Vectren Corp. reported profit of $17.1 million in its third quarter, a 42-percent increase over the year-ago period. Revenue rose 12 percent, to $381.4 million. The Evansville-based energy company attributed the increases to more air-conditioner use and its first electric base rate increase in 12 years. Vectren provides utility service to most of the Indianapolis […]
David Long, the Indiana Senate’s President Pro Tempore, has hired Barnes & Thornburg associate attorney Jeffrey L. Papa as his first chief of staff. Papa also will be the Fort Wayne Republican’s chief legal counsel. Papa has held several positions with the Senate Republicans. A economics major at Rose-Hulman Institute of Technology, the Zionsville resident […]
Indianapolis-based Goelzer Investment Management has sold its business valuation and corporate financial advisory service unit, Goelzer Investment Banking, for an undisclosed price. The buyer, GBQ Partners LLC of Columbus, Ohio, is the largest such accounting and consulting firm in the state. It is led by former Goelzer professional Robert Stutz. “Goelzer has been and always […]
Connextions Inc. of Orlando, Fla., will locate a secure customer support center in Jeffersonville, creating 750 jobs, the Indiana Economic Development Corp. announced this afternoon. The $6 million project in the southern Indiana city will be similar to locations the company operates in Orlando and Concord, N.C. Connextions employs a total of 2,000. The company […]
A 2,000-home housing development planned for near Bargersville south of Indianapolis has been delayed until next year, according to the Daily Journal of Franklin. Developer Mike Duke said five other projects he is working on must be finished before starting the Abbey, which is to have single-family houses, townhouses, condominiums and a golf course. If […]
Wabash National Corp. reported third-quarter profit of $3.8 million, down 24 percent from the year-ago period. Sales in the period ended Sept. 30 were $291 million, nearly 20 percent lower than last year. The Lafayette-based maker of semi-truck trailers echoed sentiment expressed last week by Indianapolis trucking firm Celadon Group Inc., which said a soft […]
Duke Realty Corp. reported late yesterday that funds from operations in the third quarter increased 4.6 percent, to $93.7 million. The 68 cents per share exceeded the 67-cent average anticipated by analysts surveyed by Thomson Financial. Late last month, Indianapolis-based Duke, one of the nation’s largest industrial real estate investment trusts, said its leases hit […]
Veriana Networks Inc., a startup specializing in technology, media and risk management for the entertainment industry, plans to announce this afternoon that it will create 280 jobs by 2012 in its headquarters city of Marion. Veriana will locate in a 252-acre lifestyle project also to be announced at a news conference in the city north […]
Quest for the Ring has suddenly taken on new meaning for Indianapolis Colts fans. The phrase now has as much to do with a raffle, treasure hunt and half-time reality show as it does with the team’s pursuit of a repeat Super Bowl championship. At noon today, Colts owner Jim Irsay announced the team will […]
Berry Plastics Group Inc., an Evansville-based maker of plastics cups, announced today it will build a $20 million global headquarters and create 250 jobs. The move follows its March consolidation with Covalence Specialty Materials Holding Corp. of Bedminster, N.J. The headquarters will be at 101 Oakley St. in downtown Evansville. Berry received nearly $5 million […]
ImmuneWorks has received a $300,000 investment from Indiana Seed Fund I to help the Indianapolis company research a manufacturing process for a drug it is developing to fight idiopathic pulmonary fibrosis, a lung disease. The fund is managed by BioCrossroads, the not-for-profit that promotes the life sciences industry in the state. Founded last year by […]
Eli Lilly and Co has agreed to buy rights to an experimental compound for the treatment of various pains, including pain associated with osteoarthritis, from Glenmark Pharmaceuticals Ltd India. Lilly will pay a $45 million upfront fee as well as up to $215 million more in potential development and sales milestones, plus royalties. The compound, […]
An Indianapolis filmmaking company is preparing to start work on a movie about the first Indianapolis 500, which took place in Speedway in 1911. My First Bike Productions Director Justin Escue, who graduated from Ball State University and worked in the filmmaking hotbed of Austin, Texas, has lured screenwriter Angelo Pizzo, who wrote “Hoosiers” and […]
Lincoln Schrock, who helped Fort Wayne launch an economic development organization during the depths of recession in 1982, is leaving its successor group, the Northeast Indiana Regional Partnership. Schrock, now 66, left the administration of former Mayor Win Moses Jr. to start the organization after the city became a national poster child for Rust Belt […]
Evansville-based Old National Bancorp today reported that third-quarter profit increased 13.3 percent, to $22.6 million, due to broad gains created by tighter management. Interest margins widened, credit quality improved and expenses were contained in the quarter ended Sept. 30, said the bank, which has branches in the Indianapolis area. Return on average equity of 14.2 […]
Simon Property Group Inc. posted $418.7 million in funds from operations in the third quarter, a 13.3-percent increase over the year-ago period. Profit in the quarter increased 74.3 percent, to $164.9 million, due mostly to gains on sales of assets. For the year, the Indianapolis-based retail mall developer said it expects funds from operations, a […]
The Naval Surface Warfare Center at Crane has increased procurement spending in Indiana four-fold in the past six years, according to the Times-Mail of Bedford. The base bought $1.3 billion of goods and services from Indiana companies in the most recent fiscal year, the newspaper reported. Most of the increase has been driven by the […]
The executive director of the Horizon Convention Center in downtown Muncie estimates the center has lost half a dozen conventions since the historic Roberts Hotel across the street closed a year ago. Joann McKinney said in The Star Press that the loss of the city’s last downtown hotel left convention-goers no place convenient to rest, […]
Improved sales through specialty retailers and dealers helped lift third-quarter profit for Escalade Inc., the Evansville sporting good maker reported today. The $3.1 million in earnings for the quarter ended Oct. 6 was a 4.6-percent increase from a year earlier. The improvement came despite what Escalade described as eroding sales of soccer and hockey game […]
Cummins Inc. snagged a couple of ratings upgrades today from investment firms that follow the Columbus-based diesel engine maker. Citigroup recommends holding the stock rather than selling and Credit Suisse rated Cummins “outperform” instead of “neutral.” The changes follow a dip in Cummins’ stock price yesterday after its third-quarter earnings missed analyst expectations. The shares […]
