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Articles
Analysts lukewarm to Allison ahead of market debut
Shares of Allison Transmission Holdings Inc. are expected to begin trading Thursday, but the early reaction to the IPO from analysts is lukewarm. The locally based company’s private-equity owners are offering 21.7 million shares for $22 to $24 apiece, which could raise as much as $522 million.
Also this week
“An Evening with America Ferrera,” March 20, features a free discussion with the actress at Clowes Hall. Details here.
Young musicians from around the country gather for the Music for All National Festival, March 15-17, featuring many public performances. Details here.
American Pianists Association presents Marc-Andre Hamelin at the Indiana Landmarks Center, March 18. Details here.
Diva Fest, March 16-25 at the IndyFringe Basile Theatre, features new plays by female playwrights. Details here.
Christopher O’Riley brings his NPR program “From the Top” to the Palladium, March 21. Performers include 11-year-old Bloomington violinist Nathan Meltzer. Details here.
Krzysztof Urbanski leads the Indianapolis Symphony Orchestra in a performance of “The Planets,” March 16-17. Details here.
Company news
Zimmer Holdings Inc. plans to outsource its 120-person transportation management team to Memphis, Tenn., and also will cut another 50 positions by year’s end in an effort to offset an anticipated $60 million hit from the medical device tax enacted by the 2010 health reform law. The Warsaw-based maker of orthopedic implants informed its employees of the impending job changes on Feb. 29, even though they won’t take effect for another six months, according to spokesman Garry Clark. He said Zimmer hopes its affected employees can transfer to other roles inside the company. The medical device tax, which will take effect next year, will assess a 2.3-percent fee on all U.S. sales of medical devices. It is expected to generate $2 billion per year to help fund an expansion of health insurance under the Patient Protection and Affordable Care Act. Medical device companies, including Zimmer and Bloomington-based Cook Group, have consistently opposed the tax, saying it would inevitably force them to cut jobs in the United States.
Indianapolis-based Lilly Endowment Inc. awarded $2.5 million to the Indiana University School of Medicine in part to establish an endowed chair for the medical school’s initiative in Eldoret, Kenya. Matching funds from IUPUI will bring the total grant to $4 million. IU’s program in Kenya is called AMPATH, which stands for the Academic Model Providing Access to Healthcare. It is a collaboration of numerous universities, all working to provide basic needs and health care to patients in Kenya, particularly those suffering from HIV and AIDS. The endowed chair established through the grant will fund the work of the program’s field director in Kenya—which is now Dr. Joe Mamlin—so the work there can continue for years to come. The chair will be named the Stephanie and Craig Brater Chair in Global Health in honor of IU medical school dean Dr. Craig Brater, and his wife.
After losing $1.5 million in its most recent fiscal quarter, West Lafayette-based Bioanalytical Systems Inc., decided to close its laboratory in McMinnville, Ore., and instead consolidate that work in at its headquarters in West Lafayette. The move will bring as many as 20 new positions to West Lafayette and save the company more than $2 million per year, the company estimated. The leader of the Oregon lab, Lori Payne, will move to Indiana to become vice president of bioanalytical operations. Bioanalytical performs analysis for drug companies before they submit drugs for human trials. Bioanalytical CEO Anthony Chilton said the move would save money “by eliminating redundancies in expensive laboratory equipment and improving laboratory utilization.”
Record-low rates aren’t creating rush at local mortgage firms
Local mortgage industry executives say record-low interest rates aren’t leading to a big boom in business because broader economic issues are keeping large parts of the population from seeking or qualifying for loans.
Lawmakers end right-to-work dominated session
Indiana lawmakers came roaring into their 2012 session with a battle over right-to-work legislation. Now they are leaving quietly with a new statewide smoking ban, changes to the state's education system and rules giving homeowners the right to forcibly keep police from entering their homes.
Crean, Painter contracts packed with rewards for postseason success
Indiana University Coach Tom Crean and Purdue University Coach Matt Painter cash in big time when their teams perform well, especially in postseason play.
LISC sues to foreclose on Emrich’s Furniture building
LISC, a not-for-profit lender, says it has not received any payments on its $515,265 construction loan since Jan. 1, 2011, and is owed more than $228,000.
BENNER: Manning departure hurts, but life goes on
Peyton Manning’s presence in Indy has been profound, his stamp on this city indelible. He was—and is—a class act.
Simon Property Group goes on $3.5B mall spending spree
The Indianapolis mall owner is expanding its global profile, agreeing to buy a controlling stake in a French firm with a 271-property European portfolio. Simon also is buying out a partner in its Mills portfolio closer to home.
Decision about Manning comes down to business for Colts
Peyton Manning’s football future is being decided by a $28 million bonus, his surgically fused neck and a highly praised college quarterback. Oddsmakers say he’ll end up in Arizona, Miami or Washington, D.C.
Lilly to try again to remove poison-pill provisions
Eli Lilly and Co.’s board is once again recommending the removal of a provision that makes the company an almost impossible target for hostile takeovers. The same proposal has fallen slightly short at each of the past two annual shareholder meetings.
Also this week
The Carmel Symphony Orchestra is joined by the Indianapolis Children’s Choir and the McGing Irish Dancers for a “Celtic Pops!” program at the Palladium March 10. Details here.
Crystal Gayle and Soweto Gospel perform in separate concerts at, respectively, the Center for the Performing Arts’ Tarkington Theatre and Palladium on March 9. Herbie Hancock also is featured in a March 14 concert. Details here.
