Northwest Airlines Corp. and Delta Air Lines Inc. have engaged in talks about merging after they emerge from bankruptcy protection, according to The Wall Street Journal. Northwest is the largest carrier at Indianapolis International Airport, carrying approximately 22 percent of all passengers. Earlier today, US Airways Inc. said it boosted its offer for Delta to […]
Pierceton-based Paragon Medical Inc., which makes orthopedic surgical products, has acquired OMC Precision Products Ltd. and Tutela Medicus Inc., reports the Journal Gazette in Fort Wayne. The purchase price for the two Indianapolis-based firms was not disclosed. OMC makes spinal implants and Tutela is a product development firm for the medical device industry. The 70 […]
An owner of Royal Spa Corp. is upset about a release the Indiana Attorney General’s Office issued today saying the Indianapolis company agreed to give consumers two written copies of their right to cancel orders when selling at fairs and other events. Bob Dapper, who owns the company with Rick Bartlett, said he was surprised […]
An ethanol company in Morgan County is investigating using sawdust and other wood waste instead of corn to make ethanol. Heartland Renewable Fuels LLC hopes Purdue University can help it learn to make the fuel from green hardwood cellulose, according to the Reporter-Times of Martinsville. The company believes competition for sawdust would be less intense […]
Lebanon’s city council voted Monday to annex 578 acres immediately south of Interstate 65 and east of State Road 39, according to the Reporter. A final vote is scheduled Jan. 22. Denison Properties told the IBJ it plans to develop 115 of the acres as bulk distribution and light industrial similar to nearby Lebanon Business […]
An Imax movie theater will open later this year in the Kerasotes ShowPlace 16 on the south side of Indianapolis, Imax Corp. said today. The agreement between Canada’s Imax and Chicago-based Kerasotes ShowPlace Theatres LLC will give Indianapolis its second Imax theater. The city’s existing Imax is at the Indiana State Museum downtown. A far-northside […]
US Airways has boosted its offer for bankrupt Delta Air Lines Inc. to $10.2 billion, after Atlanta-based Delta rejected an initial, $8 billion offer in November. The latest offer expires Feb. 1. US Airways CEO Doug Parker said the sweetened bid is intended to “eliminate any doubt” of a better deal for Delta’s unsecured […]
A federal judge in New York has ordered a Web site to take down a link to internal Eli Lilly and Co. documents about its controversial schizophrenia drug Zyprexa. The documents posted on Zyprexa.pbwiki.com were the basis of recent stories in The New York Times suggesting the Indianapolis drug maker downplayed weight gain and other […]
Integra Bank Corp. of Evansville said yesterday that it will write off $1.5 million in the fourth quarter largely because a charter airline service defaulted on loans totaling $18 million. The announcement, unusual for a bank, said Integra believes the loans are “adequately” secured, and that the loss won’t affect the $1.68 to $1.72 per […]
An anti-tax group in Lake County wants to tax heavy industry to persuade the companies to cut pollution and lower the tax burden on home owners, according to the Post-Tribune of Merrillville. Miller Citizens Corp., a not-for-profit, is beginning a campaign to lobby the General Assembly to give counties the option to tax based on […]
Stock in Brightpoint Inc. tumbled 11.6 percent by mid-afternoon Tuesday after a CIBC World Markets analyst slapped the Plainfield cell phone distributor with a downgrade. Ittai Kidron rated Brightpoint “Sector Perform” from “Sector Outperformer,” prompting investors to devalue the shares by $1.50, to $11.38. Brightpoint has struggled to convince Wall Street of its prospects […]
Mills Corp., the Chevy Chase, Md., shopping mall and entertainment center company, said today that losses resulting from accounting errors might force it to seek bankruptcy protection. In 2002, Mills bought out a joint venture it had with Indianapolis-based mall owner Simon Property Group for $430 million. Mills said it will restate earnings for 2001 […]
The Bon-Ton Stores Inc. plans to include a 15,000-square-foot home store in the 144,000-square-foot Parisian at Circle Centre mall, the new owner of the store said today. Bon-Ton, of York, Penn., bought the Circle Centre location and three other Parisian department stores from Belk Inc. in October. Construction on the Indianapolis project is to be […]
Symmetry Medical Inc., the Warsaw-based provider of equipment for the orthopedic industry, has acquired Whedon Ltd., the holding company of Clamonta Ltd., for $10 million. United Kingdom-based Clamonta, which supplies precision products to the aerospace industry, is expected to report 2006 revenue of about $10 million.
Emmis Communications Inc. reported $900,000 in profit in the third quarter ended Nov. 30. That was down from $198.8 million in the same period a year earlier, which included $198 million from discontinued operations. Operating income dropped 28.4 percent, to $17.5 million. The Indianapolis-based broadcasting company blamed the results on weakness in its New York […]
City and economic development officials in Terre Haute want to reroute railroad traffic out of the western Indiana city to an 8,000-acre site east of town near Interstate 70. Mayor Kevin Burke, who announced the proposed Hoosier Inland Port on Monday, said the site near Terre Haute International Airport-Hulman Field would be a hub for […]
HealthCor Management, which owns 5.2 percent of Icos Corp., said Monday it will vote against Eli Lilly and Co.’s sweetened offer of $34 per share for the maker of the erectile dysfunction drug Cialis. HealthCor complained that Lilly’s second offer doesn’t compensate for improved financial projections for the Bothell, Wash., company, according to The Seattle […]
How warm was December? Citizens Gas & Coke Utility says the average residential gas bill fell 21.6 percent from the same month in 2005, to $148.16. Indianapolis homes used an average of 123 British thermal units of natural gas energy compared to the 158.6 units of a year earlier, the utility said. That’s down […]
A big Emmis Communications Corp. investor has submitted a proposal to shareholders to do away with a special class of stock that gives shares held by CEO Jeff Smulyan extra voting power. The proposal—disclosed in the company’s proxy statement filed with the Securities and Exchange Commission this morning—was submitted by Frank Martin, whose Elkhart-based Martin […]
Eli Lilly and Co. has agreed to fund a second manufacturing line at an Alkeres Inc. plant to make its Inhaled Insulin System powder. Lilly’s system, to be marketed as an alternative for types 1 and 2 diabetes, is in phase 3 clinical trials. The deal also makes Cambridge, Mass.-based Alkeres the exclusive manufacturer of […]
