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ArvinMeritor Inc. has sold its Emissions Technology group for $310 million to the New York investment firm One Equity Partners, but the auto exhaust group will have dual headquarters in Columbus and the Detroit area. The dual offices trace to Meritor Automotive Inc.’s 2000 acquisition Columbus-based Arvin Industries Inc. ArvinMeritor, of Troy, Mich., wants to […]
Funds from operations increased 7.5 percent, to $450.4 million, in the fourth quarter for Indianapolis-based shopping mall owner Simon Property Group. For 2006, funds from operations rose 8.9 percent to $1.5 billion. Real estate investment trusts like Simon commonly use the funds from operations measure rather than net income.
United Auto Workers members have “overwhelmingly” approved a plan that attends to labor concerns as Guide Corp. shutters its Anderson and Monroe, La., plants six months ahead of schedule. Employees can pick from seven options that include transfers, buyouts, layoffs and retirement, according to The Herald Bulletin of Anderson. The Pendleton-based maker of car taillights […]
NiSource Inc. won’t comment on a report that it’s negotiating to sell its NIPSCO electric business, but LaPorte County officials nevertheless are lobbying state lawmakers to temporary stop sales of electric utilities, according to The Times of Munster. The northwest Indiana county wants a public-power authority formed to buy the Merrillville-based utility to prevent an […]
Visteon officials informed employees in their Connersville plant today that the facility will close Sept. 1. All 890 employees at the Connersville plant about 60 miles southeast of Indianapolis will be affected, said Kimberley Goode, spokeswoman for Michigan-based Visteon. Goode said it is not clear if those employees will be terminated, given severance packages or […]
Indianapolis-based office supplier ICC Business Products has acquired NBS Office Supply of Goshen in northern Indiana for an undisclosed price. ICC, which supplies print cartridges, printers, and other office supplies, is retaining NBS president and owner Sylvan Schwegman and several key NBS workers. NBS has a satellite office in Warsaw. Schwegman, 64, said the sale […]
Lining up the roughly 8,000 volunteers needed to stage a Super Bowl would be the least of Indianapolis’ worries as civic leaders launch an official bid for the 2011 event, local sports organizers say. Not only would Indianapolis be able to find warm bodies, but the workers almost certainly would be seasoned veterans of […]
Harman-Becker Automotive Systems Inc. is eliminating 84 of its 500 workers in Martinsville as the maker of car speakers moves production to Juarez, Mexico, according to The Reporter-Times of Martinsville. Remaining workers fear more jobs will be lost when other production is moved to China at an unspecified date.
South Bend musical instrument maker Woodwind & Brasswind is being acquired out of bankruptcy by a unit of California-based Guitar Center Inc., which has stores in Indianapolis and Greenwood. A bankruptcy court accepted a $29.9 million bid from Musician’s Friend Inc. after another potential buyer withdrew its offer.
Only 13 other large cities are cheaper than Indianapolis when it comes to charitable donations, according to a list compiled by TurboTax, the tax-preparation software sold by Intuit Inc. Indianapolis residents donated an average of $1,023 in the 2004 tax year; the national average was $1,230. Salt Lake City, Utah, was tops among the 50 […]
Delta Faucet, which is headquartered in Carmel, laid off 70 full-time and temporary workers at its sprawling Greensburg plant due to anticipated softness in house construction. The action followed a December layoff of 59 Delta temp workers in the city between Indianapolis and Cincinnati. The company, owned by Masco Corp. of Taylor, Mich., attempted to tamp […]
Delta Faucet, which is headquartered in Carmel, laid off 70 full-time and temporary workers at its sprawling Greensburg plant due to anticipated softness in house construction. The action followed a December layoff of 59 temp workers. The company, owned by Masco Corp. of Taylor, Mich., attempted to tamp down festering fears of an outright closure […]
Vectren Corp., the Evansville-based natural gas utility that serves much of central Indiana outside of Marion County, said profit fell 31.3 percent, to $34.9 million, in the fourth quarter. The decline was blamed on customers using less gas and settling a lawsuit with ProLiance Energy LLC. For the year, profit fell to $108.8 million from […]
Esco Communications Inc., which is installing the sound system in Lucas Oil Stadium, is showing its blue-blood support of the Indianapolis Colts in more ways than sponsoring a Blue Friday this Friday. The Indianapolis company is offering its 140 workers a paid day off after the Sunday’s game.
New government figures show wages earned by Hoosiers are not growing as quickly as Americans’ wages as a whole. Average compensation per job in Indiana increased 2.9 percent in 2005, to $44,095, according to Morton Marcus, formerly director of the Indiana Business Research Center at Indiana University. The figures are the latest available for a […]
Virtually all—99.8 percent—of St. Joseph Capital Bank shareholders voted in favor of merging with Old National Bancorp of Evansville, according to the South Bend Tribune. Old National offered $75.6 million for the Mishawaka institution, which has $500 million in assets and 70 full-time equivalent positions.
A downturn in the truck industry and completion of an engineering program has prompted International Truck and Engine Corp. to cut 140 jobs from its Truck Development and Technology Center in Fort Wayne. The Warrenville, Ill., maker of medium- and heavy-duty trucks said 35 of the workers accepted voluntary buyouts in November and that positions […]
A recent $404 million judgment against NiSource Inc. could hurt the Merrillville-based company’s credit rating if it’s not set aside by the court or overturned on appeal, Standard & Poor’s Rating Services said today. NiSource has said it would appeal the West Virginia jury verdict. The case, brought by several natural gas royalty owners, alleged […]
Government and industry officials are planning a news conference Wednesday to announce an 800-acre, $30 million expansion of Rockport River Terminals, a privately-owned shipping terminal on the Ohio River east of Evansville. The project is expected to be the initial salvo in an ongoing expansion. Wednesday’s announcement will focus on expanding the terminal to handle […]
JPMorgan Chase & Co. plans to hire 50 workers in the next three months to staff new and existing central Indiana bank branches. The jobs are in addition to the 175 workers Chase said in November it would add to its education unit’s call center and private education origination department.
