For the first time in four years, Toyota Motor Manufacturing Indiana Inc. will transition some temporary workers to full-time status in the fall. New TMMI President Norm Bafunno tells Inside INdiana Business the decision is based on a slow, but steady growth pattern for the vehicles produced at the sprawling Gibson County plant. He expects the facility to produce about 240,000 units this year, compared to about 110,000 in 2009.
Lilly Will Continue to Pursue Acquisitions
Indianapolis-based Eli Lilly and Co. (NYSE: LLY) will continue to pursue acquisitions and alliances as it searches for ways to get pharmaceuticals out of its pipeline and to the market more quickly. Lilly Chief Executive Officer John Lechleiter says "the deal flow has increased." The comment follows Lilly's completion of a deal this week for Boston-based Alnara Pharmaceuticals and this morning's earnings report showing a 16 percent jump in second quarter profit and an increase in guidance for the second half of the year.
Family Gives $1 Million Gift to Kelley School
Indiana University's Kelley School of Business has received a $1 million gift from the Graf family, which includes four generations of alumni. FedEx Corp. Executive Vice President and Chief Financial Officer Alan Graf Jr. and his wife made the donation to endow the Graf Family Professorship.
Leading Index Declines in June
The Leading Index for Indiana continues to retreat. The compilation of economic components from the Indiana Business Research Center at Indiana University's Kelley School of Business dropped more rapidly in June, compared to a decline in May. IBRC Director of Economic Analysis Tim Slaper says even though the index fell, it still provides indications the economy is expanding, but at a slower pace.
ITT Q2 Profit Increases
Carmel-based ITT Educational Services Inc. says net income for the second quarter rose to $96 million, or $2.68 a share, from $71.1 million, or $1.85 a share, a year ago. The for-profit education provider says total student enrollment increased 21 percent to 84,695.
Zimmer Q2 Profit Drops
Warsaw-based Zimmer Holdings Inc is reporting second-quarter earnings fell to $165.5 million, or 82 cents a share, from $210.1 million, or 98 cents a share, a year earlier. The medical device maker also says it has entered into an agreement to acquire Beijing Montagne Medical Device Co. Ltd., a growing Chinese orthopaedic implant maker.
KeyCorp Returns to Profitability
Cleveland-based KeyCorp posted a second quarter profit of $29 million, compared to a $390 million loss for the period a year earlier. Chief Executive Officer Henry Meyer cautions that "uncertainty remains" and loan demand is soft, but says improving credit quality and cost cutting efforts are behind Key's best performance since the first quarter of 2008. Key operates 41 branches in central Indiana and 30 additional branches in northern Indiana.
Klipsch Lands Mexican Distribution Deal
Indianapolis-based speaker manufacturer Klipsch has struck a Mexican distribution deal. The company has announced a new partnership with consumer electronics distributor Tesco to provide Mexican retailers with Klipsch audio products.
Posey County Receives Economic Development Grant
Posey County will create an economic development plan with a $50,000 grant from the Indiana Office of Community and Rural Affairs. Some of the funding will be used to assess the shovel-ready status of two industrial/business sites in the community.
Ivy Tech Receives Operation Diploma Funding
Operation Diploma, an initiative of the Military Family Research Institute at Purdue University, is providing a nearly $300,000 grant to Ivy Tech Community College. The funding will be distributed among the institution's 14 regions to develop programs and policies for student service members and veterans.
South Bend Names Director to Recruit Downtown Businesses
The city of South Bend has filled the newly created position of director of downtown business recruitment. Tamara Nicholl-Smith will work out of the city's department of community and economic development with an immediate focus on a plan to reuse the site of the College Football Hall of Fame, which is relocating to Atlanta, Georgia.