Grim results in Steak n Shake Co.’s fiscal fourth quarter prompted a sell-off of its stock this morning. Shares in the Indianapolis-based restaurant chain dropped nearly 14 percent before staging a small comeback to trade near $11.65-still 9 percent below yesterday’s close. After the market closed yesterday, the company reported that same-store sales fell 3.9 […]
Subaru of Indiana Automotive Inc. is a step closer to getting tax abatements on $105 million in proposed investments in its Lafayette plant. The city’s redevelopment commission unanimously approved the incentives last night, but they still must be OK’d by the Lafayette City Council. It was not immediately known how much money the incentive package […]
BP America Inc. in the next two years plans to sell the roughly 700 convenience stores it owns and operates, potentially displacing nearly 10,000 workers, the Houston-based unit of BP PLC of London said today. The vast majority of BP’s 13,000 U.S. convenience stores are independently owned. There are 75 BP convenience stores within 50 […]
Selective Insurance Co. of America, a property and casualty insurer headquartered in Branchville, N.J., will open a Midwest regional office at 11711 N. Meridian St. in Carmel. The office will employ 40, Indiana Economic Development Corp. said today. The company received no state incentives. Specializing in commercial, personal, bond and flood coverage, Selective Insurance is […]
Berkshire Hathaway Inc. has boosted its stake in Indianapolis-based WellPoint Inc. by 7.1 percent, according to Bloomberg. A regulatory filing yesterday showed Berkshire, which is owned by billionaire investor Warren Buffett, now holds 4.5 million shares-still less than 1 percent of the health insurer. Buffett has been accumulating the stock for months. In the second […]
Two weeks ago, the NAACP backed existing and former black employees of Indianapolis-based Eli Lilly and Co. in a lawsuit that claims they were treated unfairly. Today, the National Urban League bestowed its Corporate Leadership Award on the pharmaceutical maker for working with the Urban League-also a civil rights group-to sponsor a program that encourages […]
Hillenbrand Industries Inc. reported today that profit in its fiscal fourth quarter fell on an adjusted basis to 82 cents per share from $1.12 per share a year earlier. The setback in the period ended Sept. 30 resulted from troubles in its Acute Care and Batesville Casket businesses in North America as well as investments […]
Aearo Technologies Inc., the Indianapolis company that makes goggles, earplugs and other personal safety equipment, has agreed to be acquired by 3M for $1.2 billion, the companies announced this morning. St. Paul, Minn.-based 3M plans to use Aearo to expand its own health and environmental-safety product lines. Aearo brands include E-A-R, Peltor, AOSafety and SafeWaze. […]
Drug prescription giant CVS Caremark Corp. has leased 162,000 square feet of warehouse space in Hancock County at Mount Comfort Commercial Park, according to Colliers Turley Martin Tucker, which helped broker the lease with KTR Capital Partners, a New York private equity firm. The deal, valued at more than $3 million, consolidates several locations and […]
The Milwaukee bank that announced in July that it would acquire First Indiana Bank plans to close First Indiana’s longtime operations center at 1253 N. Emerson Ave. in Greenwood by Jan. 2, according to a filing with the state. Marshall & Ilsley will lay off 121 workers in conjunction with the closure, the filing said. First […]
Morton Meyerson, formerly president of EDS and the former chairman and CEO of Perot Systems, is the lead investor in a group that has placed $8 million into Indianapolis-based ChaCha, a search engine that uses people to aid in searches. ChaCha also announced today that Meyerson has been named to its board. In addition, ChaCha […]
Bloomington Mayor Mark Kruzan is expressing concern over a previously announced partnership between his city’s hospital and Indianapolis-based Clarian Health. Kruzan said in a letter to The Herald-Times of Bloomington that his first worry is the potential loss of local control at Bloomington Hospital. “Bloomington Hospital needs to remain just that-Bloomington’s hospital,” he said. “Patient […]
Shares of HHGregg Appliances Inc. shot up 6 percent, to $15.68, today after the Indianapolis appliance and electronics chain reported a brighter earnings outlook and an 8.9-percent increase in same-store sales in its second fiscal quarter. The increase came during a stretch when many retailers struggled. Gregg reported a $6.9 million loss in the quarter […]
A $40 million gift from the Simon family to Riley Hospital for Children will help finish a new 10-story in-patient building and launch a fund-raising campaign, Riley Children's Foundation announced this morning.
Gov. Mitch Daniels’ personal involvement and the “entrepreneurial spirit” of the Indiana Economic Development Corp. were among the reasons Medco Health Solutions announced Nov. 12 that it had chosen the Indianapolis area over Louisville for the location of a $150 million pharmaceutical distribution center. The sentiment was expressed by Medco President Kenneth Klepper in The […]
Conseco Insurance Group announced yesterday that its president, Michael J. Dubes, has retired and been replaced by Dan R. Bardin. Dubes, age 65, led the unit of Carmel-based Conseco Inc. since June 2005. Bardin most recently was an industry consultant. He also has been chief executive of insurance at Prudential Corp., Asia, and general manager […]
Standard & Poor’s Ratings Service has increased its outlook on Indianapolis’ general obligation bonds to “AAA stable” from “AAA negative.” The rating, which anticipates the city’s ability to repay its debt as far as two years into the future, is the highest issued by S&P. Prompting the upgrade was the city’s decision to increase income […]
New Castle‘s school board has voted 3-2 to drop Chrysler from the name of its high school. Beginning in 2011, the school will simply be called New Castle High School, according to The Star Press of Muncie. The school was named Walter P. Chrysler Memorial High School when built in 1955, but sentiment to change […]
CTS Corp., which designs and manufactures electrical components and sensors, said yesterday it will eliminate 103 positions this year to improve efficiency. The Elkhart company operates globally and didn’t specify where the cuts would be made. The realignment will cost $2.8 million, but will save a similar amount on an annual basis after the cost […]
Ron Gifford, a partner at the Indianapolis law firm Baker & Daniels LLP, has been chosen as president and CEO of Indy Partnership, the organization that markets 10 counties in the region to businesses looking to expand. The Central Indiana Corporate Partnership appointed Gifford to succeed Gordon Hendry, who announced in September he would be […]
