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Vestil Manufacturing Co., which makes industrial materials handling equipment in the northeastern Indiana city of Angola, will boost its work force nearly 50 percent, the Indiana Economic Development Corp. said today. The addition of 104 jobs comes through an $8.2 million investment supported with $2.2 million in economic development incentives. Construction on the manufacturing plant […]

IndyPartnership, the not-for-profit that markets central Indiana to prospective businesses, will keep its brand name and sales mission in a merger its board approved today with Central Indiana Corporate Partnership, another non-profit that represents CEOs of Indiana’s largest corporations. The parties also agreed to carve out a separate economic development organization for Marion County, said […]

Lilly Endowment Inc. said today that it has begun the processing of diversifying its assets by putting $100 million into index funds managed by Vanguard. The huge private foundation announced last July it would begin diversifying away from Eli Lilly and Co. shares. A swoon in Lilly shares has halved the value of the endowment […]

The IndyPartnership, the regional economic development organization that markets Indianapolis for business relocations and expansions, today agreed to be absorbed by the Central Indiana Corporate Partnership. IndyPartnership spokesman Todd McCall confirmed that the proposal was ratified today by the organization’s board of directors. “It’s the first step in the process toward putting the IndyPartnership initiative […]

The Indy Racing League took a hit today when ESPN decided to pre-empt coverage of the league’s race in Japan this Saturday so that it can show a National Basketball Association playoff game live.   ESPN officials announced this morning that they moved the Indy Japan 300 at Twin Ring Motegi from its original noon […]

Forrest Lucas announced this morning that his company, Lucas Oil Products, has pledged $1 million toward the city’s bid to host the 2011 Super Bowl. The game would be played in the new stadium for which the California businessman paid $121 million to gain naming rights. A not-for-profit launched to bid for the game with […]

Jeff Stoops, who owns a Buick dealership in Plainfield and a Freightliner truck dealership on the far south side, plans to sell a Nissan car dealership he owns in Muncie with a brother, Randy Stoops. Randy Stoops told The Star Press of Muncie that the brothers are committing to the Buick, Pontiac and GMC brands […]

Nine multi-family residential properties have been put up for sale by Indianapolis-based Gibraltar Properties Inc. Two are in Nebraska and two are in Fort Wayne. The rest are in the Indianapolis area in Avon, Brownsburg, Greenfield, Plainfield and Danville. Gibraltar priced the properties, which have 2,412 units, at a total of $170 million.

Office vacancies on the rise. See IBJ‘s Property Lines for more information.

Cincinnati-based The Kroger Co. has agreed to buy 18 Scott’s Food and Pharmacy stores in northeast Indiana. Terms were not disclosed. The stores were owned by Minneapolis-based Supervalu Inc. Ten are in Fort Wayne and the rest are scattered in surrounding counties. They will become part of Kroger’s central division, based in Indianapolis, and retain […]

Ron Gettelfinger, the Indiana native who rose to president of the United Auto Workers, says he will ask the supervisory board of DaimlerChrysler AG to not sell Chrysler. Gettelfinger is one of 10 union representatives on the German automaker’s board. There is a total of 20 members on the board. Not only has Chrysler helped […]

Vitran Express will add 33 jobs to its work force of 130 as part of an expansion of its computers, fleet of trucks and its headquarters at 6500 E. 30th St. on the far eastside. The Toronto-based freight hauler specializes in less-than-truckload shipments. It received $478,000 in economic development incentives for the $25 million expansion, […]

Noblesville-based King Systems Corp. has bought Emergent Respiratory Products Inc. of Irvine, Calif., in a deal valued at up to $38 million. King took a 51-percent equity stake in Emergent on April 13 through a $3 million investment. The rest of Emergent will be bought between 2009 and 2011 for as much as $35 million. […]

Hhgregg Inc.’s $172 million initial public offering might draw a mixed reaction from investors, who’ll like that the company is reducing debt but not that its profit margin has been shrinking, an analyst said today. But there’s little doubt the Indianapolis-based consumer electronics and appliance retailer will be able to pull off the offering, in […]

Profit from continuing operations at First Indiana Corp. edged up 1.7 percent, to $6 million, in the first quarter. The parent of First Indiana Bank offered no explanation for the virtual stagnation. First Indiana is the largest publicly traded bank in the city.