Subaru of Indiana Automotive Inc. has received approval from the Lafayette City Council for two tax abatements on more than $100 million in new equipment and real estate investments at its Lafayette plant, according to the Journal & Courier. The 10-year abatements will save the automaker nearly $1.2 million in the first year of the […]
Forty-five jobs from a Nyloncraft Inc. operation in Bowling Green, Ky., will be shifted to a plant in the company’s headquarters city of Mishawaka in northern Indiana, the Indiana Economic Development Corp. said yesterday. Nyloncraft will invest $2 million in the Mishawaka plant and receive $150,000 in state incentives. The autoparts supplier makes plastic components […]
Pickets at the construction site of a Hilton Garden Inn in the northwestern Indiana town of Hobart slashed 14 tires, cut a telephone line to a trailer and put glue in locks late last week, the project superintendent claims. The superintendent, Kim Lackey, also said the union-based picket line hurled racial and sexual slurs at […]
Indiana Historical Society leaders are scheduled to make a major announcement tonight about an expansion of programs at its Indiana History Center downtown. The local not-for-profit maintains an extensive research library and archives on the history of Indiana, among other activities. Details will be available at IBJ.com this evening.
Indianapolis-based Cohesant Technologies Inc. has agreed to be acquired by Graco Inc. of Minnesota for $35 million. Graco said it intends to keep Cohesant’s largest unit, GlasCraft, while spinning off the rest of the company. Among other products, GlasCraft makes equipment that sprays polyurethane foams. Under the deal, shareholders of publicly traded Cohesant would receive […]
Companies are reporting declining profits and sales, which indicates they are in a recession, and the entire economy may follow suit, according to Bloomberg. Profit generated by American companies fell at an annual rate of $19.3 billion in the third quarter, said the report, which cited Commerce Department figures. Profit for companies in the Standard […]
The Fort Wayne City Council has approved the city’s purchase of Aqua Indiana Inc., a water and sewer utility owned by Pennsylvania-based Aqua America Inc. Fort Wayne City Utilities has offered $16.9 million for the private utility, although the seller says the price is too low. The city says it is taking over the utility […]
About three months after the Indiana Fiscal Policy Institute quietly closed its doors, the board has decided to make a comeback with a new leader charged with fewer duties. Board President Bob Kraft said the organization hopes to hire an executive director – who will oversee research and policy development – by February. Fund raising […]
Marriott International Inc., the Bethesda, Md., hotel chain, plans to construct a building near the Purdue University campus in West Lafayette that will house two hotels, the city announced Nov. 27. The building, which is to be completed by December 2009, will have a 151-room Spring Hill Suites and a Fairfield Inn & Suites with […]
A chunk of the Midwest saw economic growth slow in October and early November, the Federal Reserve Bank of Chicago said yesterday in its Beige Book report. However, even though businesses ratcheted back spending, spending by consumers was mixed. The report is issued eight times a year based on interviews and other means of gathering […]
Sam Zell, the Chicago billionaire who in April paid $8.2 billion to win a bidding war for Chicago Tribune parent Tribune Co., has accumulated more stock in Jefferson barge builder American Commercial Lines Inc. Nine of Zell’s affiliates, including Chai Trust Co., increased their position to 25.5 percent of American Commercial Lines, from 24.5 percent […]
Profit in Fortune Industries Inc.’s fiscal fourth quarter rose to $602,000, from $536,000 in the same period a year earlier, the Indianapolis-based technology holding company reported today. Revenue in the period ended Aug. 31 fell 9.8 percent, to $43.1 million. For the fiscal year, the company lost $7.8 million on $158.3 million in revenue, partly […]
A German company that makes pipes, containers and other plastic parts for the auto, heating and medical industries is opening a plant in New Castle because the weak value of the American dollar lowers the cost of the investment. Founder Claus Koetke told The Star-Press of Muncie that he located the facility in the eastern […]
Former Conseco Inc. CEO Steve Hilbert says he isn’t the as-yet-unidentified individual who has reached an agreement to buy the Carmel mansion that he built in the 1990s. “We are not involved whatsoever in the purchase,” Hilbert told IBJ. “I have people on the street every day say, ‘Hey, are you going to buy that […]
OneAmerica Financial Partners Inc. says it has reached an agreement to provide administration and marketing for a big Japanese insurer that’s entering the medical stop-loss market in the U.S. Locally based OneAmerica’s agreement with a subsidiary of Nippon Life Insurance Co. takes effect Jan. 1. Medical stop-loss insurance limits losses on self-funded insurance plans. A […]
Stock in Tennessee-based Genesco Inc. is down nearly 11 percent today after the mall retailer revealed late yesterday that federal prosecutors had issued it a subpoena. The shares rallied briefly early this morning, and then fell $3.27, to $26.90. The move by the U.S. Attorney’s Office for the Southern District of New York suggests the […]
William Crouse Jr., 39, of Greenwood, has been sentenced to 57 months in jail after he pleaded guilty to embezzling health care premiums and laundering money through his company, TRG Marketing. The company sold health care coverage through TRG Health Plan. Crouse embezzled more than $1 million of premiums, using about half of it to […]
Shipments of recreational vehicles are on track this year to fall for the first time since 2001, when the last recession ended, and the downturn is prompting experts to wonder if another recession could be on the way, according to Bloomberg. Recessions in the early 1980s, early 1990s and 2001 each were preceded by two […]
The Defense Finance and Accounting Service in Lawrence is expected to gain some of the more than 600 jobs scheduled to be eliminated from a similar base in Kansas City, Mo., when it closes in August 2008, according to the Kansas City Star. The Kansas City base, which provides accounting for all military branches, is […]
Cspine Inc., a startup orthopedic and dental device maker based in Plymouth, plans to launch research and development and prototype manufacturing operations in the northern Indiana town, the Indiana Economic Development Corp. said today. The move is expected to create as many as 49 jobs over the next five years. Cspine will spend about $3 […]
