A $1.64 billion offer from Simon Property Group and a partner for Mills Corp. has been accepted, the Chevy Chase, Md.-based shopping center developer said today. The offer was about 5 percent higher than the $24 per share Indianapolis-based Simon and Farallon Capital Management of San Francisco extended in an unsolicited bid Feb. 23. Mills […]
An offer from Indianapolis-based Simon Property Group and a partner for Mills Corp. has been accepted by the Chevy Chase, Md., shopping center developer. Mills said today that accepting the $1.64 billion means it has ended its previous merger agreement with Toronto-based Brookfield Asset Management Inc. Simon partnered with Farallon Capital Management of San Francisco […]
Firefighters are battling a fire at Knauf Insulation in Shelbyville that has been burning since early this morning, according to our newsgathering partner WISH-TV Channel 8. Knauf, founded in 1978, began a $200 million renovation of the plant in 2005. It makes thermal and acoustical fiberglass insulation for residential, commercial and industrial building applications. […]
Mid-State Chemical Supply Corp. has changed its name to MS Fluid Technologies. The Indianapolis supplier of fluids to the manufacturing industry changed its name because it now operates beyond the Midwest in Mexico, Canada, India and Europe. It is still owned by CEO Paul Bosler Jr. and his three brothers.
The Economic Development Corp. of Elkhart County has persuaded long-time Whitley County development leader Dorinda Heiden to become its new president. The Elkhart organization approached her because she has close ties to the area of north-central Indiana and has built a strong track record in Whitley County. Heiden attracted $1 billion of investment to the […]
A hearing on a proposal for a retail and residential development in Crown Hill Cemetery has been delayed again—to March 21—this time at the request of developer Mann Properties LLC. The Indianapolis Metropolitan Development Commission had originally set a January meeting to consider a request to rezone 70 acres for three distinct residential subdivisions and a retail […]
Public workers need to start planning for retirement earlier, and the Public Employees Retirement Fund should undertake the task of educating them, said Executive Director David Adams, who announced today he will return to the private sector June 1. PERF should offer retirement guidance to workers while they are younger and better able to prepare, […]
Indianapolis residences will see their water rate rise 25.8 percent if the Indiana Utility Regulatory Commission approves a compromise reached today among the city, the town of Pittsboro and the Indiana Office of Utility Consumer Counselor, the state agency charged with ensuring consumers are not over-charged. Most residential customers will pay $20.95 per 700 cubic […]
No other state recorded as large of an increase in home sales as Indiana in the fourth quarter, reports the National Association of Realtors. The 13.7-percent gain, to an annualized rate of 157,300 units, was well ahead of the 10.1-percent overall national decline in sales of single-family houses and condominiums. Only six states had increases […]
Eli Lilly & Co. Chief Executive Sidney Taurel told CNBC this morning that the Indianapolis-based drug company has no plans to slash its global sales force. Taurel said there has been “some reduction, some reorganization” in Lilly’s sales force, but added, “we don’t see major decreases.” Pfizer, the world’s largest drugmaker, said recently it would […]
Fourth-quarter profit rose 10.3 percent for Republic Airways Holdings Inc., the Indianapolis company said Wednesday. The $20.4 million in earnings was driven by $295.3 million in revenue, up 17.3 percent. Republic operates Chautauqua Airlines Inc., Republic Airlines Inc. and Shuttle America Corp., and serves American Airlines Inc., US Airways, Delta Air Lines Inc. and United […]
White Lodging Services Corp., the Merrillville developer picked by the city of Indianapolis to build a 1,000-room convention hotel near White River State Park, was the only bidder to build a hotel in downtown Fort Wayne. White joined with Acquest Realty Advisers Inc. of Bloomfield Hills, Mich., to compete for the Marriott-branded, 250-room project, which […]
Escalade Sports Inc., the Evansville maker of pool tables, fitness equipment and other sporting goods, has bought Trophy Ridge LLC for an undisclosed price. Trophy Ridge, of Belgrade, Mont., is best known for its archery bow sights, arrows and arrow rests. Its products will be integrated with Escalade’s Bear Archery line of bows and accessories.
General Motors Corp. and Chrysler about a month ago began negotiating a design agreement that involves sharing chassis designs in order to cut costs, according to Bloomberg, quoting unnamed sources familiar with the talks. Yesterday, DaimlerChrysler AG officials wouldn’t comment on a report in the German magazine Manager Magazin that the German automaker is in […]
Masco Corp. said today it will slash 8,000 jobs—about 16 percent of its domestic labor force—due to a weak housing market. Masco, based in Taylor, Mich., owns Delta Faucet Co., which is headquartered in Carmel and operates a large faucet manufacturing plant in Greensburg southeast of Indianapolis. About 1,000 of the layoffs will be white-collar […]
Automaker DaimlerChrysler AG’s discussions about developing a dual-clutch transmission with supplier Getrag has resulted in the German companies signing a non-binding agreement, DaimlerChrysler said this morning. The Getrag project is part of a planned $3-billion investment in new engines, transmissions and drive trains to make vehicles more fuel-efficient, DaimlerChrysler said. Chrysler has relied on trucks […]
Indiana Life Sciences Inc. has completed its acquisition of Cumberland Pharmacal, a pharmaceutical wholesaler and medical device distributor headquartered in Cumberland, Md. The Indianapolis company, which offers manufacturing services and medical supply distribution, did not disclose the purchase price. Indiana Life Sciences said it will move Cumberland’s operations to its northeast side campus but did not […]
TechSmith, an Okemos, Mich., software maker, said it will build an $18 million headquarters and create 75 jobs at Michigan State University’s University’s Corporate Research Park in Lansing. The company, which employs 140, considered relocating to Indianapolis, but Michigan and the city of Lansing offered nearly $1.9 million in incentives to stay in the state.
Gregg Appliances Inc. posted third-quarter profit of $10.9 million, down from $22.6 million a year ago. Last year’s period included a nearly $28 million pretax gain for the Indianapolis-based electronics and appliance retailer. Sales in the third quarter ended Dec. 31 were up 19.2 percent, to $335.1 million due to opening seven stores over the […]
Fortune Industries Inc. has closed its $2.2 million acquisition of Tucson, Ariz.-based Precision Employee Management. Precision, which will retain its Arizona operations, provides human resources services, such as payroll and benefits administration. Indianapolis-based Fortune, primarily a holding company for wireless technology and human resources companies, has similar operations in Indianapolis and elsewhere.
