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A troubled mortgage market and a charge-off from a bad loan in Michigan likely will result in a $5 million-$10 million first-quarter loss for Irwin Financial Corp, the Columbus company said today. The quality of the bank holding company’s traditional mortgage business remains strong, but it said turmoil in the secondary market likely will lead […]
Apartment-builder Gene Glick and his wife Marilyn will give $30 million to found an eye institute at the Indiana University School of Medicine, the school announced this morning. Two-thirds of the money will pay for a new building to house the Eugene and Marilyn Glick Eye Institute. The remainder will fund research on eye diseases, […]
The New York buyout firm Blackstone Group might offer $20 billion to take over the parent of student loan provider Sallie Mae, The New York Times reported this morning. Sallie Mae, which is owned by Reston, Va.-based SLM Corp., operates a loan processing center in Fishers and has a new loan-collection service in Muncie that […]
Dow Chemical Co. CEO Andrew Liveris said this week that he doesn’t want to sell the Midland, Mich., company. But that doesn’t mean private equity firms eyeing Dow won’t return with hostile offers, according to a Bloomberg report. The parent of Indianapolis-based Dow AgroSciences fired Executive Vice President Romeo Kreinberg and J. Pedro Reinhard, a […]
American General Financial Services received the go-ahead yesterday from the Evansville Area Plan Commission to buy industrial property near its downtown headquarters. The consumer finance company wants to add 135,000 square feet of offices at an estimated cost of $35 million, although only 15 jobs would be created, according to the Courier & Press. Owned […]
Indiana might be on the verge of landing the largest economic development plum since Honda Motor Co. announced in June that it would build a $550 million assembly plant in the southeastern Indiana city of Greensburg. Getrag Corporate Group, a German company that specializes in manufacturing transmissions, is likely to announce in the next few […]
Dow Chemical Co., parent of Indianapolis-based Dow AgroSciences, said today that it has fired two longtime executives because they “were involved in unauthorized discussions with third parties about the potential acquisition of the company.” A British newspaper reported over the weekend that an investor group had lined up financing to make a $50 billion bid […]
Hammered by foreign competition, declines in heavy industry and rising environmental costs, Citizens Gas & Coke Utility said today it plans to close its 98-year-old Indianapolis Coke plant, eliminating 300 jobs. The utility said today it was unsuccessful in finding a buyer for the southeast-side plant despite interest from about 20 firms over the last […]
Its past work with Eli Lilly and Co. and the presence of central Indiana’s universities led executive search firm PrincetonOne to commit to adding 200 jobs in Indianapolis, the company said today. And $2.1 million in city and state incentives didn’t hurt, either. The city offered PrincetonOne $55,600 in tax abatements, and the […]
Manor Care at Summer Trace in Carmel has violated several state regulations for long-term care facilities, the Indiana State Department of Health said this morning. The Department of Health said it wants to put the facility on probation, and require the facility to hire a nurse and licensed administrator consultants. Among violations found in four […]
Citizens Gas & Coke Utility will close its 99-year-old Indianapolis Coke plant on the southeast side, eliminating 300 jobs. The utility said today it was unsuccessful in finding a buyer for the plant despite interest from about 20 firms over the last 11 months. Sources outside the company who were close to the talks said […]
The owner of a farm near the rural Tipton site where Getrag Corporate Group has filed preliminary plans to build a $560 million transmission plant says an Evansville contractor has offered to buy dirt to add elevation to the site. The landowner, Kip Bergman, said the company wants 200,000 cubic yards, according to the Kokomo […]
Princeton One, a New Jersey–based staffing firm, will announce tomorrow that it is adding about 200 jobs in downtown’s Century Building, 36 S. Pennsylvania St. Average pay for the jobs will be $70,000, according to a source close to the project. Indiana Lt. Gov. Becky Skillman and Indianapolis Mayor Bart Peterson have scheduled a press […]
Effox Inc., a Cincinnati company that makes custom air-handling dampers and expansion joints, has been sold by Hammond Kennedy Whitney & Co. Inc. to Ceco Environmental Corp., also of Cincinnati. Effox had been controlled through the Indianapolis office of Hammond Kennedy, a New York private equity firm.
Former Union Federal Bank of Indianapolis President and CEO Alvin “Kit” Stolen III has taken a position as vice president of consulting at Achievant LLC. The Indianapolis company, launched in September with funding from the 2005 sale of the Carmel banking software firm Baker Hill, sells consulting services and software to help financial institutions with […]
Six of 10 Americans surveyed by Bloomberg and the Los Angeles Times expect a recession within a year, according to a Bloomberg report. Slightly more than 70 percent of respondents making less than $40,000 predicted a recession, although the expectation dropped to about half among respondents making more than $100,000. The sentiment is similar to […]
Patrick Industries Inc. has agreed to buy Adorn LLC for an undisclosed price. Both companies are based in Elkhart and make components for recreational vehicles and manufactured houses. Publicly-traded Patrick generated $348 million in revenue last year and Adorn, $240 million. Patrick said the acquisition, which is expected to close before summer, will add synergies […]
Vectren Corp., the Evansville-based utility that supplies electricity to much of central Indiana, will give customers the option to buy power originating from wind generators in Benton County near Lafayette. Vectren plans to buy 30 megawatts a year from the farm, enough for 8,000 homes, according to the Evansville Courier & Press. The price will […]
A new contract at Fort Wayne Foundry Corp. was ratified by United Auto Workers Local 1101 members Tuesday, but they aren’t happy. The machining division workers will pay more for insurance but receive no wage increases, according to The Journal Gazette of Fort Wayne. Still, the union, which represents 110 of the division’s 150 employees, […]
Cingular Wireless hopes to announce this month that it will create 500 to 600 jobs in Evansville, according to a source familiar with the discussions. The call center will handle contacts from customers. However, major pieces of the deal have not been finalized, the source said. Cingular has been acquired by AT&T of San Antonio, […]
