INSIDE INDIANA BUSINESS: Simon: Spinoff Allows Global Focus

2013-12-13T12:46:00Z INSIDE INDIANA BUSINESS: Simon: Spinoff Allows Global FocusGerry Dick Inside Indiana Business nwitimes.com
December 13, 2013 12:46 pm  • 

Thirteen Indiana properties are expected to be part of a new company that will be a spinoff of Indianapolis-based Simon Property Group Inc. Several are in the Indianapolis area, but shopping centers in Kokomo, Muncie and Lafayette are also among those that will eventually be run by the new company. Simon announced the plans this morning, saying the move will allow the company to focus on bigger shopping centers including the Mills and Premium Outlets concepts. During a morning conference call, Chief Executive Officer David Simon said the announcement coincides with the 20th anniversary of the company's initial public offering.

INDOT Considering Another I-65 Expansion

The Indiana Department of Transportation is looking into the possibility of expanding Interstate 65 to six lanes between Indiana 38 and Indiana 25 in Tippecanoe County. Spokesman Will Wingfield says INDOT is "ready to move quickly" if funding becomes available for the estimated $69 million project. He says the proposal would be the latest in a series of improvements to I-65.

Hoosier Companies Plan Closures

Two companies have announced closings that are expected to affect 250 Indiana workers. In a notice to the Indiana Department of Workforce Development, Pearson Education says it plans to "phase out" of a Lebanon warehouse. South Bend-based Fulton Industries Inc. tells the state it will close a Rochester plant.

Centaur to Fund Equine Center

The owner of Indiana Grand Racing & Casino is giving $2.7 million to Purdue University's College of Veterinary Medicine. The funding will be used to build the Centaur Regional Equine Diagnostic and Surgical Center in Shelbyville.

NCAA Unveils Final Four Logo

The NCAA has unveiled the logo for the 2015 Men's Final Four in Indianapolis. The event marks the seventh time the city has hosted the event.

Cummins Wellness Center Planned For Columbus

Columbus-based Cummins Inc. is planning an employee wellness facility. The center is expected to be located near the company's corporate headquarters.

New Hotel Coming to St. Joseph County

Developers have broken ground on a nearly 100-room hotel in Granger. South Bend-based Holladay Properties says the Hampton Inn and Suites is expected to employ 20 when it opens in August.

Santa Claus Makes Global Destination List

The Town of Santa Claus is on a list of the world's most "Christmassy" destinations. Other places named by CNN include New York City, Barcelona and Nuremberg.

Hurco, Vincennes Partnership Moves Forward

Indianapolis-based Hurco Companies Inc. has started to install more than $1.5 million in advanced manufacturing machines at the Vincennes University Technology Center. The partnership will allow Precision Machining Technology students study on state-of-the-art equipment.

Bank Earns Small Business Lender of The Year Honor

The Indiana Statewide Certified Development Corp. has named Wayne Bank and Trust in Richmond the state's 2013 Small Business Lender of the Year. The award is based on the volume of loans with the CDC as a percentage of bank deposits.

Salin Adds to Executive Team

Indianapolis-based Salin Bank & Trust Co. has named Matt Fields vice president. He previously worked at Fishers-based FORUM Credit Union and First Capital Bank in Carmel.

Ivy Tech Announces Development Exec

Ivy Tech Community College has named Thomas Kilian executive director of development for the central Indiana region. He previously served in a similar role for Ivy Tech in South Bend.

For more Inside Indiana Business, visit www.insideindianabusiness.com.

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