Lisa Lampanelli stands up at the Egyptian Room March 9. Details here.
Kelly Clarkson performs at The Venue at Horseshoe Casino in Hammond March 10. Details here.
The JCC and Heartland Film Festival team up to screen the documentary “Waste Land” March 12. Details here.
The Indianapolis Symphony Orchestra’s annual “Side by Side” concert features top high school musicians paired with the pros. The ticketed-but-free concert is March 7. Details here
People
WellPoint Inc. on Monday named Venkata Rajamannar Madabhushi as the new head of its Medicare business unit, replacing Brian Sassi, whom the company dismissed last month. Rajamannar also will oversee WellPoint’s international, marketing and product innovation divisions, as well as its corporate development functions. He will not direct WellPoint’s Medicaid and individual insurance plans, as Sassi did. Instead, those divisions are now headed up by Ken Goulet, who is CEO of WellPoint's commercial business unit. Before joining WellPoint, Rajamannar, who goes by the nickname "Raja," served as chief innovation and marketing officer at Humana Inc., a WellPoint competitor based in Louisville. He also spent 15 years in senior-level business management and marketing roles at Citigroup.
Indianapolis-based AIT Laboratories named Ron Thieme to succeed company founder Michael Evans as president and CEO. Thieme had been serving as vice president and chief information officer of AIT since 2007. Thieme holds bachelor’s, master’s and doctoral degrees from Purdue University.
Indiana University Health promoted Ryan Kitchell to be its chief financial officer. Kitchell, 38, replaces Marvin Pember, who left in July to take an executive position with Philadelphia-based hospital system Universal Health Services Inc. In November, Kitchell was named president of IU Health Plans after his predecessor Alex Slabosky retired. Kitchell first joined IU Health in September 2010 as treasurer, overseeing investments, cash management and corporate real estate. Before that, he worked more than five years for Gov. Mitch Daniels, first as public finance director and then as director of the Office of Management and Budget. Kitchell holds an economics degree from Indiana University and an MBA degree from the Tuck School of Business at Dartmouth.
Leases/leasing contracts
-City Thrift Store leased 29,700 square feet of retail space in Washington Market, 10435 E. Washington St. The tenant was represented by Frank Swiss of Swissco Real Estate. The landlord, Sandor Development, was represented by Sandor’s Jeff Roberts and Drew Kelly.
-A.H. Furnico renewed its lease for 14,400 square feet of industrial space at 6425 E. English Ave. The tenant was represented by Kelly Williams of Cassidy Turley. The landlord, English Avenue Properties LLC, was represented by Alex Blackburn of RE/MAX Real Estate.
-Meridian Title Corp. renewed its lease for 3,746 square feet at 11711 N. Pennsylvania St. The andlord, North Pennsylvania Associates LLC, was represented by Mike Napariu of REI Real Estate Services LLC. The tenant represented itself.
-The Bike Line leased 3,307 square feet at Carmel City Center, 723 Hanover Place, Carmel. The landlord, Carmel City Center LLC, was represented by Melissa Averitt of Carmel City Center. The tenant represented itself.
-Indianapolis Physical Therapy & Sports Medicine renewed its lease for 3,194 square feet of retail space in George Thomas Plaza, 1048 N. Shadeland Ave. The tenant was represented by Patty Toth of Jackson Cross Partners. The landlord, Ladywood Apartments LLC, was represented by Cindy Hoskinson and Herb Feldmann of Lee & Associates.
-San Antonio Shoe Inc., dba SAS Comfort Shoes, leased 2,250 square feet of retail space at 4909 E. 82nd St., Suite 100. The tenant was represented by Andrew Schrage of Coldwell Banker Commercial Realty Services. The landlord, PK Clearwater Springs LLC, was represented by PK Partners.
-Which Wich Superior Sandwiches leased 2,022 square feet of retail space in The Avenue, 860 W. 10th St. The tenant was represented by Bart Jackson and Scot Courtney of Lee & Associates. The landlord, Fall Creek Housing Partners LLC, was represented by Natasha Evans of Buckingham Cos.
-Midwest Tax Group expanded its lease to 1,519 square feet of office space in Castle Creek V, 5750 N. Castle Creek Parkway. The tenant was represented by Herb Feldmann and Cindy Hoskinson of Lee & Associates. The landlord, Castle Creek Pkwy LLC, was represented by David Gimple of Friedman Integrated Real Estate Services.
-Jack & Jill Children’s Shoppe leased 997 square feet at Carmel City Center, 727 Hanover Place, Carmel. The landlord, Carmel City Center LLC, was represented by Melissa Averitt of Carmel City Center. The tenant represented itself.
-Simply Holistic Health LLC leased 937 square feet of office space at 8801 N. Meridian St., Suite 100. The tenant was represented by Andrew Schrage of Coldwell Banker Commercial Realty Services. The landlord, Sun Life Assurance, was represented by Hokanson Cos. Inc.
MainGate chasing NFL apparel deal
Indianapolis-based MainGate Inc. is in hot pursuit of the NFL’s exclusive Super Bowl on-site merchandise contract. And it might not be the only local company pursuing the multimillion-dollar deal.
BENNER: List of best sports palaces had just one Hoosier entry
On a recent list of great sports venues, The Indianapolis Motor Speedway was not included. Are you kidding me?
WINSTON: Mays personifies the best of black history
Mays’ efforts at community involvement saved The Indianapolis Recorder.