Charlotte, N.C., behemoth Bank of America has closed its $21 billion acquisition of Chicago-based LaSalle Bank Corp. LaSalle, which was owned by Dutch banking giant ABN Amro, has six offices in Indiana, including at least one in the Indianapolis area. LaSalle focuses on commercial services in Indianapolis. Bank of America had no local presence.
Major Tool & Machine Inc. will invest $20 million and hire 50 workers to expand near its headquarters at 1458 E. 19th Street northeast of downtown. The expansion will add 150,000 square feet to house automated production equipment, Indiana Economic Development Corp. announced today. The announcement confirms a report Sept. 11 on IBJ‘s real estate […]
International Truck and Engine Corp. and the United Auto Workers have failed to agree on a new contract, but the 3,700 employees represented by the UAW are expected to continue working, the Warrenville, Ill., company said today. The contract expired today. In Indiana, International employs 570 UAW workers at an engine assembly plant and 400 […]
Indy Racing League and Indianapolis Motor Speedway officials tomorrow are expected to announce a restructured earnings package for teams that includes a 20-percent increase in the purse for the Indianapolis 500. Sources close to the league said they expect next year’s race winner to net $2 million, up from $1.64 million this year; 33rd place […]
Grain elevators throughout the state are merging to gain advantages of scale, according to The Journal Gazette. The 268 grain-storage companies operating in 2006 was a 16 percent drop from five years earlier, the Fort Wayne newspaper reported. The elevators, many of which were started in the 1920s, are striving to gain better access to […]
A long battle by workers of UPS Freight, formerly Overnight Transportation Co., to be represented by the International Brotherhood of Teamsters has been won in Indianapolis, the union said last night. The Teamsters intend to use the agreement as a pattern to attempt to organize other UPS Freight sites. The tentative contract covers 125 drivers […]
General Motors Corp.’s stamping plant in Indianapolis would be allowed to close or be sold under the tentative contract with the United Auto Workers, according to a detailed copy of the agreement. According to the detailed document, called the “white book,” work at the Indianapolis stamping operation will continue or be reallocated to another GM […]
Indianapolis-based retailer Finish Line Inc. said last night that it filed a request with a Tennessee court to force Genesco Inc. to turn over certain financial information and give it access to financial personnel. Indianapolis-based Finish Line has accused the Nashville, Tenn., company of withholding access to financial information it needs to complete its $1.5 […]
Monday-morning commuters who ride IndyGo will be in for a treat at 11 downtown bus shelters. Local artist Audrey Barcio and 10 assistants will use a water-soluble adhesive to glue 200,000 freeze-dried rose petals to the interiors of the shelters as a public art project. The petal pushers will be returning to the shelters to […]
Jeff Pigeon, the long-time voice of WIBC-AM 1070’s morning show, told listeners this morning that he is leaving the station. Pigeon’s co-host, Terri Stacy, said the news broke her heart. She is planning an on-air party for the Chicago native on Monday, the day of his last show. A statement e-mailed from WIBC Director of […]
Finish Line Inc. executives this morning refused to comment on the company’s legal tussle with Genesco Inc. during a conference call with analysts to discuss second-quarter results. CEO Alan H. Cohen got testy at one point when an analyst asked a question related to the Indianapolis company’s $1.5 billion offer to buy Nashville, Tenn.-based Genesco. “We […]
ATA Airlines Inc. has closed its Indianapolis pilot base and moved its 94 pilots out of the city, the Indianapolis-based carrier said yesterday. The relocation was carried out in accordance with the pilots’ collective bargaining agreement, said ATA spokeswoman Maya Wagle. No pilots were demoted or lost their jobs. The action is the latest in […]
Businesses and environmental groups in northwest Indiana have banded together to prohibit water diversions from the Great Lakes, reports the Post-Tribune of Merrillville. The Great Lakes Compact requires approval by governors of the eight Great Lakes states and the provinces of Ontario and Quebec in Canada to ban water diversions from the lakes. Each state […]
Atlanta Falcons quarterback Michael Vick, who pleaded guilty last month to federal dog fighting charges, has been sued by 1st Source Bank in South Bend over claims that his company hasn’t repaid more than $2 million in loans. The loans to Divine Seven LLC, a Georgia company, were made to finance vehicles for a car […]
The Finish Line Inc. reported this afternoon that it lost $1.8 million in the second quarter ended Sept. 1. While a reversal from the $9.2 million it earned a year earlier, the loss was smaller than the $3.9 million setback in its first fiscal quarter. The most recent quarter included $13 million in costs to […]
The Indiana Association of Realtors today called for shifting some reliance on property taxes to other revenue sources, but stopped short of advocating eliminating the tax. The trade group didn’t specify which sources should be increased to offset any reduction in property taxes. Replacement revenue should come from “broad-based taxes centered on the ability to […]
Profit at Cohesant Technologies Inc. increased nearly 14 percent in the third quarter, to $431,443, the Indianapolis company reported today. Cohesant, which protects and repairs water and wastewater systems, cited revenue gains across its business segments for the increase. Revenue rose to $8.3 million in the quarter, from $6.4 million a year earlier.
The LaPorte area has about everything necessary for an intermodal facility, the director of CSX Intermodal said during the annual Indiana Logistics Summit in Indianapolis yesterday. The key to landing an intermodal project is community support, Michael Gallis said. However, while economic developers and other officials in the northwest Indiana city back the idea, many […]
Waste baskets won’t overflow at Market Tower because janitors who clean the building went on strike late yesterday, according to an attorney who represents the company contracted to clean the building, Executive Management Services. The attorney, Dave Swider, said other employees from the Indianapolis janitorial firm will be brought in to perform the work. “We […]
Student loan giant Sallie Mae, which employs 2,300 workers in Fishers and another 500 in Muncie, said today that the private-equity buyers who offered to buy it for $25 billion want to back out of terms of the agreement. Earlier this month, Virginia-based Sallie Mae warned the investors to follow through with the deal. The […]
