Inside Indiana Business: Cummins acquisition accelerates electrification ambition
Inside INdiana BusinessInside INdiana Business

Inside Indiana Business: Cummins acquisition accelerates electrification ambition

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Columbus-based Cummins is continuing its drive to become a world leader in electrified power technology. Electrified Power Business Unit Executive Director Julie Furber says Monday's acquisition of Efficient Drivetrains, a fully-electric and hybrid commercial vehicle business in the Silicon Valley, is part of an expected $500 million investment over the next three years in electrification technology.

Tennessee company adds major Hoosier homebuilder: A company that has built more than 13,000 homes in central Indiana since 1994 has been acquired. Financial terms for the Clayton Properties Group deal for Indianapolis-based Arbor Homes are not being disclosed. The new owner is a division of Tennessee-based Clayton Home Building Group, a Berkshire Hathaway affiliate.

Elkhart institute to address RV technician shortage: The Virginia-based Recreational Vehicle Industry Association has created a new foundation, the RV Technical Institute, which will be located in Elkhart. The association says the $10 million investment will include a new headquarters and training facility, which aims to address the shortage of trained technicians in the RV industry and to implement metrics to track the RV customer experience.

Work begins on bioscience building: Construction has begun on the $40 million Bioscience Innovation Building on the Hammond campus of Purdue University Northwest. The facility, which will house the university's College of Nursing and biological sciences department, is expected to be complete in 2020.

Steel Dynamics completes $400M acquisition: Fort Wayne-based Steel Dynamics has completed its $400 million acquisition of Heartland Steel Processing in Terre Haute. Steel Dynamics says the deal will expand its annual flat roll steel shipping capacity to 8.4 million tons and total steel shipping capability to 12.4 million tons.

Former CEO sentenced to prison in kickback scheme: The former chief executive officer of American Senior Communities in Carmel was sentenced Friday in federal court after a three-year investigation. U.S. Attorney Josh Minkler's office says James Burkhart will serve more than nine years in prison for his role in a massive fraud, kickback, and money laundering conspiracy.

California company moving HQ to Indy: A San Diego-based financial services company is moving its headquarters to Indianapolis. SettlementOne plans to invest nearly $3.6 million to relocate to the city's downtown and create up to 237 jobs by the end of 2021.

BASi adds Missouri lab: West Lafayette-based Bioanalytical Systems has announced an agreement to acquire a Missouri contract research consultant. The deal for Seventh Wave Laboratories involves $7 million in cash and 1.5 million BASi shares. BASi Senior Vice President of Preclinical Services Philip Downing calls the combination "an excellent strategic fit." The move follows BASi's investment late last year to expand its laboratory operations in Mt. Vernon.

School counseling efforts land $12.2M: Indianapolis-based Lilly Endowment is continuing a focus on boosting school counseling programs throughout the state. The endowment has awarded $12.2 million in grants to 39 school corporations and charter schools. The funding is the second round of Comprehensive Counseling Initiative grants. The program is designed to support development of new approaches by schools with counseling staffs that are increasingly being occupied by issues like the opioid epidemic and responsibilities not related to counseling.

Startup building in Crawford County Industrial Park: A southern Indiana startup has announced plans to build a new facility in Crawford County. SIMCO of Southern Indiana will construct and equip the facility in the Crawford County Industrial Park, creating 10 jobs by 2021. SIMCO focuses on the manufacturing of reflective bubble insulation products. Financial terms of the project are not being disclosed, however the Indiana Economic Development Corp. says the facility is expected to be fully operational by December.

New leadership, growth vision at restaurant group: Fort Wayne's new Ruth's Chris restaurant, which opened in May in the heart of the city's burgeoning business district, is the sixth steakhouse franchise for Hoosier Hospitality Group. New owner Ryan Rans, who along with wife Kristy acquired the company from well-known restaurateur Larry Griggers, says the decision is already paying dividends.

Indiana lands $54M in HUD funding: The U.S. Department of Housing and Urban Development has awarded Indiana more than $54 million in funding. The Indiana Office of Community and Rural Affairs says the funding will be used for housing, community, and economic development activities, assistance for low and moderate-income residents, as well as those with special needs.

Greenwood sports complex scrapped: Plans for a $40 million sports and entertainment complex in Greenwood are now off the table. In a statement released Tuesday afternoon, Mayor Mark Myers cited "circumstances beyond our control" for the development not coming to fruition.

Development doesn't stop at Grand Park: The city of Westfield's chief of staff says the latest development underway at Grand Park marks another step in the 400-acre sports complex's goal of being "the single destination for youth sports" in the country. Todd Burtron says the $5 million Pro X Athlete Development facility demonstrates Grand Park's potential in the business of sports that goes "beyond tournament play."

Sun King Spirits opens in Carmel: Indianapolis-based Sun King Brewing Co.'s latest venture has officially launched. The brewery has opened the doors of Sun King Spirits, a 15,000-square-foot craft distillery and taproom in Carmel.

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