Ball State University today launches its most ambitious capital campaign ever. The three-year, $200 million fundraising effort is being kick-started with today's announcement of 22 gifts of $1 million or more. Vice President for Advancement Ben Hancock says the "Ball State Bold" campaign will fund some of the university's strategic plan initiatives. He says it is the third capital campaign in Ball State's history and has a higher target than the first two efforts combined.

New company joins technology park

WestGate@Crane Technology Park is welcoming another technology and engineering firm. NAVMAR Applied Sciences Corp. will occupy 7,000 square-feet of new construction in the technology park. NAVMAR is expected to employ up to 20 people by the end of the year. The company currently services Department of Defense contracts through NAVAIR (Naval Air Systems Command).

Russian firm purchases Indiana steel company

Russia-based Novolipetsk Steel is acquiring Beta Steel Corp. in Portage for $400 million. The deal still needs regulatory approval. It is expected to close in the fourth quarter of 2008. The acquisition follows the Russian company's deal to purchase John Maneely Company, which is one of the largest U.S. pipe and tube processors.

Indiana incubator achieves full occupancy

The Anderson Business Incubator, which is managed by the Flagship Enterprise Center, has reached capacity. It has taken less than two years to lease the 10,000 square-feet to a total of nine clients. Flagship Enterprise Center Executive Director DeWayne Landwehr says the milestone is a significant achievement for the Anderson-area economy, which has been "beat down" by job losses over the last 15 years. DeWayne says the risk taken by the city in setting up the incubator has paid off.

Delphi to invest $160 Million in Indiana

In a move city officials say will help retain more than 3,000 jobs, Delphi Electronics & Safety plans on investing $160 million in its Kokomo operations. Delphi says the investment will mean new equipment and new products it hopes will position the company for growth. Uncertainty has surrounded the Delphi operations in Kokomo for several years and just last month the company announced that it is eliminating 600 positions from its North American workforce, most of those in Kokomo.

Kellogg purchases Indiana company, will add 300 jobs

The president of the Terre Haute Economic Development Corporation believes the purchase of IndyBake LLC makes the long term future of the Seelyville facility much brighter. Steve Witt says the investment by Kellogg Co. (NYSE:K) follows other positive economic developments in the Terre Haute area this year, such as the start of production at Boral Bricks Inc. and the expansion of Sony Corp.'s (NYSE: SNE) Blu-ray Disc manufacturing operations.

Tech transfer deal to be announced in Evansville

Official: Crane Partnership Has "Unlimited Potential" For Jobs A technology transfer partnership between the Growth Alliance for Greater Evansville (GAGE) and Crane Division, Naval Surface Warfare Center will be announced this afternoon, bringing with it the potential to impact companies in 28 counties and three states, officials tell Inside INdiana Business. The announcement will be made at Innovation Pointe, the downtown Evansville incubator managed by GAGE. The deal will allow businesses to access Crane's sophisticated technology and dozens of patents with the goal of helping companies commercialize new products and innovation.

Merger to create largest financial holding Co. in central Indiana

Muncie-based First Merchants Corp. (NASDAQ: FRME) says it has signed a definitive agreement to acquire Lincoln Bancorp (NASDAQ: LNCB) in Plainfield for as much as $77 million. The two companies will have combined assets of $4.7 billion,creating what they call the largest financial holding company based in Central Indiana. The merged company will have 82 banking offices in 23 Indiana and three Ohio counties. First Merchants says the franchise fits well with its strategic direction, specifically in Johnson and Hendricks counties, two of Indiana's fastest growing markets.

Kimball to sell thousands of acres

Japser-based Kimball International Inc. (NASDAQ:KBALB) has confirmed it is selling all of its undeveloped land and timberlands. The company owns approximately 27,000 acres in Indiana and Kentucky. President and Chief Executive Officer Jim Thyen says the company wants to use money from the sale to fund growth strategies in its furniture and electronics businesses. Kimball started acquiring the land in 1963 as a strategic reserve for wood.

Economic development leader to step down

The leader of the Economic Development Corporation of Wayne County has announced his resignation. President and Chief Executive Officer Jim Dinkle says he will step down from the post in November to pursue private sector interests. He has led the agency since December 2006. Dinkle will remain to lead the organization's trip to Japan, which begins Friday.

Mayor calls for sale of Casino Aztar

Evansville Mayor Jonathan Weinzapfel has written to the Indiana Gaming Commission urging it to require that Tropicana Entertainment LLC sell Casino Aztar Evansville. Tropicana had an agreement to sell the property to El Dorado Resorts LLC, but Tropicana filed for bankruptcy, calling the deal into question. Weinzapfel says "neither management changes nor the bankruptcy filing should affect the Indiana Gaming Commission's determination of the need for new ownership."