Demand for new ethanol plants, of which Indiana has 20 planned or operating, could already be drying up. Aventine Renewable Energy, a Pekin, Ill., ethanol producer whose shares have fallen 35 percent this year, said a year-long price slump caused by a glut of the fuel additive might last two more years. U.S. ethanol prices […]
Locally based Royce Inc. has sold its Illinois consumer-finance business to World Acceptance Corp. of Greenville, S.C., to avoid the prospect of paying a gross-receipt tax. Illinois Gov. Rod Blagojevich is pushing for the tax in a heated battled with the Legislature over the 2008 budget. Such a tax would be too great of a […]
As early as next year, Moody’s Investors Service could lower its debt rating on Eli Lilly and Co. because of the looming patent expiration of Lilly’s top-selling drug, Zyprexa. In a quarterly snapshot of the drug industry, Moody’s said it will take a hard look at any pharmaceutical company with a blockbuster drug set to […]
A Minneapolis-area startup apparently has withdrawn plans to build an $18 million processing plant in Richmond, but the Economic Development Corp. of Wayne County isn’t sure because it can’t reach the company. Nevertheless, the development group says the company, Kelsie’s Food and Dairy, must forfeit a $10,000 deposit it made on 26 acres because it […]
Publishers Weekly is reporting that the latest Harry Potter book, Harry Potter and the Deathly Hallows, is being printed at the R.R.Donnelley & Sons Co. plant in Crawfordsville. The trade publication quoted anonymous but “reliable” sources in the city northwest of Indianapolis. However, the Chicago company wouldn’t comment on where the 12 million copies would […]
Eli Lilly and Co. has been ordered by the Food and Drug Administration to yank certain ads and promotions for its Reconcile drug for separation anxiety in dogs because the promotions are “misleading.” Lilly didn’t note that some dogs in trials improved because they were given behavior modification training, and did not receive just a […]
Miller Environmental Co. Inc., a Shelbyville company owned by Bargersville resident Anthony McCullough, has been cited by the U.S. Department of Justice for dumping oily residue and wastewater containing acids down drains a total of at least 33 times. If convicted, the 63-year-old McCullough could be slapped with $1.7 million in fines for each count. […]
Emmis Communications Inc. said today it lost $1.9 million in its first fiscal quarter ended May 31 due to continued weakness at its radio stations. A year earlier, the Indianapolis media company turned nearly $6.5 million in profit. Revenue also slipped-3 percent, to $87.3 million. Operating income plunged to $12.1 million from $16.1 million.
WellPoint Inc. has agreed to buy American Imaging Management, a firm that uses Web technology to manage the frequency and cost of radiation tests. The Indianapolis health insurer will pay $300 million to buy American Imaging parent Imaging Management Holdings, which is headquartered in Deerfield, Ill. The deal is expected to close in the third […]
Indianapolis-based Compendium Software said today that it has attracted $1.1 million in funding from local angel investors. Compendium offers tools to help businesses create, manage and search-optimize blogs. The startup was founded six months ago by Chris Baggott, who also co-founded the fast-growing e-mail marketing software firm Exact Target, which now has more than 250 […]
Hhgregg Inc. plans to price its initial public offering at $15 to $17 a share, according to a company filing with the Securities and Exchange Commission. The appliances and electronics retailer in April said an IPO was in the works but provided few details. The Indianapolis company will offer 9.4 shares, and would raise $150 […]
Three multi-family housing properties in Broad Ripple have been acquired by California-based Orloff Property Management for $12.1 million. The seller was Bloomington-based Pinnacle Properties LLC. The complexes are Broad Ripple Village, Broad Ripple Commons and Broad Ripple Towne Homes-all located on 52nd Street near the Monon Trail.
Many banks, including Harris Bankcorp of Chicago, would have wanted to buy First Indiana Corp., according to long-time analyst John Reed, president of investment banking group at David A. Noyes & Co. of Chicago. In fact, Reed expected Harris instead of Marshall & Ilsley Corp. to snap up First Indiana. Harris is the U.S. unit […]
First Indiana Corp.’s Milwaukee-based acquirer says it will pay $529 million, or $32 a share. That’s a whopping 45 percent premium to where First Indiana stock has been trading. Rumors have swirled for weeks that First Indiana, the city’s largest remaining locally based bank, was in negotiations to be acquired. Industry buzz had focused on […]
Indianapolis-based First Indiana Corp. said today it has signed a definitive agreement to be acquired for $529 million by Marshall & Ilsley, a Milwaukee-based financial services firm. First Indiana, which has $2.1 billion in assets, has 32 branches in central Indiana. The branches will become Marshall & Ilsley branches after the deal closes. The deal […]
German transmission maker Getrag Corporate Group and Chrysler Group picked Tipton for their $530 million joint-venture transmission plant over Kokomo and a shovel-ready site at the former Grissom Air Force Base at Peru because it was the best compromise, according to a Chrysler official who helped arrange the deal. Brian Harlow, Chrysler’s general manager of […]
A backer of a 3,000-acre intermodal shipping hub planned for LaPorte County in northwest Indiana says he has the land under contract and as much as $2 billion in financing lined up to proceed. All that’s needed, Chris Davey told the Post-Tribune of Merrillville, are commitments from railroad companies that they would use the facility. […]
A Woodinville, Wash., provider of advertising promotional products has committed to locating a distribution center in an existing Plainfield building, the Indiana Economic Development Corp. said today. Bensussen Deutsch & Associates will employ 50 at the 150,000-square-foot site. The company, which has an office in Indianapolis, received $206,000 in incentives.
Milton J. Miller II has been named CEO of the Federal Home Loan Bank of Indianapolis. Miller is a 30-year veteran of the bank who’d most recently served as chief financial officer. He replaced Brian Fike who had filled the CEO’s role on an interim basis since December, when Martin Heger retired. Miller will assume […]
