said it will build an $18 million headquarters and create 75 jobs at Michigan State University’s University’s Corporate Research Park in Lansing. The company, which employs 140, considered relocating to Indianapolis, but Michigan and the city of Lansing offered nearly $1.9 million in incentives to stay in the state.
Gregg Appliances Inc. posted third-quarter profit of $10.9 million, down from $22.6 million a year ago. Last year’s period included a nearly $28 million pretax gain for the Indianapolis-based electronics and appliance retailer. Sales in the third quarter ended Dec. 31 were up 19.2 percent, to $335.1 million due to opening seven stores over the […]
Fortune Industries Inc. has closed its $2.2 million acquisition of Tucson, Ariz.-based Precision Employee Management. Precision, which will retain its Arizona operations, provides human resources services, such as payroll and benefits administration. Indianapolis-based Fortune, primarily a holding company for wireless technology and human resources companies, has similar operations in Indianapolis and elsewhere.
American Commercial Lines Inc. has agreed to buy 20 towboats and related equipment from McKinney Towing Inc. and related McKinney companies, all based in Baton Rouge, La. The $15 million transaction doubles the size of ACL’s Gulf-region operations. Based in Jeffersonville, the company says it wants to convert rail and truck shipments to barge transportation.
Indianapolis-based Eli Lilly and Co. and other companies that participated in the oil-for-food program in Iraq will be investigated by a British agency to determine if they gave kickbacks to Saddam Hussein’s regime, according to the London newspaper The Guardian. Fellow pharmaceutical giants GlaxoSmithKline and Astra Zeneca, both of which are headquartered in London, along […]
Two Australian mining companies are preparing to make an offer to buy Alcoa Inc., the Pittsburgh-based aluminum giant, according to The Times of London. The newspaper, citing unnamed sources, said BHP Billiton and Rio Tinto PLC have written feasibility studies for a bid. However, Reuters, also citing an unnamed source, reported that BHT Billiton is […]
Concentra Health Services Inc. has acquired Industrial Solutions Group Inc. of Fort Wayne for an undisclosed price. Concentra, based in Addison, Texas, operates in 40 states primarily through medical centers that treat people injured on the job. Industrial Solutions has 14 employees who consult on mold, asbestos and other problems related to work […]
Simon Property Group probably will improve Mills Corp. malls if the Chevy Chase, Md., company follows through with its announcement earlier today and accepts Simon’s $1.56 billion buyout offer, an RBC Capital Markets analyst said. Speaking to Bloomberg, Rich Moore said Indianapolis-based Simon—the nation’s largest mall owner—brings substantial economies of scale. “Simon will get tenants, […]
Standard Management Corp. has started a new unit to attract investors. The troubled Indianapolis company said today that the unit, Universal Healthcare Co. LLC, will provide pharmaceuticals to the long-term care industry—a strategy the former insurer has struggled to implement since 2002. Universal Healthcare in turn has agreed to buy Precision Healthcare Inc. from Standard […]
Shopping mall developer Mills Corp. today said it plans to accept a $1.56 billion buyout offer from Simon Property Group Inc. and a San Francisco hedge fund that tops an offer by Toronto-based Brookfield Capital Management Inc. Mills said its board has terminated its agreement with Brookfield, which had offered $1.35 billion. Indianapolis-based Simon and […]
