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Return to 2003
YEAR IN REVIEW
Top business stories in 2003
Published: Dec. 28, 2003
The Indianapolis Star
Indiana, like most of the nation, continued to suffer from cutbacks,
layoffs and a slow economy in 2003. But some of the state's leading companies
had some gains that were big in size and scope.
The costs and consequences of Conseco's Chapter 11 reorganization
contrasted with Anthem's effort to merge with California-based WellPoint Health
Networks to become the nation's largest health insurer. They are among the year's
top regional business stories, as determined by The Indianapolis Star's business
reporters and editors.
The state's economic and jobs struggles
The Star's series "State of Decline" documented the
economic cost of the 90,000 manufacturing jobs lost in Indiana since 2000 and
the state's difficulty in replacing them. The state's economic struggles --
from the planned closing of the Chrysler Foundry to Indiana's distinction as
the nation's bankruptcy capital -- affected individuals' lives and incomes and
lawmakers' plans.
Anthem's bid to be No. 1 health insurer
Anthem's proposed $16 billion merger with WellPoint would create
one of nation's 40 largest public companies and the nation's largest health
insurance company.
And Chief Executive Larry Glasscock said Anthem hopes to buy other
Blue Cross-Blue Shield companies after the WellPoint deal is completed.
Post-bankrupcty Conseco pursues debtors
Conseco emerged from the nation's third-largest bankruptcy reorganization
as a smaller company and began pursuing director and officer loan debts from
ex-chairman Stephen Hilbert and others. Their battle got nasty, with Hilbert
charging that the company used private investigators to dig up dirt on him.
A year of setbacks for Guidant
Guidant's year combined woes and wonder. The medical device maker
pleaded guilty to 10 felony charges and was fined $92 million for violating
FDA rules for not reporting side effects from its abdominal aortic graft. It
also called off its $3 billion deal to buy Bloomington-based rival Cook, incurring
a $50 million breakup fee. Yet its shares climbed in the fourth quarter, near
a 52-week high of j$60.45.
United lays off mechanics, mothballs hub
As it cut costs in Chapter 11, United Airlines closed its
Indianapolis maintenance center, costing 1,500 mechanics and others their jobs.
While some groups hope to lease the terminal, by year's end the city had paid
$1.5 million for security and other maintenance on it.
Return to 2003
YEAR IN REVIEW
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