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Executives of Ace Holding Co. LLC didn’t foresee the financial storm that caused the company to shut down late last week. In an interview with IBJ 18 months ago, CEO Richard Hall said the company had originated more than $3 billion in loans in 2006, and he projected business to be up at least 30 […]
A surge in orders for the fuel systems it manufactures resulted in Franklin Electric Co. Inc. reporting a 48-percent increase in third-quarter profit late yesterday. The record $17.3 million in net income was driven by sales rising by nearly a third from the same period last year, the Bluffton company said. Franklin Electric’s 74 cents […]
Getrag won’t exactly have a white elephant on its hands if the German company is unable to make transmissions in its partially completed plant at Tipton. The 900,000-square-foot plant might work well for another auto supplier or even another use outside of manufacturing, experts say. Getrag’s plans to build a fuel-efficient dual-clutch transmission for Chrysler […]
First Internet Bancorp today reported a 30-percent drop in third-quarter profit, to $461,867, as borrowers struggled to pay back their loans. The $461,867 returns the parent of First Internet Bank to 2006 levels after it enjoyed a strong 2007. The bank also said today that it nearly doubled its provision for loan losses in the […]
Indiana University President Michael McRobbie said after he met with the finalists in contention to become the university’s next athletic director, there was no doubt in his mind that Indianapolis attorney Fred Glass was the man for the job. “When I kept reflecting on all the characteristics I wanted, I kept returning to Fred Glass,” […]
Indianapolis attorney Fred Glass demonstrated a keen sense of humor during a press conference held this morning to introduce him as the next Indiana University athletic director. Given the expected sanctions on the…
Peter Bart, one of the smarter guys in Hollywood, has an interesting blog over at Variety. His topic: Celebrity interviews. (Find it here.)
In the piece, Bart elequently points out something I’ve felt for a long time now: That most…
Third-quarter profit plummeted nearly 70 percent for Interactive Intelligence Inc., the Indianapolis developer of automated help desk software reported late yesterday. The $924,000 in net income amounted to 5 cents a share. Excluding charges for stock-based compensation, profit came to 11 cents a share, down from 19 cents in the same period last year. Analysts […]
Sales of existing houses in the 13-county Indianapolis area increased in September, the first year-over-year increase since May 2007, the Metropolitan Indianapolis Board of Realtors said yesterday. Not that the increase amounted to much – 1 percent, to 2,232 units, compared to the same month a year ago. But the uptick was a psychological boost […]
A B.F. Goodrich Co. tire plant in the northeastern Indiana town of Woodburn will temporarily lay off as many as 500 of its workers for two months, according to The News-Sentinel of Fort Wayne. The layoff, which begins Nov. 1 and amounts to about 40 percent of the local work force, was forced by the […]
A shareholder in New York-based ImClone Systems Inc. has filed a lawsuit in an attempt to stop its pending acquisition by Eli Lilly and Co., according to a disclosure filed today with the U.S. Securities and Exchange Commission. State-Boston Retirement System of Massachusetts and several individual ImClone shareholders claim the company provided too little information […]
White River Capital Inc. today said it will buy back as many as 150,000 shares, or about 3.9 percent, of its common stock outstanding as of June 30. The Indianapolis-based company is the parent of Coastal Credit LLC, of Virginia Beach, which acquires sub-prime loans from franchised car dealers, and of locally based Union Acceptance […]
GyanSys Inc., an Indianapolis software developer that integrates supply chain management, payroll and other business functions, plans to create 139 jobs within the next six years, the Indiana Economic Development Corp. said today. The hiring will result from a $3 million headquarters expansion on the northeast side. The company currently has 17 workers. The state […]
The 13-person search committee charged with finding candidates for Indiana University’s soon-to-be vacated athletic director position has paired its short list down to three candidates, according to two sources within IU’s athletic department.
Indianapolis…
Evansville-based Old National Bancorp today reported $17 million in third-quarter profit. The 26 cents per share was 25 percent less than a year earlier and a penny less than expected by analysts surveyed by Thomson Reuters. The parent of Old National Bank also lowered its full-year guidance to $1.10 to $1.15 per share from its […]
A B.F. Goodrich Co. tire plant in the northeastern Indiana town of Woodburn will temporarily lay off as many as 500 of its workers for two months, according to The News-Sentinel of Fort Wayne. The layoff, which begins Nov. 1 and amounts to about 40 percent of the local work force, was forced by the […]
The honeymoon in Australia between the Indy Racing League and locals ended almost before it began. The day after local newspapers published huge sections featuring the IRL race and drivers, local stories came…
The city is looking for a new tenant for the former Broad Ripple Monon rail station at 901 East…
A year after a group of private-equity investors took over Biomet Inc., CEO Jeff Binder has told a Fort Wayne newspaper that he expects the company to be taken public again. Binder didn’t predict when the transition might take place, but said that the move likely would make more sense than an outright sale, The […]
A new rail route launched last month between Los Angeles and CSX’s Avon rail yard could give a further boost to Hendricks County’s booming warehousing-and-distribution industry. The county already hosts some 29 million square feet of warehouse space. However, it lacked a direct connection to the teeming Port of Long Beach in Los Angeles, a major gateway for U.S./ Asian trade. Anyone in the Hendricks County area wishing to send or receive goods from that port by rail had to…
