United States agrees to lift tariffs on British steel, aluminum
In return, the British agreed to lift retaliatory tariffs on U.S. exports, including whiskey.
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Toyota idling output at Indiana assembly plant for five days
Toyota Motor Corp. plans to pause production at its Princeton assembly pant because of supply chain disruptions. The Princeton plant assembles the hybrid Sienna minivan, the Highlander/Highlander hybrid SUV and the Sequoia full-size SUV.
Cummins halting all business operations in Russia
Cummins has operated in Russia for decades and has 700 employees in that country, but on Friday the company said it was halting all operations in Russia “indefinitely” because of Russia’s invasion of Ukraine.
Companies confront tough choices in Russia, Ukraine
Indiana-based firms are struggling with how to protect their employees and their business interests in those countries while also condemning the Russian government’s actions.
Stevanato inks deal for vaccine vial manufacturing in Fishers
The firm is in the midst of construction for its $145 million, 370,000-square-foot manufacturing facility in Fishers, which began last September.
Local specialty chemicals firm lands $4.6M in funding round
MITO Material Solutions Inc. said it will use the investment to expand its Indianapolis operations, including new lab space for developing products and new composite material technologies.
Battery maker relocating to Indy, planning more than 100-plus jobs
EnPower Inc. is moving from Phoenix into a facility previously operated by EnerDel Inc. on the city’s northeast side.
Entertainment firm relocating to Indianapolis, plans to hire up to 30
Creative Works, which designs and manufactures entertainment and recreation venues, will bring with it more than 70 jobs, and the firm expects to create up to 30 more by the end of the year.
Car dealers are raising prices. Automakers are pushing back. Consumers are stuck in between.
Soaring car prices have set off a battle between automakers and independent dealers, with consumers routinely paying hundreds, often thousands, more than the listed price amid a protracted vehicle shortage.
COVID-19 truck blockade in Canada leads to auto plant shutdowns
The blocked bridge carries 25% of all trade between the two countries, and Canadian authorities expressed increasing worry about the economic effects.
Cummins to acquire brake manufacturer for $325M
Cummins announced Wednesday that it’s signed an agreement to purchase Connecticut-based Jacobs Vehicle Systems from its current owner for $325 million. The deal is expected to close later this year.
House passes bill to boost U.S. computer chip production
Democrats muscled through legislation in the House on Friday that they say positions the United States to better compete with China economically and on the global stage
Former Cummins employee sentenced to prison in $4.8M fraud case
Prosecutors say the Ohio man, who formerly worked for Cummins in Michigan, stole profit-sharing money that was supposed to have been distributed to company employees.
U.S. manufacturing activity slows to 11-month low
While the December performance still reflected strength in manufacturing, there were concerns that the current global surge in COVID-19 cases, largely the highly infectious omicron variant, could further depress manufacturing in coming months.
French biotech firm expanding to Brownsburg, planning $15M facility
Orano Med LLC says the facility will be used to manufacture and distribute radiopharmaceuticals to treat cancer at hospitals throughout the country.
Manufacturers embrace advanced technology, but carefully
A growing number of Hoosier companies say advanced technology is improving productivity and profits, but that choosing and implementing the right tech can be challenging.
Fed survey finds supply chain shortages boosting inflation
In a survey of business conditions, the Fed’s 12 regional banks found that the economy continued to grow at a modest-to-moderate pace. But because of supply chain problems, price increases were reported to be widespread across the economy.
Allegion Ventures launches $100M technology investment fund
Allegion says it had such success with its first investment fund, which launched in 2018, that it’s now starting a second fund that’s twice the size of the original.
Deere warns striking workers not to expect better offer
The rejected contract offer would have covered more than 10,000 Deere workers at 12 facilities who make the company’s iconic John Deere green tractors and other equipment.
Elkhart-area RV industry boosted by record shipments
Figures compiled by the RV Industry Association show factories shipped about 55,000 units during September, setting a record for most shipments in a single month and a 32% increase from September 2020.