General Motors Corp. said today it has completed its $5.6 billion sale of Allison Transmission to Carlyle Group, based in Washington, D.C., and Onex, of Toronto. Allison employs about 3,400 in Indianapolis. Observers have said the equity firms’ ownership likely would benefit the Indianapolis operation because Carlyle has deep military and government connections that could […]
Stock in Conseco Inc. slipped 6 percent this morning to trade near $17 after the Carmel-based life and health insurer reported yesterday that its losses widened in its second quarter. The $64.5 million setback resulted from pouring more money into its hemorrhaging long-term care reserves and into a class-action lawsuit settlement over life insurance policies. […]
Looming shortfalls with Medicare reimbursements are among the business reasons HealthSouth Corp. cited for announcing yesterday that it will shutter its long-term acute-care facility in Terre Haute, the Tribune-Star reported today. About 80 full-time and 25 part-time workers were told the facility will close Oct. 4. Many patients served by the facility needed care following […]
eTapestry, which makes software available to not-for-profit groups from its offices at Mount Comfort Airport in Hancock County, has been acquired by Blackbaud Inc., a Charleston, S.C., company that also specializes in software for nonprofits. The price of $24.8 million could increase as much as $1.5 million under a stock-based incentive. eTapestry stores fundraising information […]
WRTV-TV Channel 6 will launch a 7 p.m. newscast Sept. 10 to coincide with the first day of the station’s new anchors, Todd Wallace and Trisha Shepherd. WRTV will be the only local station with a 7 p.m. newscast. WRTV will continue to air newscasts at 5 p.m., 5:30 p.m. and 6 p.m. The 7 […]
Food prices are rising faster than prices for other consumer products because ethanol plants are consuming more corn, Purdue University economists say. Food prices will edge up as much as 4 percent this year and next year, the economists told The Journal Gazette of Fort Wayne. Ethanol plants are bidding up the price of corn, […]
Second-quarter earnings increased 8 percent, to $846,662, on across-the-board strength, Indianapolis-based First Internet Bancorp reported today. Profit for the year through June 30 was up 18 percent for the parent of First Internet Bank of Indiana. Ongoing integration of First Internet’s $12 purchase of Landmark Financial Corp. will continue to produce efficiencies, First Internet CEO […]
Billionaire investor Warren Buffett in recent years has wanted to make a massive acquisition but held back, he said, because private equity funds were bidding up prices. Now, with shares of companies like Indianapolis-based WellPoint Inc. dropping and private equity firms pulling in reins due to rising financing costs, the Berkshire Hathaway Inc. chairman finally […]
Profit is booming at Escalade Inc. thanks to growing sales of archery equipment along with fewer discounts on other sporting goods. The Evansville company said today that earnings shot up 105 percent, to $2.4 million, in the second quarter ended July 14. Most of the increase was driven by archery sales, said Chief Financial Officer […]
Indiana State University in Terre Haute is among 39 post-secondary schools being investigated by the New York Attorney General’s Office for its student loan practices, reports The Tribune-Star. The New York attorney general is looking into whether ISU directed students to Student Financial Services Inc. regardless of interest rates the company charges in exchange for […]
Shelby County Councilor Tami Grubbs has asked Gov. Mitch Daniels, the Indiana Economic Development Corp. and the Indiana State Board of Accounts for an opinion whether the Intelliplex technology park is operating properly. Grubbs wants to know if the Shelbyville park is operating ethically, legally and in line with state guidelines for Certified Technology Parks, […]
Beleaguered mortgage lender American Home Mortgage Investment Corp. said last night it will close most of its operations-bad news for Fort Wayne, where the Melville, N.Y., company employs 155. In a statement, American Home Mortgage said it would shrink its workforce to 750 from 7,000 today because there is “no realistic alternative.” The Fort Wayne […]
Jim Rogers, the Beeland Interests Inc. chairman who predicted the launch of the commodities boom in 1999, is convinced the nation has yet to see the worst of the housing decline. In an interview with Bloomberg, Rogers, whose New York company bears his middle name, said he has sold short stock in house builders and […]
Indiana University and ChaCha Inc., the human-assisted Internet search engine based in Carmel, said this afternoon that IU will make its librarians and information technology staff available to ChaCha users. The IU experts will help ChaCha users sift through unwanted material in order to focus on the information users want. Users will be linked by […]
Rising costs to sell and market a broadened line of electronics helped reduce fiscal fourth-quarter profit at Kimball International Inc. to $4.5 million from $10.4 million a year earlier. The Jasper electronics and furniture maker said the most recent quarter also looked poor because the same quarter a year earlier benefited from a tax break. […]
ChaCha Inc., the human-assisted Internet search engine based in Carmel, this afternoon is expected to announce a research-and-development alliance with Indiana University. ChaCha founder Scott Jones will join IU Vice President for Information Technology Brad Wheeler for a news conference at IUPUI. Founded last year, ChaCha quickly raised $6 million from investors, including Amazon.com founder […]
A record 116 patents were filed by Indiana University faculty and staff in the fiscal year ended in June, the IU Research & Technology Corp. said today. The figure was roughly double the number of the past three years. Activity had retreated following a surge early in the decade. Five businesses were created, also an […]
