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Steel Dynamics Inc. announced yesterday that it has acquired privately held OmniSource Corp. for $1 billion in cash and Steel Dynamics stock. Both companies are headquartered in Fort Wayne. OmniSource is one of the nation’s largest steel recyclers, and will operate as a subsidiary of Steel Dynamics. OmniSource President and CEO Danny Rifkin will become […]
A few nuggets to break up an otherwise slow day for real estate news:
All-You-Can-Eat Meat: The deal is done to bring the upscale Brazilian Steakhouse Fogo de Chão (fo-go dèe shoun, or fire…
C.P. Morgan Communities LP, the Indianapolis area’s largest home builder, this morning confirmed it has made a “workforce reduction” as a result of the slowing housing market. The privately held company would not reveal how many jobs it cut or the types of positions eliminated. According to IBJ’s 2007 Book of Lists, C.P. Morgan filed […]
Eli Lilly and Co. launched a three-year collaboration today with GE Global Research, the central research and development unit of New York-based General Electric Co. The companies will develop diagnostic tools to predict patients’ response to targeted cancer therapies. Lilly is in the testing phase for compounds that would aim chemotherapy at specific cancer cells; […]
The U.S. Supreme Court allowed Eli Lilly and Co. to keep its patent on its top-selling drug Zyprexa today by denying an appeal by two generic drug makers seeking to break the patent. Without comment, the court denied a request by units of Dr. Reddy’s Laboratories Ltd. and Teva Pharmaceutical Industries Ltd. for the justices […]
Charlotte, N.C., behemoth Bank of America has closed its $21 billion acquisition of Chicago-based LaSalle Bank Corp. LaSalle, which was owned by Dutch banking giant ABN Amro, has six offices in Indiana, including at least one in the Indianapolis area. LaSalle focuses on commercial services in Indianapolis. Bank of America had no local presence.
Major Tool & Machine Inc. will invest $20 million and hire 50 workers to expand near its headquarters at 1458 E. 19th Street northeast of downtown. The expansion will add 150,000 square feet to house automated production equipment, Indiana Economic Development Corp. announced today. The announcement confirms a report Sept. 11 on IBJ‘s real estate […]
International Truck and Engine Corp. and the United Auto Workers have failed to agree on a new contract, but the 3,700 employees represented by the UAW are expected to continue working, the Warrenville, Ill., company said today. The contract expired today. In Indiana, International employs 570 UAW workers at an engine assembly plant and 400 […]
Indy Racing League and Indianapolis Motor Speedway officials tomorrow are expected to announce a restructured earnings package for teams that includes a 20-percent increase in the purse for the Indianapolis 500. Sources close to the league said they expect next year’s race winner to net $2 million, up from $1.64 million this year; 33rd place […]
Grain elevators throughout the state are merging to gain advantages of scale, according to The Journal Gazette. The 268 grain-storage companies operating in 2006 was a 16 percent drop from five years earlier, the Fort Wayne newspaper reported. The elevators, many of which were started in the 1920s, are striving to gain better access to […]
Two local developers have plans to replace downtown parking lots along Meridian Street with new mixed-use buildings. Jupiter Land Group, headed by restaurateur Rick Coombes, wants to build a five-story retail…
A long battle by workers of UPS Freight, formerly Overnight Transportation Co., to be represented by the International Brotherhood of Teamsters has been won in Indianapolis, the union said last night. The Teamsters intend to use the agreement as a pattern to attempt to organize other UPS Freight sites. The tentative contract covers 125 drivers […]
General Motors Corp.’s stamping plant in Indianapolis would be allowed to close or be sold under the tentative contract with the United Auto Workers, according to a detailed copy of the agreement. According to the detailed document, called the “white book,” work at the Indianapolis stamping operation will continue or be reallocated to another GM […]
Radio One Indiana’s former controller has filed a civil lawsuit against the company charging she was terminated because of
her race after she raised concerns about fraud and payola in relation to the company’s financial statements.
I can still remember when vacation movies were captured on 8mm film and had to be shown on jerky little projectors with hot bulbs that gave off ozone by the bucketful. Fascinating to the family that took the movies, but deadly dull to everyone else. Then along came video cameras that were much more portable and could show their movies on the family VCR. They had many advanced features, such as zoom, stop action, and even dubbing. And they were…
What do most people concerned with economic development want to see? More jobs at better pay. How can we tell if we are getting there? Simply by looking at what is happening to earnings. Earnings divided by the number of jobs equals average earnings per job. Hence, with elementary school arithmetic, we can say that earnings equals the number of jobs multiplied by the average earning per job, exactly the two indicators of economic development that most folks want to…
Drug-coated stents, which are used to open clogged arteries, can be life savers-if they’re implanted correctly. The $6 billion global stent market has come under scrutiny lately from doctors and researchers concerned that poor technique by cardiologists may contribute to rare but dangerous blood clots that can form after a stent is inserted. Stents that aren’t placed properly over the affected area may enable clots to form. But a device developed by an IUPUI researcher could prevent mishaps by helping…
The recent Indiana Logistics Summit framed a number of issues that matter to Hoosiers young and old. I’ve done a fair amount of transportation and economic development research, but this conference held in Indianapolis was a chance for me to listen and learn. Here’s my take on some of the issues: Nationally, a significant piece of the public transportation infrastructure (roads and bridges, for example) has already outlived its anticipated life span. Solid engineering and construction coupled with continual maintenance…
The Mississippi Delta has its hot tamale trail. Alabama and Texas boast a Southern BBQ byway. Now Indiana is getting in the
game with planned candy and pork tenderloin trails. State boosters are looking to tap into a growing travel industry niche:
culinary tourism.
Of all the topics I could have chosen to write about this week, the one I kept coming back to was the whole issue of “living wage.” You guys are a pretty sharp audience by the fact you read this publication, so maybe one of you can help me figure out the living wage crowd. I just don’t get them. If you saw last week’s IBJ, you probably read Michael Dabney’s story on the ongoing efforts by the Service Employees…
