Monthly Archives: April 2010

Notes: WellPoint Withdraws California Rate Hike

Posted on by
Reply

Indianapolis-based WellPoint is withdrawing its controversial request for a 39% rate hike in California, citing mathematical errors.

Insurance giant Anthem Blue Cross withdrew plans to raise health insurance rates for Californians by as much as 39 percent after an independent audit determined the company’s justification for raising premiums was based on flawed data, state Insurance Commissioner Steve Poizner said Thursday.

Anthem, a unit of Indianapolis-based WellPoint Inc., said separately it will file a new application for a rate increase with the California Department of Insurance and the Department of Managed Health Care, perhaps as early as next month. It added that any errors in its original application were inadvertent.

“The current application that was withdrawn today was just flawed,” Poizner said during a conference call with reporters. He added that it contained mathematical errors and in some instances double counting of data.

Neither Poizner nor Anthem officials said just how big the insurance giant’s next proposed increase would be.

Merrillville-based Centier Bank is expanding operations in Lafayette.

Navistar would save money if it stayed in Fort Wayne, but the company is still moving forward with plans to consolidate operations in Illinois.

Today’s Vera Bradley Outlet Sales is expected to pump $6 million into the Fort Wayne economy.

Time magazine named a Goshen doctor to its list of the 100 most influential people.

A study of future developments at the Gary/Chicago Airport will be released next week.

Modern Door Expands in Walkerton

Posted on by
Reply

Modern Door Corporation today announced plans to expand its manufacturing operations in Walkerton, creating 20 jobs by 2013.

Modern Door Corporation, a subsidiary of Wisconsin-based Plyco Corporation, specializes in steel, aluminum and fiberglass walk doors and ventilation products commonly used in commercial post frame and metal clad buildings such as agriculture, equestrian or hobby buildings. The company’s expansion calls for a $770,000 investment in machinery, equipment and building improvements to prepare for production of a new line of doors for the post frame and light commercial markets.
Continue reading →

Notes: Duke Reports Leasing Activity Up

Posted on by
Reply

Indianapolis-based Duke Realty reports that leasing activity was at a five-year high in the first quarter.

The company, which reported first-quarter results in line with analyst expectations, said it leased 5.5 million square feet of space during the three-month period that ended March 31.

During the quarter, Duke sold properties worth $122.6 million, none of which are located in Indiana. And the company acquired 20 percent of two office buildings in South Florida for $8.7 million.

Overall portfolio occupancy edged up to 87.5 percent, from 87.2 percent on Dec. 31, 2009.

Sallie Mae facilities in Muncie and Fishers were not affected by the organization’s initial round of job cuts stemming from changes in the federal student loan program.

JD Norman Industries, an Illinois-based manufacturer, is in early negotiations with GM to by GM’s Indianapolis stamping plant, which is scheduled to close in the fall of next year.

The unemployment rate dropped significantly in the Louisville MSA, which includes Clark and Floyd counties in Indiana, in March.

The Newport Chemical Depot Reuse Authority is planning water and electrical upgrades to the 7,000-acre property, and is considering adding a rail line, in hopes of attracting companies and jobs to the Wabash Valley.

AM General has landed a contract to produce taxis for a Michigan company.

Murpac Opens in Fort Wayne

Posted on by
Reply

Murpac Services Inc. is locating operations in Fort Wayne. The company, which refurbishes reels for wire, will lease space at the Coastal Commerce site, located at 3405 Meyer Road. Murpac Services is investing $500,000 in the project and will add 30 jobs. Project completion is scheduled for May 2010.

“As a company, we believe this is the ideal location for us to conduct business,” said Donald Murry, president of Murpac Services. “Our proximity to the companies we supply gives us an advantage and is of great importance to the prosperity of Murpac Services. This expansion will play a pivotal role in the future success of our company.”
Continue reading →

Just Packaging Plans Indianapolis Facility

Posted on by
Reply

Just Packaging Indianapolis, Inc., a manufacturer of corrugated packaging, will site its newest manufacturing center in Indianapolis, creating up to 30 new jobs by 2012.

The company, which manufactures corrugated products for customers in a variety of industries, will invest more than $1.9 million to lease and equip an existing 60,000 square-foot facility on the city’s east side.
Continue reading →

Notes: Restaurant Revival Seen

Posted on by
Reply

Restaurants are finally starting to see diners return.

The meals aren’t fancy — and business is far what it was before the recession sent the nation spiraling — but restaurateurs big and small say they’re breathing a tentative sigh of relief as tables fill up.

Few restaurant chains release sales by month, but data from market research firm NPD Group showed the measure rose climbed for five of the past eight weeks at nearly four dozen fast-food and family-style restaurant chains.

In related news, Jeffersonville is home to a trio of new restaurants.

Small business lending in Indiana is up strongly in 2010.

WellPoint profits were up 51% in the first quarter.

Northwest Indiana’s air quality still stinks.

Bedford GM Plans Detailed

Posted on by
Reply

Lt. Governor Becky Skillman joined executives from General Motors, LLC today to announce the company’s plans to expand its Bedford manufacturing operations, adding 245 jobs by 2013.

GM Powertrain Bedford, one of the world’s largest aluminum die casting facilities, currently manufactures NorthStar engine blocks, four-speed transmissions and fuel efficient six-speed transmissions. The automaker plans to invest $111 million to add a semi-permanent mold cylinder head casting line for small block engines.

“Since the early days of the automobile, Hoosiers have demonstrated a strong commitment to engineering quality cars and trucks,” said Skillman. “With hundreds of jobs on the way, today is another significant sign of recovery for an industry hard hit by a challenging national economy.”
Continue reading →

Notes: GM to Invest in Bedford

Posted on by
Reply

GM is expected to announce a a $111 million investment in its Bedford plant today. Local officials helped secure the investment with a big tax abatement.

The Indiana Economic Development Corp. didn’t disclose additional details about the announcement Tuesday at the site about 60 miles south of Indianapolis. However, The Times-Mail newspaper reported the Bedford City Council last week approved a property tax abatement for the plant that involved $80 million in new machinery, 245 new jobs and $16 million in additional payroll.

GM’s Bedford foundry once had more than 1,200 workers, but that has declined to about 370.

Porter County continues to lose in its fight against the Regional Development Authority.

Spring planting is off to an early start.

The city of Elkhart is planning to tear down and clean up the old Elkhart Foundry and Machine Co. this year.

South Bend Company Completes Move

Posted on by
Reply

Royal Adhesives and Sealants, LLC has completed the relocation of its epoxy and urethane adhesive product line to its newly expanded South Bend manufacturing and research center.

This expansion has already added 9 jobs, with another 12 production, technical and administrative positions to be filled over the next twelve months in South Bend. The new staff will support the production of its high performance epoxy and urethane adhesives and electrical encapsulants business.
Continue reading →

Notes: Richmond Apartment Complex Construction Kicks Off

Posted on by
Reply

Construction of the 58-unit Nine North downtown apartment complex in Richmond will begin this week.

The project will include 58 units of one, two- and three-bedroom apartments for low- to moderate-income individuals and families. It also will include on-site management, maintenance and laundry, a community room and a business center.

In 2008, Herman & Kittle received $6.4 million in federal tax credits to sell over 10 years to help pay for the project, but an ailing economy had slowed that sale. In 2009, the company received a $1.6 million grant of federal stimulus money.

Wellpoint is delaying insurance rate hikes in California again.

The South Bend Tribune has launched ThriveMichiana.com, a Web site dedicated to high-tech businesses in the region.