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 DJIA 13,381.3 +9.6 / S&P 500 1,477.5 -3.6 / NASDAQ 2,662.5 +1.5
 |  |  Tonight: Scattered clouds, cold. Low 24. Tuesday: Turning cloudy, not as windy. High 39.
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|  Monday, December 3, 2007 |
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Peerless Pump sold to Danish company
One of Indianapolis' oldest industrial businesses, Peerless Pump Co., has been sold to Grundfos Group, a pump-making giant headquartered in Denmark, for an undisclosed price. The 425-employee firm had been owned by Monaco-based Thyssen-Bornemisza Group since 1976. Peerless, which has $110 million in annual sales, might add 50 manufacturing workers in Indianapolis over the next four years as Peerless pumps are sold through the much-larger network of Grundfos sales representatives. Management is expected to remain. 
Cohesant to be sold for $35 million
Indianapolis-based Cohesant Technologies Inc. has agreed to be acquired by Graco Inc. of Minnesota for $35 million. Graco said it intends to keep Cohesant's largest unit, GlasCraft, while spinning off the rest of the company. Among other products, GlasCraft makes equipment that sprays polyurethane foams.
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Indiana History Center to broaden programs
Indiana Historical Society leaders are scheduled to make a major announcement tonight about an expansion of programs at its Indiana History Center downtown. The local not-for-profit maintains an extensive research library and archives on the history of Indiana, among other activities. Details will be available at ibj.com this evening.
U.S. corporations in recession, report says
Companies are reporting declining profits and sales, which indicates they are in a recession, and the entire economy may follow suit, according to Bloomberg. Profit generated by American companies fell at an annual rate of $19.3 billion in the third quarter, said the report, which cited Commerce Department figures. Profit for companies in the Standard & Poor's 500 index dropped nearly 25 percent on a per-share basis in the third quarter-the largest year-over-year decline in nearly five years.
Marengo Cave to be movie site again
Hollywood will return to Marengo Cave after a six-year absence. Andrew Stevens Entertainment, a Beverly Hills, Calif.-based film production company, will film scenes for "Fire From Below" at the southern Indiana cave on Dec. 10-11, state tourism officials said. The last time the cave appeared in a Hollywood movie was in 2001 with "Madison," the story of a hydroplane racer and a struggling town chosen to host boat racing's Gold Cup.
White as IPS savior
You hear it over and over. Lots of young families would live downtown, or in the surrounding neighborhoods, if Indianapolis Public Schools didn't have a poor reputation. IPS enrollment has tumbled as parents leave the district or opt for one of the charter schools operating within IPS' boundaries. Superintendent Eugene White is remaking the district with sweeping initiatives aimed at improving student performance and slashing the dropout rate. What do you think of the job White is doing? Join the conversation at IBJ's new blog, News Talk.
From IBJ staff and Associated Press-Compiled by Norm Heikens
Judge to release files in abuse of murdered child
A Marion County Juvenile Court judge is expected to release 1,500 pages of state documents in the TaJanay Bailey murder case today. The 3-year-old died Nov. 27, the day her mother, Charity Bailey, 20, was due in court for a progress report on how she was raising the girl. Funeral services for TaJanay will be Dec. 5 at East Side Baptist Church, 2845 Baltimore Ave. Fox 59 will have the latest at 10 p.m.
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State lawmakers discuss property tax reforms
The House Ways and Means Committee held its first public hearing this morning on House Bill 1001, which contains Gov. Mitch Daniels' property tax proposal. The Senate's Tax & Fiscal Policy Committee will take up the issue tomorrow. Lawmakers hope to make significant progress on property tax reform before the legislative session starts in January.
Man in critical condition after overnight shooting
Police say a man was a victim of a drive-by shooting near North Keystone Avenue and Millersville Road northeast of downtown early this morning. The victim drove his car to a nearby police officer for help. He is in critical condition but is expected to survive.
Speedway shooting leaves man in serious condition
Police officers say they believe a shooting in Speedway early this morning was related to a drug deal. Officers say the man was shot in the chest at Coppertree Apartments before he walked to a neighbor's house. He is in serious condition.
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Park lands huge lease
Locally based Prime Distribution Services Inc. has signed the first lease, for 1.2 million square feet, in the massive new AllPoints Midwest industrial park in Plainfield.
Tough Love
Superintendent Eugene White believes the first step toward improving Indianapolis Public Schools is expecting more from faculty and students.
Regulators seek mortgage reforms
Real estate interests fear lawmakers will go overboard in fighting mortgage crime when the General Assembly convenes next year.
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