Saying its need for electricity can be filled in other ways, Evansville-based Vectren Corp. announced yesterday that it will not go forward with a southwestern Indiana coal gasification project it planned with Duke Energy Corp. Vectren instead will turn to buying power, according to the Evansville Courier & Press. The company also will rely more […]
So many mortgage opportunities are available over the Internet that the unfolding woes of a single lender, American Home Mortgage Investment Corp., have caused relatively few problems in the Indianapolis area, real estate professionals say. Some buyers have been unable to close home purchases through the Melville, N.Y., giant, but the numbers appear to be […]
The possible bankruptcy of Charlotte, N.C.-based Beazer Homes USA Inc. caused investors to dump its stock today. Its shares were down 19.8 percent, to $11.34, at noon. Beazer, which entered the Indianapolis area in 2002 through its acquisition of locally based Crossmann Communities Inc., is the second-largest homebuilder in the area, according to IBJ ‘s […]
The city of Columbus, Ohio, and an affiliated redevelopment group are suing Indianapolis-based Simon Property Group Inc. over unpaid rent at a local mall, according to an article in Business First of Columbus. Mayor Michael Coleman and Capitol South Community Urban Redevelopment Corp. CEO Guy Worley said yesterday that they have sued Simon and General […]
Cigna Corp. has bought Sagamore Health Network Inc, the CEO of the Philadelphia managed-care giant said this morning during a conference call with analysts. Carmel-based Sagamore is the second-largest managed care organization in the state, with 725,000 members enrolled as of January 2006, according to IBJ‘s Book of Lists. It was mostly owned by affiliates […]
The administrator of the U.S. Environmental Protection agency said yesterday that the agency won’t stop BP’s plans to expand and discharge more ammonia and suspended solids into Lake Michigan. In an interview with the Chicago Tribune, Stephen Johnson said, “In this case, it’s my understanding that Indiana issued a permit that it fully compliant with […]
Eli Lilly and Co. could face the juicy prospect of a $2 billion hole in the diabetes market if the Food and Drug Administration acts on a recommendation from one of its safety scientists. David Graham is set to tell FDA advisers today to pull diabetes pill Avandia from the U.S. market, according to Bloomberg. […]
Officials for Indianapolis-based Just Marketing announced today that they have signed a deal with NASCAR to sell corporate sponsorships for the stock-car series’ Hall of Fame in Charlotte, N.C. Terms of the deal were not disclosed, but industry experts called it a strong mid-to-high seven-figure deal for Just Marketing, which also has offices in Charlotte. […]
Oakland City University has agreed to pay $5.3 million to the federal government to resolve charges that it paid incentive compensation to its admissions and recruitment counselors. The action violates provisions of the Higher Education Act. An unnamed whistleblower, who was a former employee, will receive $1.4 million of the settlement. The case against the […]
Indianapolis-based shopping mall owner Simon Property Group Inc. reported today that funds from operations, a common measure of the performance of real estate investment trusts, increased 4.1 percent in the second quarter, to $373 million. The $1.31 per share in funds from operations was less than the $1.33 anticipated by analysts surveyed by Thomson Financial. […]
The Indianapolis marketing firms of Willow Marketing Management Inc. and Manuszak/Schoff have merged, Willow said today. Manuszak/Schoff principal Alan Schoff had moved to California to care for elderly parents, and the stress of balancing the care with his role at the marketing firm had grown too cumbersome, said Willow President Brad Gillum. Manuszak principal Mark […]
Indianapolis-based Allison Transmission said today it has ended a decade-long agreement with Aisin Seiki Co. of Japan, which sold Allison transmissions and parts in Japan, according to Bloomberg. Allison parent General Motors Corp. announced June 28 that it had sold Allison to The Carlyle Group and Onex Corp. for $5.6 billion. The deal is expected […]
Indianapolis-based Royce Motors Inc., which operates three buy-here/pay-here car lots in its hometown, has been acquired by subsidiaries of Dallas-based Manchester Inc. for $5.3 million. Lot employees and executives will be retained, Manchester said. A recorded message at Royce said its home office is closed and operations would be transferred to a new facility. Earlier […]
Indianapolis-based Simon Property Group Inc. announced today that the company’s board has approved a buyback plan for up to $1 billion in common stock. The company said it may purchase the stock over the next two years on the open market or in negotiated transactions. Shares were up slightly on the news, to $87.87.
A 321,627-square-foot industrial building in Plainfield Business Center at Airwest is one of nine buildings bought by California-based KBS Real Estate Investment Trust. The total portfolio sold for $124.5 million. The seller was Opus Corp., based in Minneapolis.
Emotions in the Seattle area are still raw months after Indianapolis-based Eli Lilly and Co. bought full ownership of Icos Corp. and promptly announced that it would wipe out most of Icos’ 700 jobs. Lilly acquired the Bothel, Wash., maker of the Cialis erectile dysfunction drug for $2.3 billion in December. The massive job loss […]
Marsh Supermarkets Inc. has sold its Butterfield Foods LLC central kitchen to Violi Foods LLC for an undisclosed price. Butterfield President Frank Violi is president and CEO of Violi Foods, which was incorporated in May and operates from Butterfield’s current location in Noblesville. Butterfield prepares salads and other deli foods sold in the grocers’ delicatessens, […]
Shares of Cummins Inc. are up 6.7 percent, to $117.2, after the Columbus diesel engine maker this morning reported strong sales across its market segments and raised its earnings outlook. A one-time tax gain in the second quarter last year resulted in profit slipping 3 percent in the second quarter this year, to $214 million. […]
Lower-than-expected earnings at Exxon Mobil Corp. and ongoing questions about debt defaults and a slowing in the takeover frenzy combined to clobber stocks this morning. The Dow Jones industrial average fell 243.8 points, to 13,541.3, and the Standard & Poor’s index was down nearly 32, to 1,486.2. Exxon reported that production fell, and homebuilders including […]
Broad Ripple developer Westgate @ Crane Development Co. has broken ground on a technology building in a fledgling industrial park near Naval Surface Warfare Center at Crane in southwest Indiana. The 37,800-square-foot facility will be occupied by Science Applications International Corp., a Fortune 500 company that is one of the largest civilian contractors at Crane, […]
