Monaco Coach Corp. today said it will shutter its recreational vehicle service and manufacturing operations in the northern Indiana towns of Elkhart, Nappannee and Wakarusa. Production of most of its motorized RVs will be shifted to the company’s home base of Coburg, Ore. Two motorized models and towable models will be made at a plant […]
By Norm Heikens Financial commitments for Centaur LLC’s proposed $455 million horse race track and casino near Pittsburgh expired yesterday, but the project may not be dead. The Indianapolis company issued a brief announcement this morning saying that discussions with lenders continue. “Additional details will be available when we have a resolution,” the statement said. […]
Pennsylvania gambling regulators have unanimously rebuffed an attempt by Indianapolis-based Centaur LLC to gain a temporary slots license that would clear the way to develop a horse race track and casino. Financing for the project expires July 15, a Centaur attorney told the Pennsylvania Gaming Control Board earlier this month. “This whole project could go […]
Investors have been hammering Indiana Community Bancorp stock since the company announced Thursday that it will take a $1.9 million provision for loan and investment losses in the second quarter. The Columbus-based parent of Indiana Bank and Trust Co. said the move was necessary because of losses stemming from flood damage and investments gone bad. […]
By Norm Heikens Susan Bayh, lead director for Emmis Communications Corp. and wife of U.S. Sen. Evan Bayh, has been blistered in a letter from an Emmis investor who says she isn’t taking proper responsibility for her board seat. Frank Martin, senior partner in Elkhart-based Martin Capital Management, said Bayh is indirectly responsible for a […]
Stock in Emmis Communications Corp. dropped 15 percent this morning, to $1.70, after the Indianapolis radio broadcaster and magazine publisher reported a loss greater than Wall Street expected. The Indianapolis radio and magazine publishing company said its net loss narrowed to $1.1 million in its first fiscal quarter ended May 31 from $1.9 million in […]
Toyota Motor Corp. said today it will stop making Tundra pickup trucks at its plant in Princeton and consolidate production at its new pickup plant in San Antonio. The Indiana plant, which opened 10 years ago, instead will begin assembling the Highlander mid-size sport-utility vehicle in fall 2009. Toyota planned to make the Highlander at […]
By Norm Heikens A federal grand jury in Indianapolis has charged two more individuals in an alleged mortgage scheme, the U.S. Attorney’s Office for the Southern District of Indiana said yesterday. Timothy Hampton and Mia Weir made down payments on houses on behalf of buyers and assured the buyers that tenants would be found who […]
By Norm Heikens A company that plans to move its headquarters from Columbus, Ohio, to the northeastern Indiana town of Angola has been based in Ohio only three years. General Products Corp. was headquartered in Jackson, Mich., until 2005, when it accepted economic development incentives to move to Columbus, according to The Columbus Dispatch. The […]
Bristol-Myers Squibb Co. has agreed to upgrade plants it operates in Evansville and nearby Mount Vernon in order to cut output of a refrigerant that depletes ozone, the Justice Department and the U.S. Environmental Protection Agency said today. The Princeton, N.J., company agreed to the improvements after discovering problems with hydrochlorofluorocarbons during an internal audit […]
The state is threatening to revoke more than 600 mortgage broker licenses – covering about 70 percent of all existing brokerages – because they haven’t passed a new state-mandated test. Letters are being sent to the brokers warning they’ll be cut off as of Aug. 5 unless they pass the test, Secretary of State Todd […]
A resilient service economy kept the Indianapolis-area office vacancy rate stable in the second quarter, according to Colliers Turley Martin Tucker. The vacancy rate inched up to 17.2 percent from 17 percent in the first quarter. A year earlier, the rate stood at 16.8 percent. The area absorbed a net 403,000 square feet of office […]
Stock in Interactive Intelligence Inc. plummeted 35 percent this morning after the Indianapolis software developer warned second quarter results would be hurt by fewer orders from existing customers. The shares fell $3.66, to $6.80, in early trading. Interactive stock hit a recent peak of $28.52 per share in November, but has trended lower since then. […]
Printing Partners Inc., one of the larger commercial printers in the Indianapolis area, has acquired Budget Direct Mail for a price the printing firm describes as greater than $500,000. The printing firm will use the direct mail acquisition to vertically integrate direct mail campaigns. The company now will be able to develop, produce and implement […]
If this were a normal economic slowdown, companies would have eliminated temporary workers in droves beginning last year. But that hasn’t happened this time. Indiana companies continued adding temp workers right up until February, according to figures from the Indiana Department of Workforce Development. Indianapolis-area companies hired for another month, until March, and then began […]
People increasingly will abandon rural areas in Indiana and settle in a few suburban counties, a new Indiana University study predicts. The study also says that by 2040, retirees will outnumber people ages 25 to 54 – workers who are critical for building economies. The study was published recently in Indiana Business Review, an organ […]
Chemtura Corp., the company resulting from Crompton Corp.’s 2005 acquisition of Great Lakes Chemical Corp., plans to remain independent. The Middlebury, Conn.-based chemical maker announced last week that a review by Wall Street firm Merrill Lynch & Co. concluded a sale would bring too low of a price. Chemtura said it also considered a merger […]
Carmel-based auto auction Adesa Inc. said yesterday that it intends to buy the 82 percent of Live Global Bid Inc. it doesn’t already own. Headquartered in Moose Jaw in the Canadian province of Saskatchewan, Live Global Bid offers software Adesa uses to broadcast auctions over the Internet. The sale price was not disclosed. Adesa said […]
Startup software developer Compendium Blogware said today it has raised $1.6 million in private funding. The downtown company’s third round of funding, which targeted $1.5 million, closed in just three weeks. The latest round included eight new investors, bringing the total to 40. Compendium’s software is aimed at simplifying blogging for companies and organizations. Added […]
A prominent Evansville hotel owner cannot collect damages from the state because the state built a median in a road that makes it more difficult for patrons to reach the hotel, the Indiana Court of Appeals said in a unanimous ruling handed down today. John M. Dunn previously had been awarded $4.7 million in damages […]
