A 250-guest room, $45 million expansion of the Belterra Casino in southeastern Indiana has been postponed indefinitely by parent Pinnacle Entertainment Inc., the Las Vegas company said today. The move was driven by legislation passed in the General Assembly authorizing 2,000 slot machines at Hoosier Park in Anderson and Indiana Downs in Shelbyville, both of […]
Profit for Kimball International Inc. plummeted 47 percent, to $3.8 million, in its third fiscal quarter, the Jasper furniture and electronics maker reported yesterday. Kimball blamed the setback in the period ended March 31 on discounting office furniture prices, selling more lower-margin products and higher manufacturing costs. Electronics margins narrowed due a short in the […]
The Corporate Library has named Eli Lilly and Co. among a dozen large companies that have the most pronounced gap between stock performance and compensation of CEOs. Lilly chief executive Sidney Taurel was paid a total of $27.4 million in the past two years, but the five-year return on Lilly stock was a negative 24.6 […]
The state’s economic development performance received a “C” grade for the seventh year in a row in a report issued this week by the Indiana Chamber of Commerce. That’s an improvement from the “C-” of last year, but the state has ping-ponged between a “C” and “C-” in every year studied but 2000, when it […]
Joe Hale, who retired nearly a year ago from Cincinnati-based Cinergy Corp. as chief communications officer and president of Cinergy Foundation, is opening a Carmel office of the Chicago headhunting firm DHR International. Hale, 56, said he didn’t want to move to Charlotte, N.C., with Duke Energy Corp.’s acquisition of the utility and didn’t want […]
A surge of new products could drive Cummins Inc. sales to $20 billion by 2012, CEO Tim Solso told The Republic, a newspaper in the southern Indiana city. That would be about twice the $11 billion the diesel engine maker reported for 2006. Much of the increase would come from light-duty diesels the company is […]
Purdue University trustees voted unanimously to choose France Cordova as the next president, the university announced this afternoon. Cordova, chancellor of the University of California Riverside, will replace Martin Jischke after he retires June 30. Today’s decision ends a seven-month search. In a statement, Chairman Tim McGinley said Cordova’s resume was “truly out of this […]
Hours before this afternoon’s anticipated announcement that she will be named Purdue University president, France Cordova toured the West Lafayette campus this morning meeting faculty and students, according to the Journal & Courier of Lafayette. Neither Cordova nor Purdue trustees would confirm her appointment prior to the trustees’ 2 p.m. meeting, where they are expected […]
Indianapolis-based IT disaster recovery firm n/Frame said today that profit rose 21 percent in the first quarter from the same period a year earlier. Actual dollar figures for profit or revenue were not disclosed. But n/Frame Chief Operating Officer Robert J. Alcorn said his firm expects to exceed the 21-percent growth rate in 2007. n/Frame […]
Indiana exporters have more good times to look forward to if the value of the dollar continues to decline. The dollar is at $1.368 against the Euro-a record low, according to Bloomberg. And at least two economists-Jay Bryson of Wachovia Corp. and Kenneth Rogoff, a former International Monetary Fund chief economist-say it’s likely to shrink […]
WellPoint Inc. CEO Larry C. Glasscock plans to sell about $13.5 million in stock holdings over the next 10 months, the company announced late Friday. The plan to diversify his holdings comes less than a month before Glasscock will resign his CEO post and hand the reins of the Indianapolis-based health insurer to Angela F. Braly. […]
Darden Restaurants is closing seven restaurants in Indiana-including the Smokey Bones Barbeque and Grill locations in downtown Indianapolis, Avon and Bloomington, plus the recently opened Rocky River Grillhouse in Castleton. Other Indiana restaurants slated for closing are in Mishawaka, Merrillville and Evansville, the Orlando, Fla., company said Saturday. The company is closing 54 Smokey Bones […]
Toyota Industries Corp., a Japanese forklift manufacturer, has started a new unit, Indiana Hydraulic Equipment Corp., to make hydraulic valves and will build its first plant in Franklin. The $12 million, 58,000-square-foot facility will open in June 2008 and ramp up to employ 35, Toyota Industries announced today. The new unit will be advised by […]
Layoffs widely expected in Fort Wayne after Lincoln National Corp. bought Jefferson-Pilot Corp. of Greensboro, N.C., a year ago for $7.5 billion haven’t materialized. Instead, Lincoln National has added 150 workers to the 1,500 who remained in Fort Wayne after the financial services company moved its headquarters to Philadelphia in 1999. Forty more positions remain […]
Marsh Supermarkets Inc.’s owner is breaking off the Village Pantry subsidiary to create a separate business unit. Both businesses will continue to be owned by Florida-based Sun Capital Partners. The Village Pantry convenience store chain had long been a subsidiary of Marsh. Marsh operates 105 groceries, while Village Pantry runs 148 convenience stores. […]
Eli Lilly and Co. said today it has hired Alex M. Azar II as senior vice president of corporate affairs and communications. Azar comes to Lilly from the U.S. Department of Health and Human Services, where he was a deputy overseeing the Food and Drug Administration, the Centers for Medicare and Medicaid Services, the National […]
German luxury carmaker BMW is struggling to convert its successes in recent years into long-term gains that leave Mercedes, Lexus, Audi and other rivals in the dust, according to a Bloomberg report. BMW overtook Mercedes in May 2005 as the largest luxury car maker in the world as sales of its Mini Cooper gained traction […]
Bank of America has asked a New York court to stop Dutch bank ABN Amro Holding NV from selling LaSalle Bank to other buyers, according to Bloomberg. ABN Amro announced April 23 that it had sold Chicago-based LaSalle to Bank of America for $21 million. The same day, ABN Amro also said it had agreed […]
Four Honda workers and their families have committed to buying homes in Shelby County in the past two weeks, and dozens more have visited, according to the Shelby County Development Corp. The economic development group attributes their interest to the advertising campaign and Web site it launched in early April. That campaign ran advertisements in […]
