• E-Edition
• Home
• News
• Sports
• AP
• Obituaries
• Classifieds
• Jobs
• Autos
• Homes
• Garage Sales
• Coupons
• Subscribe
• Archive
• Services
• Contribute
• Blogs

Toyota begins production of SUV at Indiana plant

Share Story:     E-mail Story    |    Print Story    |    Comments    |   

PRINCETON, Ind. (AP) -- Toyota Motor Corp. says it has begun production of its Highlander sport-utility vehicle at its truck complex near Evansville.

The assembly line in the Toyota West plant underwent a $500 million retooling to handle the midsize Highlander after production of the Tundra full-size pickup was moved to San Antonio, Texas.

Toyota West will continue producing the full-size Sequoia SUV, while the Toyota East plant assembles the Sienna minivan. The complex employs 4,200, following the recent buyouts of about 400 workers. Toyota operates 14 plants in North America.

Soup performance: The Campbell Soup Supply Co. has been named to the Dow Jones Sustainability Index (DJSI) for the first time. Launched in 1999, the DJSI tracks the financial performance of leading sustainability driven companies worldwide. In selecting the top performers in each business section, the DJSI reviews companies on economic, environmental and social dimensions.

Inks Deal: Liz Claiborne Inc. said Thursday that its namesake line of clothing will be sold exclusively at J.C. Penney Co., as part of a 10-year deal that the clothing maker hopes will help reverse its fortunes. Under the licensing agreement, the chain will be the sole U.S. department store to sell the company's lines of women's wear, along with its Liz & Co. and Concepts by Claiborne brands. The deal also includes accessories, shoes, household products and men's clothing. An expanded line of Claiborne-branded items will be available at J.C. Penney next fall.

Buy the dome: The former home of the Detroit Lions will be sold at auction to the highest bidder -- regardless of the price. Pontiac Emergency Financial Manager Fred Leeb tells the Detroit Free Press the suburban Detroit city is "excited about the upcoming sale of the Silverdome." The city spends about $1.5 million annually to maintain the empty structure, which stands on 127 acres. Tulsa, Okla.-based Williams & Williams is conducting the auction and accepting sealed bids through 4 p.m. on Nov. 12. The top five bidders may be invited to a live auction on Nov. 16. There is no minimum bid, but a $250,000 deposit is required to tour the facility.

Hard hit: Zimbabwe's largest textile company is to close, shedding 1,400 jobs in a blow to efforts to kick-start the troubled country's economy. The company manufactures textiles, printed and dyed fabrics. It says it can no longer afford to pay wages after the National Employment Council for the textile industry raised salaries 66 percent. An increase in electricity costs also has compounded the company's financial difficulties. The company is also facing competition from cheaper imported fabrics. Its collapse is expected to negatively affect related industries in the retail, furniture and medical sectors.

Oil deal: Occidental Petroleum will buy Citigroup's oil and gas trading unit Phibro for $250 million. The sale consists of cash, marketable securities and commodity positions. The sale is expected to close by the end of the year. Citigroup has come under fire for a hefty 2009 pay package of Andrew J. Hall, the leader at the Phibro energy trading unit.

Indian automaker: Tata Motors has raised $750 million from international markets to help pay for its 2008 acquisition of Jaguar and Land Rover from Ford Motor Co., the company said Friday. Tata Motors said it's issuing 29.9 million new shares, worth $375 million, in the form of Global Depository Shares at $12.54 per share. Tata Motors initially wanted to raise funds from international markets to roll over a $3 billion bridge loan it had taken out to pay for the acquisition of the two money-losing luxury auto brands and which came due in June. But it was forced to postpone the offering because of the global recession.

Drug issue: Shares of Acorda Therapeutics plummeted Friday after the Food and Drug Administration issued a negative opinion that questioned the safety and effectiveness of the company's multiple sclerosis drug. A panel of FDA advisers is scheduled to meet next week to vote on Acorda's Fampridine-SR, which is designed to improve patients' ability to walk. Multiple sclerosis affects the brain and nervous system, causing loss of balance, muscle spasms and other movement problems. In briefing documents, the FDA raised serious questions about whether the drug's benefits outweigh its risks, which include seizures. Acorda shares fell $3.71, or 16.7 percent, to $18.57 in midday trading. The company's stock has traded between $14.42 and $29.27 in the past year.