Local exporters wary of Trump policies
Hoosier businesses hope negative campaign talk about nation’s trade deals won’t restrict free flow of Indiana goods outside U.S. borders.
Manufacturers
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Rexnord definitely moving Indy operations to Mexico, union says
Rexnord Corp. plans to proceed with the closure of its Indianapolis bearings plant, according to the union that represents most of the plant’s approximately 350 employees.
Lawsuit accuses Chrysler, Cummins of VW-like cheating on Dodge trucks
Chrysler and its diesel technology partner Cummins Inc. are accused of fraud, false advertising and racketeering in the complaint, filed Monday in Detroit federal court on behalf of the owners of almost 500,000 Dodge Ram model trucks.
GM laying off over 2,000 at 2 Midwest car plants
General Motors also announced that it would invest more than $900 million in three plants to prepare for undisclosed new vehicles, including a plant in Indiana that has about 870 employees.
Packaging entrepreneur, 84, to sell family firm for $100M
Bob Haddad started the box company in 1975. It since has branched out to a wide variety of products and several location in Indiana and Illinois with 300 employees total.
Cummins shares slip on lower revenue, earnings
The Indiana-based engine maker said sales were hurt by a slowdown in North American truck production and by weak international demand for power-generation equipment.
RCA firm grows with LED popularity
For decades, the RCA brand has been associated with televisions and other consumer electronics. But it’s LED lighting that’s helping fuel growth for Indianapolis-based RCA Commercial Electronics.
Allegion rebounds in third quarter with $1.6M profit
The security-products firm also posted higher revenue, but its results weren’t as good as Wall Street expected.
Indiana’s manufacturing industry losing steam, survey says
Respondents from a wide range of sectors across the state say their expected growth rates for revenue, profit and capital investment are lower than in recent years.
Vertellus workers qualify for federal layoff assistance
The U.S. Department of Labor says Vertellus employees affected by a pending plant layoff can apply for Trade Adjustment Assistance.
Manufacturer ‘tentatively’ decides to move Indy operations to Mexico
Hundreds of employees at Rexnord Corp.’s west-side plant would lose their jobs if the firm goes through with the plans announced Friday.
Office furniture maker ending Indiana operations; 365 to lose jobs
Paoli Inc. will begin shutting down its corporate campus in Orleans in phases beginning in January and permanently close by the end of next October, the company said. The furniture maker got its start in 1926.
Bankruptcy court clears way for Magnetation shutdown
A bankruptcy court has cleared the way for Magnetation LLC to shut down its remaining operations, including a plant in Indiana that had about 165 workers six weeks ago.
Rolls-Royce shakes up top management amid ongoing restructuring
The London-based company, which has 4,000 employees in Indianapolis, has cut divisions and eliminated more than 600 senior and middle-management positions over the past year. It just hired a new chief financial officer.
City secures federal grant to help Carrier workers
The city of Indianapolis has received a $355,000 federal grant to help support about 1,400 workers displaced by Carrier Corp. The grant will be used to hire a “recovery coordinator.”
Vertellus pension plan to get $36M bailout from federal agency
A federal agency has stepped in to pay almost all of a $36 million shortfall in pension benefits for current and future retirees of Vertellus Specialties Inc., an Indianapolis-based manufacturer that is working its way through a Chapter 11 bankruptcy.
Federal judge OKs $454M Vertellus Specialties acquisition plan
A federal bankruptcy judge approved the sale of Indianapolis-based chemical company Vertellus Specialties Inc. on Thursday after the U.S. Environmental Protection Agency withdrew its objection to the sale.
EPA objects to Vertellus Specialties acquisition plan
Indianapolis-based Vertellus Specialties Inc. is at odds with the U.S. Environmental Protection Agency over whether a proposed $454 million sale of the chemical company will provide adequate resources to address environmental cleanup needs.
Hurco profit falls as demand for machine tools diminishes
North American sales for the Indianapolis-based manufacturer dropped 19 percent in the third quarter due to pricing pressure and reduced consumption of machine tools.
U.S. factory activity shrinks for first time in 6 months
The report suggests that manufacturers continue to struggle as businesses spend less on machinery, computers and other large equipment. Auto sales have also leveled off this year after reaching a record level in 2015.