Cleveland-based National City Corp., the second-largest bank in the Indianapolis market, reported more dismal results today and said it plans to cut 4,000 jobs over the next three years in a bid to save more than $500 million. The bank lost $789 million, or $5.86 per share, in the third quarter, its fifth consecutive quarterly […]
The Indiana Chamber of Commerce today endorsed Republican Gov. Mitch Daniels for re-election. It was the first time in the business group’s 86-year history that it publicly endorsed a gubernatorial candidate. “Gov. Daniels’ record of accomplishment, particularly in the areas of job creation, innovation and sound financial management, has been critical to our state’s success […]
Uncertainty over when, or if, the U.S. Food and Drug Administration will approve prasugrel, a blood-thinner Eli Lilly and Co. hopes will be its next blockbuster, has taken a bite out of the company’s already slumping stock. Lilly shares closed Friday at $32.20, down $2.18, or 6.3 percent. It ticked up this morning, to $32.68, […]
Dow AgroSciences has added 350 jobs around the world so far this year-200 of them at its Indianapolis headquarters-and the CEO of the agricultural-chemical company expects to continue expanding the work force into next year. “Global demand for food, feed, fiber and fuel reinforces the need for agricultural productivity, and Dow AgroSciences is well positioned […]
Sears Holdings Corp. has notified the state of plans to close its store at Lafayette Square Mall.The struggling retailer is laying off 110 employees at the department store and an automotive center at Lafayette Road and West 38th Street, due to “a change in business circumstances,” the company said in a notice filed yesterday with […]
Global relocation giant Sirva Inc. announced plans this morning to centralize its national moving-services headquarters in Fort Wayne, creating 240 new jobs by 2011. It already employs 450 there. The firm, which operates Allied Van Lines and North American Van Lines, will invest more than $16 million to consolidate its Illinois-based national moving services operations […]
A pharmaceutical industry publication says the U.S. Food and Drug Administration is convening a February meeting to discuss prasugrel, a blood-thinner Eli Lilly and Co. hopes will be its next blockbuster. The move likely would delay a decision on the new drug until March, according to The Pink Sheet, a weekly publication that covers regulatory […]
Steel Dynamics Inc. said late yesterday that its third-quarter profit jumped 92 percent over the same period a year ago as the steel manufacturer’s revenue more than doubled despite a sharp decline in ferrous scrap prices. For the three months ended Sept. 30, the company said net income was $193 million, or 98 cents per […]
The St. Francis hospital system threatened to terminate its contract with Anthem Blue Cross and Blue Shield of Indiana on Nov. 2-well before the contract expires next September, saying Anthem has been slow at paying claims and has not granted St. Francis terms similar to other area hospitals. If no deal is reached before Nov. […]
Eli Lilly and Co. has commenced its tender offer for New York-based ImClone Systems Inc., the Indianapolis-based drugmaker announced today. Lilly agreed on Oct. 6 to pay $70 a share in cash to acquire ImClone, for a total purchase price of $6.5 billion. Two of ImClone’s largest shareholders-ImClone Chairman Carl Icahn and New York-based Bristol-Myers […]
United Way of Central Indiana is hoping that a matching gift of $300,000 from WellPoint CEO Angela Braly and her husband, Doug, nets $1 million in additional giving over the next three years. “We feel it’s important to challenge others to continue to give, or increase their giving, during this uncertain economic time,” Braly said […]
Central Indiana home sales rose 5 percent in September, compared with a year earlier, according to a report released today by Landrigan & Co., a residential real estate firm. Landrigan said September sales in 13 area counties, including Marion, totaled 2,192, up from 2,084 in the same month a year earlier. The report offered a glimmer […]
Schwarz Pharma Manufacturing Inc. today announced a $12 million expansion of its Seymour manufacturing plant and distribution center, a move that’s expected to increase the company’s employment in the southern Indiana city from 366 to 516 by 2011.The drug maker-a unit of Schwarz Pharma AG of Monheim, Germany-said it plans to begin hiring managers, business […]
Revenue from its overseas radio stations helped Emmis Communications Corp. post a $1.2 million profit in its second quarter following three consecutive quarterly losses.The Indianapolis radio and magazine publishing company this morning reported financial results for the period ended Aug. 31, beating analysts’ estimates but down significantly from the $11.8 million reported for the same quarter last […]
Bankrupt specialty retailer Linens ‘N Things said yesterday that it will be auctioned Tuesday, and that an anticipated “stalking horse” bidder is likely to liquidate the company, according to an Associated Press report. Linens ‘N Things earlier said it would close a store in Avon but keep locations in Castleton, Noblesville and the far south […]
Chrysler LLC has sued Getrag, the German transmission maker that’s building a $530 million plant north of Indianapolis, claiming Getrag breached its contract by failing to obtain financing for the project. Chrysler also said that it is not obligated to reimburse Getrag for Getrag’s costs for the project, according to The Kokomo Tribune. The suit, […]
Bryan Coats, who leads economic development in New Castle and Henry County east of Indianapolis, has been arrested and preliminarily charged with burglary and stalking after his ex-wife called police, according to The Star Press of Muncie. Coats told the newspaper that he was trying to “keep my family together.” “Love is a tough thing,” […]
Lilly Endowment will donate $2.8 million in its latest gift to BioCrossroads Inc., the development group that promotes life sciences business in central Indiana. The money will fund BioCrossroads’ educational and scientific initiatives through 2010. To date, the endowment has given $16 million to fund such BioCrossroads projects as the Indiana Health Information Exchange, the […]
An Italian manufacturer of wind turbine transmissions and other types of transmissions plans to move its U.S. headquarters to Yorktown and create 455 jobs, according to Energize-ECI Inc., an economic development group that promotes the Muncie area. Brevini Co.’s $60 million project will be formally announced this afternoon. The relocation of the U.S. offices from […]
A slowing of new development caused the industrial property vacancy rate to drop in the third quarter, according to Colliers Turley Martin Tucker. The rate fell to 7.3 percent from 8.1 percent in the second quarter, the brokerage said. Available space fell by 3 million square feet, to 25.7 million square feet. While the brokerage […]
