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City Securities aims to earn mega-deal: If approved, $450 million bond plan would pay off pre-1977 police, fire pensions

If Mayor Bart Peterson gets his wish, a $450 million bond issue finally will settle Indianapolis’ long-standing dilemma over underfunded police and firefighter pensions once and for all. It will also generate up to $9 million in professional fees. And locally based City Securities Corp. is laying the groundwork to earn a lion’s share-even though investment banking is dominated by giant companies in Manhattan. “I would assume that most of Wall Street has made a call,” said City Securities Vice…

Indiana health provider says no to drug reps: Arnett joins others wary of industry marketing power

There truly is no such thing as a free lunch, or at least that’s what Arnett Health-System told drug company sales representatives last fall. The Lafayette-based system banned meals for doctors that were paid for by the salespeople, but it allowed them to continue to meet with physicians through appointments. Then that stopped Jan. 1. Now, Arnett also prohibits reps from making sales calls at its roughly 20 locations in Tippecanoe County and the surrounding area. No more free samples…

RETURN ON TECHNOLOGY: Will telecommuting kill your chances for promotion?

Office life has never been a particularly attractive one. No office, no matter how exciting or extensively outfitted with Aeron chairs, is going to be mistaken for a human habitat. Our species long ago outgrew living in tiny little caves with flickering lighting and strange stains on the floor, except at work. In Cubeville, there is often isolation, but no privacy. Thoughtful reclining is easily mistaken for laziness. Office parties and office politics are frequently undertaken by the same people….

Tech firm Powerway seeking rebound

Powerway Inc., the Indianapolis-based maker of manufacturing quality-control software that grew like gangbusters in the 1990s
and aimed for an initial public offering, has endured a dog of a half-decade. But that soon could change. Powerway just hired
an IT industry turnaround expert as CEO.

Enzon moving New Jersey operations to Indianapolis

Enzon Pharmaceuticals Inc. said yesterday it is closing a plant in South Plainfield, N.J., that makes enzyme booster Adagen and the leukemia drug Oncaspar, and consolidating the work at a manufacturing site at 6925 Guion Road on the northwest side. The Bridgewater, N.J.-based company said 50 workers in South Plainfield are affected but didn’t specify […]

Mystery shrouds cause of Fort Wayne foundry fire

A private laboratory and federal and insurance investigators have concluded they cannot determine what caused the spectacular fire at National Magnesium and Aluminum Foundry Inc. in Fort Wayne, according to The Journal Gazette. The Aug. 1 blaze started in the back of the building, the investigators say, but evidence was scattered by exploding gas cylinders. […]

Co-founder leaves Resource Commercial Real Estate

Indianapolis real estate veteran Chris Carmen left Resource Commercial Real Estate Jan. 30 to resurrect his own firm, Carmen Commercial Real Estate Services. Carmen, 48, moved to Indianapolis in 1985 to work for what later became Duke Realty Corp., first in industrial then in office leasing. In the early 1990s, he left to start Carmen […]

It’s Bears over Colts in Wal-Mart T-shirt sales

Chicago Bears T-shirts are outselling Indianapolis Colts T-shirts by 55-45 margin at Wal-Mart, according to MarketWatch. The figures for NFL-licensed T-shirts are derived from the two weeks leading up to the kick-off. Wal-Mart says the sales have accurately predicted winners of three of the last four Super Bowls.

Hoosier CPAs: Indiana to match U.S. economy

Indiana’s economy will perform slightly better than the U.S. economy this year, according to a survey of 89 members of the Indiana CPA Society. They also think the Indiana economy will be somewhat stronger than last year’s, and that wages are more likely to rise than they were last year. The organization’s second annual survey […]

There’s hope for Connersville after Visteon, experts say

Connersville has more problems than Visteon Corp.’s announcement yesterday that it will close its 890-worker automotive heating and air-conditioning components plant in September. The small city east of Indianapolis also no longer has an economic development director. Charlie Dibble, who led the Connersville-Fayette County Economic Development Group, left just one week ago by mutual agreement […]

In economic game, Indianapolis edges Chicago, IU says

If the Colts beat the Bears in Sunday’s Super Bowl, Indianapolis will have battered Chicago in more ways than one, according to an analysis from the Indiana University Business Research Center. While most sports fans around the country are fixated on whether Rex Grossman can outplay Peyton Manning, the intellectuals at IU are more concerned […]

Columbus retains ArvinMeritor emissions office

ArvinMeritor Inc. has sold its Emissions Technology group for $310 million to the New York investment firm One Equity Partners, but the auto exhaust group will have dual headquarters in Columbus and the Detroit area. The dual offices trace to Meritor Automotive Inc.’s 2000 acquisition Columbus-based Arvin Industries Inc. ArvinMeritor, of Troy, Mich., wants to […]

Simon funds from operations rise 7.5 percent in 4th quarter

Funds from operations increased 7.5 percent, to $450.4 million, in the fourth quarter for Indianapolis-based shopping mall owner Simon Property Group. For 2006, funds from operations rose 8.9 percent to $1.5 billion. Real estate investment trusts like Simon commonly use the funds from operations measure rather than net income.

Guide workers ratify compensation, closing agreement

United Auto Workers members have “overwhelmingly” approved a plan that attends to labor concerns as Guide Corp. shutters its Anderson and Monroe, La., plants six months ahead of schedule. Employees can pick from seven options that include transfers, buyouts, layoffs and retirement, according to The Herald Bulletin of Anderson. The Pendleton-based maker of car taillights […]

LaPorte County tries to short-circuit NIPSCO sale

NiSource Inc. won’t comment on a report that it’s negotiating to sell its NIPSCO electric business, but LaPorte County officials nevertheless are lobbying state lawmakers to temporary stop sales of electric utilities, according to The Times of Munster. The northwest Indiana county wants a public-power authority formed to buy the Merrillville-based utility to prevent an […]

UPDATE: Visteon closing is massive blow to Connersville

Visteon officials informed employees in their Connersville plant today that the facility will close Sept. 1. All 890 employees at the Connersville plant about 60 miles southeast of Indianapolis will be affected, said Kimberley Goode, spokeswoman for Michigan-based Visteon. Goode said it is not clear if those employees will be terminated, given severance packages or […]

ICC Business Products buy NBS Office Supply

Indianapolis-based office supplier ICC Business Products has acquired NBS Office Supply of Goshen in northern Indiana for an undisclosed price. ICC, which supplies print cartridges, printers, and other office supplies, is retaining NBS president and owner Sylvan Schwegman and several key NBS workers. NBS has a satellite office in Warsaw. Schwegman, 64, said the sale […]

Super Bowl volunteers? No problem for Indianapolis

Lining up the roughly 8,000 volunteers needed to stage a Super Bowl would be the least of Indianapolis’ worries as civic leaders launch an official bid for the 2011 event, local sports organizers say.   Not only would Indianapolis be able to find warm bodies, but the workers almost certainly would be seasoned veterans of […]

Harman-Becker laying off 84 in Martinsville

Harman-Becker Automotive Systems Inc. is eliminating 84 of its 500 workers in Martinsville as the maker of car speakers moves production to Juarez, Mexico, according to The Reporter-Times of Martinsville. Remaining workers fear more jobs will be lost when other production is moved to China at an unspecified date.