You choose, we deliver
If you are interested in this story, you might be interested in others from The Journal Gazette. Go to www.journalgazette.net/newsletter and pick the subjects you care most about. We'll deliver your customized daily news report at 3 a.m. Fort Wayne time, right to your email.

Business

  • Potential sale puts jobs in jeopardy
    Almost 200 jobs are in jeopardy as an Illinois-based lawn and garden company negotiates its sale, according to a filing with the Indiana Department of Workforce Development.
  • New rules on banks' risk in mortgage bonds eased
    New U.S. rules aimed at getting banks to take on more of the risk when they package and sell mortgage securities are being relaxed with an eye to spurring broader home lending.
  • CVS tacks tobacco payment to prescription network
    First, CVS Health pulled tobacco from its store shelves. Now, it plans to make some customers think twice about filling prescriptions at other stores that still sell smokes.
Advertisement
Briefs

SDI earns tax break on project

State and Whitley County officials have approved more than $1.2 million in tax breaks on Steel Dynamics Inc.’s planned $27 million investment at its Columbia City operation.

The project, announced Nov. 27, is expected to create 40 new jobs by 2016.

Whitley officials on Tuesday approved tax abatements on property and equipment that will save the Fort Wayne-based steelmaker about $750,000.

Don Amber, chairman of the Whitley County commissioners, commended the employer.

“Our local leaders will continue to work proactively to encourage the investment of companies like SDI in our community,” he said in a written statement.

The Indiana Economic Development Corp. has offered the company up to $500,000 in tax credits that can be used only if Steel Dynamics meets its job creation goals.

The investment will allow Steel Dynamics to manufacture 320-foot-long rails, as compared to the 80-foot rails made by the company’s domestic competitors.

Longer rails require fewer welds per mile, which reduces costs and the chances of weld-related problems for railroads.

Whitley firm shares big defense contract

Erapsco Inc. has been awarded a $71.1 million contract for the Naval Air Warfare Center Aircraft Division, the U.S. Department of Defense announced Tuesday evening.

The company will make 83,500 sonobuoy sensors that detect, classify and locate other countries’ submarines during combat and peacetime operations. The order exercises an option from a previously announced contract. The work is expected to be completed by January 2015.

Erapsco is a 50-50 partnership between Undersea Sensor Systems Inc. of Columbia City and Sparton Electronics Inc. of DeLeon Springs, Fla. The contract calls for 59 percent of the work to be done in Columbia City and the rest in DeLeon Springs.

Home prices rise by most in 6 years

A measure of U.S. home prices rose 6.3 percent in October compared with a year ago, the largest yearly gain since July 2006. The jump adds to signs of a comeback in the once-battered housing market.

Core Logic also said Tuesday that prices declined 0.2 percent in October from September, the second drop after six straight monthly increases.

Advertisement