The primary investors in Allison Transmission Holdings Inc. are looking to lock in profits by unloading 16.6 million shares of the company for more than $350 million.
Profit and revenue fell for Allison Transmission Holdings Inc. in its second quarter, as demand in its mining and military markets slipped.
Angie’s List turned a profit for the first time in nearly two decades.
The Indianapolis-based transmissions manufacturer said its profit would be hurt by a steep drop in revenue in the first quarter.
Production of propulsion system for medium- and heavy-duty vehicles will begin later this year.
More than 1,500 hourly workers in Indianapolis ratified new five-year contracts, the automotive supplier announced Thursday.
Automakers and suppliers are pumping more money into research and development at a time many of their sales departments struggle with a slowing global economy.
Members of United Auto Workers Local 933 must vote in favor of the five-year collective bargaining agreements before they would go into effect.
The commercial transmission maker's existing contracts, which were set to expire at 11:59 p.m. Wednesday, will remain in force until noon Nov. 21.
Allison Transmission Holdings Inc.’s profit dropped 17 percent in the third quarter after sales slid 14 percent.
After the stock in the manufacturer of commercial transmissions bottomed at $15.82 in June, some investors began sniffing a bargain.
Allison Transmission Inc., the locally based maker of transmissions for trucks, buses and the military, set the interest rate it will pay on a $500 million term loan the company is seeking to refinance debt.
Allison Transmission Inc. on Monday reported earnings of nearly $413 million in the second quarter after losing $17.2 million in the same period a year ago. The Indianapolis-based manufacturer cut its full-year sales-growth forecast.
Performance varied widely as industries ebbed, flowed.
Indianapolis attorneys say numerous local private firms are on the IPO sidelines, mulling whether to try to capitalize on the strengthening economy and improving investor appetite for new issues.