Allegion to acquire Stanley Black & Decker business for $900M
Security-products company Allegion, which has about 1,300 employees at its Americas headquarters in Carmel, expects to close the largest deal in its history in the third quarter.
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Cummins to spin off filtration business into separate public company
Columbus-based Cummins has confidentially filed paperwork with the Securities and Exchange Commission for an initial public offering for its filtration business. Cummins announced last summer that it was looking at “strategic alternatives” for the business.
Honda outlines $40B strategy to forge ahead on EVs
Efforts in North America will focus on the collaboration with General Motors Co., under which Honda Motor Co. is jointly developing two midsize to large EV models, set for sale in 2024.
U.S. electric-vehicle tax credits ending for new Toyota buyers
The lack of credits is problematic for automakers shifting from petroleum-powered vehicles to batteries in the effort to reduce emissions, meet government fuel-economy standards and fight climate change.
GM, Honda plan to co-develop affordable electric vehicles
The plan is to have an electric vehicle that is priced lower than the upcoming Chevrolet Equinox EV. GM plans to roll out an electric Equinox small SUV next year with a starting price of around $30,000.
Russia war could further escalate auto prices and shortages
The war’s damage to the auto industry has emerged first in Europe. But U.S. production will likely suffer eventually, too, if Russian exports of metals—from palladium for catalytic converters to nickel for electric vehicle batteries—are cut off.
Vertex hopes military contract will bring business to Indianapolis site
Vertex announced this week that it has been awarded a seat on a $46 billion Air Force contract, which gives the company the right to bid on projects that fall under the contract.
Cummins shareholders to vote on splitting CEO, board chair positions
An unnamed Cummins shareholder is proposing that the company separate its CEO and board chair roles, which are both held by Tom Linebarger. Cummins is recommending that shareholders vote against this proposal.
Italian firm opens $30M plastics recycling plant in Anderson
SER North America has hired 25 employees at the plant with the goal of adding 15 more by the end of the year.
EMC2 plans to help manufacturers go high-tech
The new facility in the 16 Tech Innovation District, the Emerging Manufacturing Collaboration Center, is part collaboration space, part learning lab and part development and testing center.
Chip shortage forces GM to pause production at Indiana plant
The plant makes Chevrolet Silverados and GMC Sierra light duty pickups and employs more than 4,000 blue collar workers.
Indianapolis print shop announces mass layoff
Little Raymond’s Print Shop, which opened a facility on the east side of Indianapolis in 2013, said it has terminated 114 employees.
Cummins halting all business operations in Russia
Cummins has operated in Russia for decades and has 700 employees in that country, but on Friday the company said it was halting all operations in Russia “indefinitely” because of Russia’s invasion of Ukraine.
Rolls-Royce to spend $400M on upgrades in Indianapolis, West Lafayette
In Indianapolis, Rolls-Royce plans to add 150,000 square feet to the east side of its Tibbs Avenue facility, expanding and improving its testing capabilities at the site.
Companies confront tough choices in Russia, Ukraine
Indiana-based firms are struggling with how to protect their employees and their business interests in those countries while also condemning the Russian government’s actions.
Noblesville reaches deal to keep manufacturer in city
Noblesville-based IDI Composites International said it plans to spend more than $24 million to build a manufacturing facility in a new business park along State Road 37, north of 150th Street.
Local specialty chemicals firm lands $4.6M in funding round
MITO Material Solutions Inc. said it will use the investment to expand its Indianapolis operations, including new lab space for developing products and new composite material technologies.
Raytheon’s Indianapolis unit operating under new name after acquisition
Raytheon’s Indianapolis site is now operating under the Vertex name following a recent acquisition by Madison, Mississippi-based Vertex Aerospace, but that name is expected to change again in the months to come thanks to another acquisition.
Ford splitting electric vehicle, traditional operations into two individual businesses
Ford plans a major restructuring with two distinct but strategically interdependent auto businesses–Ford Blue focusing on traditional combustion engines and Ford Model e, which will develop electric vehicles.
Fehsenfeld to retire as part of leadership shuffle at Calumet Specialty
Calumet Specialty Products Partners LP on Thursday announced a leadership team shakeup that will give the Indianapolis-based company a new CEO, chairman of the board and chief financial officer.