Lilly Endowment Inc. said today that it has begun the processing of diversifying its assets by putting $100 million into index funds managed by Vanguard. The huge private foundation announced last July it would begin diversifying away from Eli Lilly and Co. shares. A swoon in Lilly shares has halved the value of the endowment […]
The IndyPartnership, the regional economic development organization that markets Indianapolis for business relocations and expansions, today agreed to be absorbed by the Central Indiana Corporate Partnership. IndyPartnership spokesman Todd McCall confirmed that the proposal was ratified today by the organization’s board of directors. “It’s the first step in the process toward putting the IndyPartnership initiative […]
The Indy Racing League took a hit today when ESPN decided to pre-empt coverage of the league’s race in Japan this Saturday so that it can show a National Basketball Association playoff game live. ESPN officials announced this morning that they moved the Indy Japan 300 at Twin Ring Motegi from its original noon […]
Forrest Lucas announced this morning that his company, Lucas Oil Products, has pledged $1 million toward the city’s bid to host the 2011 Super Bowl. The game would be played in the new stadium for which the California businessman paid $121 million to gain naming rights. A not-for-profit launched to bid for the game with […]
Jeff Stoops, who owns a Buick dealership in Plainfield and a Freightliner truck dealership on the far south side, plans to sell a Nissan car dealership he owns in Muncie with a brother, Randy Stoops. Randy Stoops told The Star Press of Muncie that the brothers are committing to the Buick, Pontiac and GMC brands […]
Nine multi-family residential properties have been put up for sale by Indianapolis-based Gibraltar Properties Inc. Two are in Nebraska and two are in Fort Wayne. The rest are in the Indianapolis area in Avon, Brownsburg, Greenfield, Plainfield and Danville. Gibraltar priced the properties, which have 2,412 units, at a total of $170 million.
Office vacancies on the rise. See IBJ‘s Property Lines for more information.
Cincinnati-based The Kroger Co. has agreed to buy 18 Scott’s Food and Pharmacy stores in northeast Indiana. Terms were not disclosed. The stores were owned by Minneapolis-based Supervalu Inc. Ten are in Fort Wayne and the rest are scattered in surrounding counties. They will become part of Kroger’s central division, based in Indianapolis, and retain […]
Ron Gettelfinger, the Indiana native who rose to president of the United Auto Workers, says he will ask the supervisory board of DaimlerChrysler AG to not sell Chrysler. Gettelfinger is one of 10 union representatives on the German automaker’s board. There is a total of 20 members on the board. Not only has Chrysler helped […]
Vitran Express will add 33 jobs to its work force of 130 as part of an expansion of its computers, fleet of trucks and its headquarters at 6500 E. 30th St. on the far eastside. The Toronto-based freight hauler specializes in less-than-truckload shipments. It received $478,000 in economic development incentives for the $25 million expansion, […]
Noblesville-based King Systems Corp. has bought Emergent Respiratory Products Inc. of Irvine, Calif., in a deal valued at up to $38 million. King took a 51-percent equity stake in Emergent on April 13 through a $3 million investment. The rest of Emergent will be bought between 2009 and 2011 for as much as $35 million. […]
Hhgregg Inc.’s $172 million initial public offering might draw a mixed reaction from investors, who’ll like that the company is reducing debt but not that its profit margin has been shrinking, an analyst said today. But there’s little doubt the Indianapolis-based consumer electronics and appliance retailer will be able to pull off the offering, in […]
Profit from continuing operations at First Indiana Corp. edged up 1.7 percent, to $6 million, in the first quarter. The parent of First Indiana Bank offered no explanation for the virtual stagnation. First Indiana is the largest publicly traded bank in the city.
American Commercial Lines Inc. has opened a Houston office to try to drum up more business for its barges that ship ethanol, fertilizers and other liquids. As many as 20 workers will be redeployed from the company’s Jeffersonville headquarters to the Houston office, where they will be closer to refineries and other customers. Much of […]
Gregg Appliances Inc. said today it plans to launch its long-expected initial public offering. The Indianapolis-based appliance and electronics chain said in a Securities and Exchange Commission filing it hopes to raise at least $172.5 million. Other details, including timing of the offering, were not provided. The company operates stores in Indiana, Alabama, Kentucky, Ohio, […]
Decatur County Commissioners have approved a 425-acre industrial park near the Honda Motor Co. assembly plant under construction at Greensburg. The decision Monday rebuffed an Area Plan Board recommendation in March against rezoning the area to industrial from agricultural, according to the Greensburg Daily News. The plan board opposed making the change after dozens of […]
A global innovation center staffed with engineers and technicians will be opened in Batesville by Hill Rom, the health care division of Hillenbrand Industries Inc., the company said this afternoon. Hill Rom Innovation Center will be the company’s hub for international research and development teams designing medical equipment. Hill Rom received as much as $2 million […]
An expansion Interactive Intelligence Inc. committed to several years ago has been given a breath of new life. The northwest side software developer has started construction on a four-story building that will mirror its existing headquarters, according to Jeb Conrad, executive director of Indianapolis Economic Development. The $40 million expansion will add 637 employees to […]
Steel Dynamics Inc. CEO Keith Busse said today that it is considering whether to make an offer for Lisle, Ill.-based Ipsco Inc., which makes steel pipe for the energy industry. Also showing interest in Ipsco are Evraz Group SA of Russia, according to Bloomberg.
The House votes today whether to send to the governor a bill with tax incentives for film productions. House Bill 1388 would give companies a tax credit equal to 15 percent of production costs for most film, music and commercials produced in the state if their budgets exceed certain thresholds. Fiscal analysts predict the measure […]
