Elanco shares plunge 15% after mixed full-year outlook
Shares of the Greenfield-based maker of animal feeds and vaccines dove after the firm warned that it’s facing inflationary pressures, increased logistics costs and other headwinds.
Public Companies
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Supply-chain squeeze contributes to 2Q loss for Calumet Specialty
The Indianapolis-based manufacturer posted a $78.4 million loss in the second quarter.
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A 33-year-old Simon becomes force inside family company
Eli Simon, whose grandfather and great-uncles founded Simon Property Group more than a half-century ago, is quietly emerging as a key executive in the retail real estate empire.
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Calumet Specialty Products posts annual loss for 7th straight year
The Indianapolis-based company, which makes specialty petroleum products, last posted an annual profit in 2013. Calumet’s cumulative annual losses since then total $931.7 million.
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Carmel-based Protective Insurance to be acquired by Progressive
Insurance giant Progressive is purchasing Protective in a stock deal worth $338 million. Protective, known as Baldwin & Lyons Insurance until 2018, is the Indianapolis-area’s 12th largest public company in terms of annual revenue.
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Articles
CEO pay at public companies rises even as pandemic ravages economy
The median pay package for a CEO at an S&P 500 company hit $12.7 million in 2020. That’s 5% more than the median pay for that same group of CEOs in 2019.
Winter storm contributes to 1Q loss for Calumet Specialty Products
Calumet said Winter Storm Uri, which brought snow and record cold across the U.S. in February, hurt production at the company’s Gulf Coast refineries during the quarter. The first-quarter losses push the company’s total losses since 2014 above $1 billion.
Public companies using SEC filings to talk up diversity, but few sharing data
Eli Lilly and Co. included in its proxy statement an intricate graphic breaking down the presence of women and minorities in its overall workforce and in management.
Allegion hires new Carmel-based exec to lead Americas business
Luis Orbegoso, 50, joins Allegion from American Residential Services. He’ll be based in Allegion’s Carmel office and oversee the security-products company’s operations in the Americas.
Fishers raw materials firm says ‘blank check’ company seeking to raise $100M
American Resources Corp. is the latest central Indiana firm to jump on the “blank-check company’ bandwagon—forming a shell company that uses public offering proceeds to scoop up an acquisition target.
Emmis launches ‘blank check’ firm, on hunt for media, tech acquisitions
The new firm, led by Emmis Communications executives, could raise as much $230 million to buy one or more companies and take them public.
Longtime Carmel-based Allegion executive shifting to new role
Allegion executive Tim Eckersley, who has led the company’s Americas division since 2013, will shift to lead the company’s operations in other parts of the world.
Elanco HQ expected to anchor new development, park expansion on former GM site
Beyond the public company’s $100 million headquarters campus, city and state leaders expect 26 acres to be used for an expansion of White River State Park and new projects potentially with residential, retail and office uses.
Top CEOs met to plan response to Trump’s election denial
The CEOs from about two dozen Fortune 500 companies decided to wait for the Nov. 20 certification of votes in Georgia before meeting to decide their next moves.
Locally based Novus Capital to combine with Kentucky ag-tech firm
Novus and AppHarvest, a developer of large-scale and high-tech indoor farms, announced a deal on Tuesday will result in AppHarvest becoming a public company.
First Merchants CEO Rechin stepping down after 13 years
Mike Rechin, who has served as the bank’s president and CEO since 2007, plans to retire at the end of the year. His departure will trigger several promotions among the bank’s other executives.
Cracker Barrel launches ‘ghost kitchen’ test pilot in Indianapolis
Cracker Barrel Old Country Store Inc. is converting one of its Indianapolis restaurants into a food-preparation-only location as a way for the company to experiment with the emerging “ghost kitchen” trend.
Despite rally, most state stocks still down in 2020
Even though the S&P 500 is near a record high, just 15 of 55 Indiana public companies tracked by IBJ are up for the year.
Sputtering public firms scoop up small-biz PPP loans
Eight Indiana-based public companies have disclosed that they qualified for more than $61 million in relief loans from a federal program designed to help small businesses.
Under pressure, Calumet returns $31.4M in federal COVID-19 relief loans
The Indianapolis-based maker of oils, lubricants and fuels was among the nation’s largest recipients of Paycheck Protection Program loans, which for the most part were intended for small businesses.
Finance vets angle for control of Protective Insurance
The business—formerly Baldwin & Lyons Insurance—is one of central Indiana’s oldest public companies.
Allison Transmission sees first-quarter profit, revenue decline
The Indianapolis-based manufacturer took a blow in the first quarter due to the pandemic, but still turned in results that exceeded analyst expectations.
Allegion announces $30M in cost-cutting actions at non-U.S. locations
Ireland-based Allegion said it will take actions to streamline its business and cut costs. The company’s North American headquarters is in Carmel.
Executives without answers try to salve jittery investors
Many of Indiana’s 54 public companies have withdrawn their earnings guidance for the year, even as executives emphasize their belief that they are positioned well for the long term.