As expected, Eli Lilly and Co. said this morning it has agreed to pay $1.4 billion to settle criminal and civil charges related to its marketing of antipsychotic drug Zyprexa. Indianapolis-based Lilly set aside the money in October in anticipation of a settlement. As part of the criminal investigation, Lilly will plead guilty to a […]
A generic drugmaker asked a federal court of appeals Tuesday to lift an order that is preventing it from selling a cheaper copy of Eli Lilly and Co.’s osteoporosis drug Evista, according to Bloomberg News. The order would expire March 9 anyway. That is the same day Indianapolis-based Lilly and the generic company, Israel-based Teva […]
The future of the Indianapolis Navistar plant is uncertain after the company agreed Tuesday to stop producing diesel engines for Ford Motor Co. at the end of the year. Navistar’s Brookville Road plant produces engines used in Ford’s F-Series pickups. It employs about 600 workers.The decision to stop manufacturing the motors is part of a […]
Sixty-five employees at the east-side Reebok manufacturing plant in Indianapolis lost their jobs today as part of a broader company-wide restructuring. A Reebok spokeswoman declined to divulge details of the cuts, but said difficult economic conditions contributed to the decision. The plant has 950 employees and manufactures and distributes apparel for the National Football League, […]
Eli Lilly and Co. could agree as soon as Thursday to pay $1.4 billion to settle criminal and civil charges related to its marketing of antipsychotic drug Zyprexa, according to a story today in the New York Times. The Times cited unnamed sources involved in Lilly’s negotiations with federal Justice Department officials. Indianapolis-based Lilly already […]
Beach Mold and Tool Inc., a New Albany-based manufacturer, has notified the state that it has laid off 193 workers – nearly half its work force – at its Indiana plant. Beach blamed the layoffs on cutbacks by several automaker clients, including Ford, Honda, General Motors and Mercedes. The layoffs, which began in late September, […]
Cincinnati-based Kroger Co will fund a two-year initiative to pump $2.1 million into local K-12 educational programs. In conjunction with the United Way of Central Indiana, Kroger has pledged to provide more than $820,000 in grants to at least 10 Indianapolis-area educational programs, plus $1.3 million to local schools through the Kroger Cares program.Local Kroger […]
Claims-payment snafus caused by computer problems are causing fits for WellPoint Inc. – again. The federal Medicare program told WellPoint it can no longer sign up new customers for the Medicare plans it operates, the company confirmed late yesterday. That’s because its claims-payment problems caused some seniors to be denied payment for their medications, putting […]
Three Indiana manufacturers will close or scale back their operations, idling more than 150 workers in the process according to notices filed yesterday with the state Department of Workforce Development. New Jersey-based Sleep Innovations will close its mattress- and pillow-making operation in already hard-hit Elkhart, eliminating 104 jobs beginning April 27. Elkhart County has the […]
WellPoint Inc.’s chronic computer problems have caused the Indianapolis-based insurer to be banned from enrolling customers in Medicare drug plans, Bloomberg reported this afternoon. A spokesman for the government program told Bloomberg the computer glitches are putting patients at risk. The sanctions were disclosed to WellPoint today in a letter from the Centers for Medicare […]
Indianapolis Colts head coach Tony Dungy will retire, according to multiple media reports. The team has a 5 p.m. news conference scheduled. Dungy’s future has been the subject of much speculation since the team’s 2006 Super Bowl victory, and last year the Colts named associate head coach Jim Caldwell his eventual successor. What do you […]
Bankrupt manufactured-home builder Patriot Homes Inc. will close a Middlebury plant that employs 125 workers, according to a notice filed with the state. Elkhart-based Patriot filed for Chapter 11 bankruptcy protection in September, citing financial woes tied to the slumping housing market and tight credit. Before that filing, the company closed seven plants, including four […]
Color-Box Inc., a unit of the Georgia-Pacific paper company, will close its Indianapolis manufacturing facility in March, costing 74 workers their jobs. The company, which designs and makes corrugated boxes for a variety of clients, notified the state Department of Workforce Development of the March 10 closing late last week. Color-Box also employs more than […]
Indianapolis-based WellPoint Inc. lost an estimated $349 million on its investments during the last three months of 2008, the company said in a regulatory filing today. That comes on top of a loss of $562.6 million reported for the third quarter. More than half of that was attributed to investments in failed investment bank Lehman […]
Chain system manufacturer Iwis Drive Systems LLC today said it will expand and relocate its Indianapolis operation, adding 40 employees to its roster of 18. A subsidiary of the Germany-based Iwis Group, the company plans to invest more than $1.5 million to upgrade equipment and move from its current facility near the Indianapolis airport to […]
Scholar’s Inn Bakehouse has closed its cafe at the corner of College and Broad Ripple avenues. The locally based chain still is operating the Scholar’s Inn Restaurant & Lounge along Mass Ave downtown, along with two bakehouse locations, a bed-and-breakfast and a restaurant in Bloomington. For more or to weigh in, go to IBJ’s Property […]
Emmis Communications Corp. announced growing losses this morning in its fiscal third-quarter financial statements. The Indianapolis media company said it lost $125.6 million in the period ended Nov. 30, compared to a loss of only $2.1 million in the same quarter a year ago. Emmis cited a non-cash impairment charge of $3.51 per share for the […]
The restaurant, bar and concert venue Music Mill plans to shut down next month after a four-year run at 3720 E. 82nd St. near the Fashion Mall at Keystone. Music Mill’s lease was up and the sour economy has been taking a toll, said Nick Davidson, one of the owners. For more information or to weigh […]
The real estate market hasn’t been pretty, but there’s reason for optimism, the local office of Colliers Turley Martin Tucker says in its annual State of Real Estate Market Report. The firm reports that although investment sales have slowed to a crawl, office vacancies are rising and retail developments are on hold, there are plenty […]
PITTSBURGH Aluminum producer Alcoa Inc. says it’s cutting about 13 percent of its global work force and slashing spending and output due to the economic downturn. The Pittsburgh-based company says 1,700 contractors also will be cut and that it’s implementing a global salary and hiring freeze. As a result of its actions, Alcoa expects fourth-quarter […]
