Indianapolis-based Republic Airways Holdings Inc. has renewed employment contracts with its three top executives and sweetened their compensation. Salary and minimum bonus for CEO and Chairman Bryan Bedford increased to $787,500 from $510,000. His minimum bonus nearly doubled, to $337,500. Bedford’s contract, which was to expire in July, now extends through June 2008. Smaller boosts […]
Steel Dynamics Inc. and Kobe Steel of Japan plan to build a plant in northern Minnesota to make iron nuggets that burn more efficiently in steel electric arc furnaces than traditional pig iron. The Fort Wayne steelmaker started anew after negotiations on the project with other steel companies sputtered in November. The $235 million project, […]
A Las Vegas investor has injected $300,000 into Standard Management Corp. by buying 3 million shares, according to the Indianapolis company, which sells pharmaceuticals to the long-term care industry. Sam Schmidt and other investors agreed to buy another 17 millions shares if certain collateral conditions are met related to a $2.5 million loan Schmidt made […]
Four complaints have been filed with the Indiana Attorney General’s Office against car dealer Payton Wells since he padlocked his three dealerships in late January. The number is a flurry compared to his record in recent years of only occasional complaints. Wells abruptly closed his Chevrolet dealership at 1510 N. Meridian St. and his Chrysler […]
Fort Wayne steelmaker Steel Dynamics Inc. said today it will invest $35 million to boost production of steel bars at its recycling mill at Pittsboro west of Indianapolis. The “debottlenecking” will increase production 45 percent, to 750,000 tons a year. However, the company wasn’t certain whether employment would climb much beyond the 350 now working […]
Indiana University trustees have voted unanimously to name Michael McRobbie, currently interim provost of IU Bloomington, as president. The widely anticipated appointment will replace Adam Herbert, who said about a year ago he would leave when his contract ends in June 2008. However, since a replacement was found earlier, Herbert now will step down July 1 this […]
The Indiana Attorney General’s Office has received five complaints about car dealerships owned by Indianapolis auto dealer Payton Wells, according to The Herald-Bulletin of Anderson. However, the newspaper didn’t report the precise nature of the complaints or whether the office plans to take legal action. Some consumers are irked that their business with the dealerships […]
The owner of historic Story Inn fears Brown County will suffer from competition from French Lick Resort Casino and West Baden Springs Hotel, which is slated to open this summer an hour’s drive south. Rick Hofstetter told the Brown County Democrat that the Orange County attractions might attract Indianapolis, Louisville and Cincinnati tourists who otherwise […]
Telecommunications provider Consolidated Communications Inc. announced it will open a call center in Terre Haute that will employ 100 temporary and seven full-time workers. The call center is part of Consolidated Market Response, a unit of the Illinois-based market support firm, and is expected to open in April 2007.
Navistar International Corp. will resume production of diesel engines at its International Truck and Engine plants in Indianapolis and Alabama, the company said this morning. Production had stopped Monday because of a dispute over warranty fees between Navistar and Ford Motor Co., which uses the engines in its heavy-duty pickup trucks. The dispute had idled […]
Evansville Regional Airport plans to ask US Airways Inc. to resume flights to Indianapolis six years after the Tempe, Ariz., carrier pulled back in the wake of the 2001 terrorist attacks. Airport Manager Nelson Bailes also hopes to persuade the airline to fly between Indianapolis and South Bend, according to the Evansville Courier & Press […]
Name-brand Indiana stocks were not immune to the down draft that swept through Wall Street today. Columbus diesel engine manufacturer Cummins Inc. fell nearly 4.7 percent to $136.15 a share. Indianapolis-based software developer Interactive Intelligence dropped 5.8 percent to $14.77. Other stocks were hit hard, too. Brightpoint, the Plainfield cell phone distributor, saw its shares […]
Centaur Inc. has been approved by the Indiana Horse Racing Commission to buy the 38-percent interest in Hoosier Park it doesn’t already own. The deal is expected to close in mid-March. Anderson’s Department of Parks & Recreation approved the sale Feb. 20. "We’ve been part of this project since day one and we’re proud to […]
AT&T Inc. said this morning that legislation passed last year allowing telephone companies to better compete with cable providers was a factor in its decision to create 425 jobs in Indiana rather than other states. The San Antonio company said it will add the jobs at its offices at 220 N. Meridian St. by 2009. […]
Delphi Corp., the bankrupt Michigan-based auto parts supplier, has filed a notice with the Indiana Department of Workforce Development that it plans to lay off 133 workers at its Anderson ignition and generator plant by April 2. Anderson sustained a similar blow in January when Guide Corp. abruptly closed a taillight plant, throwing hundreds out […]
Growth has stagnated in Wabash County in north-central Indiana, and might not improve very much for a long time, according to retired Manchester College professor Richard Harshbarger. Quoted in the Wabash Plain Dealer, Harshbarger said an index he created places the county’s economic activity at 117.1 compared to 100 more than two decades earlier, in […]
AT&T Inc. will add 425 jobs at its offices at 220 N. Meridian St. by 2009, the San Antonio, Texas, telecommunications giant announced this morning. The call center jobs, which will average about $40,000 a year with benefits, will provide customer service for the company’s high-speed Internet service. The positions are being brought in-house after […]
In Fort Wayne, more than 100 rental houses in the past two years have been sold at one price and a mortgage taken out at a higher price, a practice that enriches dealmakers but leaves banks and buyers in the lurch, according to an investigation by The Journal Gazette. Typically, sellers were paid a certain […]
One of the largest tracts of land remaining along Interstate 465 has been bought by MacAllister Machinery Co. Inc. to make room for the Caterpillar heavy equipment dealership to expand. The 69 acres, which is immediately north of MacAllister headquarters at 7575 E. 30th St., was sold by SMC Corp. of America for $4 million, […]
The surprise announcement that Larry Glasscock is retiring as CEO of WellPoint Inc. paves the way for his successor, Angela F. Braly, to be the highest-ranking female executive in corporate America. None of the 11 women CEOs of Fortune 500 companies run larger businesses, based on revenue, than WellPoint, which has $58 billion in annual […]
