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BorgWarner Inc. said this morning it will close its 780-employee Muncie powertrain components plant to cut costs. In December, the union voted unanimously against reopening its contract two years early, after the Auburn Hills, Mich.-based company threatened to close the plant if workers didn’t accept cuts in benefits. It’s not clear if some of the […]
The 780 employees at BorgWarner Inc.’s auto parts plant in Muncie might learn today whether the plant will close. Executives of the Auburn Hills, Mich., company plan to discuss the plant’s future today, according to The Star Press of Muncie. “It’s awful quiet,” United Auto Workers Local 287 President Jerry French told the newspaper. “It’s […]
Three Shelby County development organizations have formed a coalition to support the toll road Gov. Mitch Daniels wants to build around the east and south sides of Indianapolis, according to the Shelbyville News. Shelby County and Morristown chambers of commerce and Shelby County Development Corp. say their coalition is in the spirit of an earlier […]
Old National Bank has given Indianapolis entrepreneur Tim Durham an additional 12 months to repay loans that went into default Nov. 1. If Durham repays the loans by Nov. 1 this year, Old National will drop a lawsuit it filed in December seeking $2.6 million, the Evansville-based bank said today. Earlier today, Durham issued a […]
Four miles of farm fields separate Frankfort from Interstate 65, but the city between Indianapolis and Lafayette is preparing plans to one day sweep in property where the interstate crosses State Road 28. City council members in Frankfort, home to a Frito-Lay plant that is the world’s largest salty snack food operation, might vote as […]
The city of Indianapolis has issued a request for proposals to operate and maintain the wastewater treatment system. A 10-year contract with United Water Services expires Jan. 1, 2008. United, based in Harrington Park, N.J., is owned by Paris-based Suez. Four companies responded to a request for expression of interest issued in June. In addition […]
American Commercial Lines Inc., which manufactures barges near its Ohio River headquarters of Jeffersonville, said today it plans to hire 400 workers this year due to booming business. The company also said it will raise hourly rates about 11 percent if the General Drivers, Warehousemen & Helpers union agrees to its latest contract proposal. The […]
Citizens Gas & Coke Utility has made early retirement offers to 41 of the 350 workers at its Indianapolis Coke plant at 2950 Prospect Street. Various levels of buyouts have been extended to employees at least 50 years old; they have 45 days to accept. An unnamed company is interested in buying the plant, said […]
Northwest Indiana’s economy is performing well because its dominant steel industry is lean and efficient, and its riverboat casinos continue to attract revenue, according to Jack Ablin, executive vice president and chief investment officer of Chicago-based Harris Bank. Speaking at a luncheon this week, Ablin said steel will continue to prosper in global markets unless […]
Roche Diagnostics operating income plummeted 21 percent last year, to $1.1 billion, as expiring patents crimped royalties and costs to launch new products increased, its Swiss parent, Roche Holding AG, reported today. The Indianapolis-based division, which is a leader in blood-sugar test kits, limited the parent company’s overall increase in profit to 33 percent, or […]
Metropolitan Indianapolis Public Broadcasting Inc., the not-for-profit that operates WFYI public television and radio stations, is seeking a zoning variance to build a 150-foot microwave transmission tower at the former headquarters of Indiana Energy Inc., 1630 N. Meridian St. The MIPB board voted late last year to authorize buying the building, which is listed by […]
Greg Wathen has been named CEO of the Economic Development Coalition of Southwestern Indiana. The Tell City resident is the long-time executive director of Perry County Development Corp., an organization that markets the county bordering the Ohio River east of Evansville. The Southwester not-for-profit, created in June 2006, will market Gibson, Posey, Vanderburgh and Warrick counties to companies […]
The unincorporated Boone County town of Fayette received unanimous approval from county commissioners Monday night to officially become a town. Because Fayette is within two miles of Marion County, final approval of the incorporation awaits a vote by the Marion County’s City-County Council. City-County Council members were not immediately available to discuss a timetable for […]
The $15 million contribution to Crown Hill Cemetery’s perpetual care fund by Gibraltar Remembrance Services LLC stabilizes the cemetery’s future, said cemetery President Keith Norwalk. The contribution means long-term maintenance of the 550-acre cemetery is adequately funded, Norwalk said. “We are tremendously enriched,” he said. “Our fund has a very promising future.” […]
Hillenbrand Industries Inc. posted $51.9 million in profit in its first fiscal quarter, up 7 percent from a year earlier. Revenue for the quarter ended Dec. 31 rose slightly to $483.2 million. The Batesville company said it is still considering separating the company’s health-care and funeral services business into two companies. Its largest shareholder, Franklin […]
Sidney Taurel, CEO of Eli Lilly and Co., earned $15.2 million in salary, stock and other compensation in 2006, according to a Securities and Exchange Commission filing. On top of a base salary of $1.6 million, Taurel received a bonus of $2.8 million and $9.2 million in stock awards and options. Other compensation included $91,069 […]
Simon Property Group might have to work harder to buy Mills Corp., say analysts quoted by The Toronto Star. Indianapolis-based Simon, the world’s largest shopping mall owner, joined with Mills shareholder Farallon Capital Management yesterday to offer an unsolicited bid of $1.56 billion for the Chevy Chase, Md., mall developer. That was $210 million more […]
Daimler-Chrysler AG will eliminate 10,000 blue-collar jobs as part of a sweeping restructuring that will shrink Chrysler and integrate it more closely with its German parent, the Detroit News reports, citing unnamed sources familiar with the plan. Project X” aims to reverse losses that mounted to $1.2 billion for Chrysler last year. However, it is […]
Workers at Beta Steel Corp., a minimill in Portage, are upset about a new policy that forbids sticking decals to hardhats, according to The Times of Munster. Beta Steel thinks the blue hardhats promote a team image and doesn’t want them plastered with stickers. But International Longshoremen’s Association Local 2038, which represents about 325 workers, […]
Five hospitals in northeast Indiana have been bought by private equity arms of the Wall Street firms Goldman Sachs and JPMorgan Chase for $6.4 billion, the seller, Dallas-based Triad Hospitals Inc., said Monday. The hospitals are part of Triad’s Lutheran Health Network. They include Lutheran Hospital of Indiana, St. Joseph Hospital and Dupont Hospital […]
