Machine shops basking in profits, good times

DJIA 13,680.9 -208.2 / S&P 500 1,518 -22.1 / NASDAQ 2,752.1 -47.3 Tonight: Gradual clearing, cooler. Low 48. Saturday: Sunny and splendid. High 70. Sunday: Mostly sunny, warmer. High: 81.
	Friday, October 19, 2007
	Machine shops basking in profits, good times Machine shops, the places where machines carve chunks of metal into parts used in everything from prosthetics to hydraulic pumps, are enjoying some of their best times in a decade. Industry observers say the companies are more financially sound than they've been since the '90s, and that they continue buying equipment to make themselves more efficient and competitive in the face of rising global competition. And their prosperity suggests the economy will thrive for at least several more months without the threat of a major slowdown.   Senators plan legislation to ban 'red-lining' A state lawmaker from Anderson wants to introduce legislation that would force companies receiving state incentives to open hiring to people from all parts of Indiana. The statement by Sen. Tim Lanane, D-Anderson, in the Anderson Herald Bulletin is another step in the developing controversy over the decision by Honda Manufacturing of Indiana to accept applications for 2,000 production jobs from only 20 counties near the Greensburg plant. State Rep. Scott Reske, D-Pendleton, also was quoted in the newspaper as saying he would back the legislation.
	Select Snacks might close Jeffersonville plant Chicago-based Select Snacks Co. Inc. has told state officials it might close its Jeffersonville plant in December. About 245 jobs are at stake, according to The Courier-Journal of Louisville. A buyer is interested in the plant, which has been put up for sale as part of the company's Chapter 11 bankruptcy reorganization, Select Snacks said. The company is owned by Ubiquity Brands LLC, also headquartered in Chicago. Realtor complaints will rise, regulator predicts The rising tide of mortgage foreclosures will result in increased complaints about real estate agents, the chairman of the Indiana Real Estate Commission told The Times of Munster in an interview. Tim Reed, a Valparaiso agent who has been a commission member since 1992 and the chairman since 1998, said many homeowners don't even know yet that they're hurtling toward foreclosure. "We haven't even seen the tip of the iceberg on the foreclosure issues," Reed said.   Beck joins Geneva Capital Group Steven J. Beck has joined the Chicago-based commercial real estate and investment firm Geneva Capital Group as managing director of its office in downtown Indianapolis. Beck most recently was involved in helping raise a seed-capital fund called IVC Equity Partners. Prior to IVC Equity Partners, he launched and was president of the Indiana Venture Center, a not-for-profit that helps entrepreneurs grow their businesses. Beck was a long-time Indianapolis banker. Enterprise Center small-business incubator sold The near-east-side Indianapolis Enterprise Center has been sold to an undisclosed buyer from California. Seller Scott Meyers purchased the 200,000-square-foot incubator in May 2005 and has since added 34 companies and 10,000 square feet of office and warehouse space.   FedEx Ground suit approved for class-action status A federal judge has approved class-action status for a lawsuit filed on behalf of about 14,000 FedEx Ground delivery drivers. The drivers contend their status with FedEx Ground, a division of Memphis, Tenn.-based FedEx Corp., as independent contractors is illegal and that they have been deprived of their rights and of medical, pension and other benefits given to other company employees. FedEx said it plans to appeal the decision released Oct. 15 by District Judge Robert L. Miller Jr.   From IBJ staff and Associated Press-Compiled by Norm Heikens
	Police look for suspects in fatal east-side shooting Metro Police say someone chasing three men in a Jeep early this morning caused the driver to crash into a house at 28th and Stuart streets northeast of downtown. The driver and passengers jumped out of the Jeep and escaped on foot, but the attackers followed, shooting and killing the driver. Police are trying to track down one of the passengers. Fox 59 will have more at 10 p.m. State of emergency declared in Nappanee Authorities suspect a tornado touched down in Nappanee last night, causing them to declare a state of emergency. Police say five people in the northern Indiana town suffered minor injuries and several buildings were destroyed or damaged. Strong thunderstorms and hail also were reported in counties across the state.
	Shot fired at Clay County school Van Buren Elementary School in Brazil is back in session today after someone fired a shot through a cafeteria window yesterday. School officials say lunch hour had just finished when the shot was fired. A janitor was injured by flying glass. Police are looking for a black van with no side windows that witnesses say was in the area at the time. Richmond officials await staph test results Officials in Richmond are awaiting test results to determine if a local high school student's staph infection is MRSA. MRSA is a potentially deadly antibiotic-resistant form of staph. Also known as "the superbug," it is responsible for the recent deaths of three students across the nation. Visit IBJ's Web site, www.ibj.com Indianapolis Business Journal has launched a redesigned Web site with news updated throughout the business day. At www.ibj.com you will find the latest business news from the Indianapolis area and around the state, video of IBJ events, CEO interviews from the Inside IBJ radio program, and our weekly podcast.
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