Cummins to acquire brake manufacturer for $325M
Cummins announced Wednesday that it’s signed an agreement to purchase Connecticut-based Jacobs Vehicle Systems from its current owner for $325 million. The deal is expected to close later this year.
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House passes bill to boost U.S. computer chip production
Democrats muscled through legislation in the House on Friday that they say positions the United States to better compete with China economically and on the global stage
Former Cummins employee sentenced to prison in $4.8M fraud case
Prosecutors say the Ohio man, who formerly worked for Cummins in Michigan, stole profit-sharing money that was supposed to have been distributed to company employees.
U.S. manufacturing activity slows to 11-month low
While the December performance still reflected strength in manufacturing, there were concerns that the current global surge in COVID-19 cases, largely the highly infectious omicron variant, could further depress manufacturing in coming months.
French biotech firm expanding to Brownsburg, planning $15M facility
Orano Med LLC says the facility will be used to manufacture and distribute radiopharmaceuticals to treat cancer at hospitals throughout the country.
Manufacturers embrace advanced technology, but carefully
A growing number of Hoosier companies say advanced technology is improving productivity and profits, but that choosing and implementing the right tech can be challenging.
Fed survey finds supply chain shortages boosting inflation
In a survey of business conditions, the Fed’s 12 regional banks found that the economy continued to grow at a modest-to-moderate pace. But because of supply chain problems, price increases were reported to be widespread across the economy.
Allegion Ventures launches $100M technology investment fund
Allegion says it had such success with its first investment fund, which launched in 2018, that it’s now starting a second fund that’s twice the size of the original.
Deere warns striking workers not to expect better offer
The rejected contract offer would have covered more than 10,000 Deere workers at 12 facilities who make the company’s iconic John Deere green tractors and other equipment.
Elkhart-area RV industry boosted by record shipments
Figures compiled by the RV Industry Association show factories shipped about 55,000 units during September, setting a record for most shipments in a single month and a 32% increase from September 2020.
Ford, GM profits fall as sales drop due to chip shortage
The global computer chip shortage cut into third-quarter profits at both Ford and crosstown rival General Motors, with both companies having to temporarily close factories, pinching supplies on dealer lots.
Business economists less optimistic about next year’s growth
The slowdown has been attributed to a surge in cases from the delta variant over the summer and supply chain problems, which disrupted manufacturing output in many sectors, especially auto production and helped send consumer prices rising at the fastest pace in 13 years.
Allison Transmission to invest $42M in Chinese company’s public offering
Indianapolis-based Allison, which recently formed a partnership with Beijing-based Jing-Jin Electric, announced Wednesday that it will participate in Jing-Jin’s upcoming initial public offering.
GM sets goal to double revenue, lead U.S. in electric vehicle sales
The company also teased upcoming new electric vehicles including a Chevrolet small SUV that will cost around $30,000, as well as electric trucks from Chevrolet and GMC, SUVs from Buick, and luxury vehicles from Cadillac.
Sporting-goods firm establishing HQ, manufacturing in Plainfield, plans to hire 300
The company, recently formed to consolidate several prominent athletic gear brands, plans to invest nearly $19 million in the new facility. The state has pledged $5 million in economic development incentives.
From paints to plastics, a chemical shortage ignites prices
Shortages and price spikes are now cutting into one of the humblest yet most vital links in the global manufacturing supply chain: The plastic pellets that go into a vast universe of products ranging from cereal bags to medical devices, automotive interiors to bicycle helmets.
Honda’s Indiana factory adds new model to production line
Production has started on a new car model at Honda’s factory in southeastern Indiana. Honda executives, workers and several state officials marked the start of mass production for the 2022 Civic Hatchback at the Greensburg plant during a ceremony this past week. The new Civic Hatchback becomes the third type of vehicle produced at the […]
Beverage can company building high-capacity factory in Muncie
The factory is expected to ultimately employ about 340 people and produce about 3.6 billion cans per year.
Rolls-Royce lands huge Air Force contract, will add 150 jobs in Indy
The contract to supply new engines for the B-52 bomber fleet could be worth up to $2.6 billion. It’s one of the largest contracts that Rolls’ Indianapolis operation has ever pursued.
Lilly’s antibody treatment gets another shot
The drugmaker’s COVID-19 treatment is back on the market after a two-month suspension, but the question is whether Lilly can grab market share from now-dominant Regeneron Pharmaceuticals.