A group that planned to pump more than $2 billion into Delphi Corp. has apparently backed out. The group, led by hedge fund Appaloosa Management LP, has filed notice to terminate the deal. But the group says it is open to alternatives. A filing with the Securities and Exchange Commission outlines Appaloosa's position.

Zimmer issues voluntary recall

Warsaw-based Zimmer Holdings Inc. has voluntarily recalled items that do not meet company quality standards. Those items from Zimmer's Othopaedic Surgical Products division were made at a plant in Dover, Ohio. The company also has temporarily suspended production and sales of certain items made at the Dover facility.

Scrap metal firm coming to Shelby

Connersville-based Integrity Metals Inc. has been granted permission to build a new facility in Morristown Industrial Park. The Shelbyville News reports that the $5 million investment by the scrap metal shredding and reclamation business will create 20 new jobs.

Haynes president and CEO to retire

Kokomo-based Haynes International Inc. says its president and chief executive officer will retire this year. Francis Petro has informed the company's board of directors that he will leave the positions at the end of his current contract. It is set to expire on Sept. 30.

New York firm buying furniture maker

A Goshen company is being sold to a subsidiary of New York-based Drew Industries Inc. RV furniture maker Seating Technology Inc. (Seattech) has agreed in principle to be acquired by Lippert Components, Inc. Seattech's 2007 sales were approximately $40 million. That's up from $11 million in 2003.

Logansport plant will close

Wisconsin-based Modine Manufacturing Co. is closing its plant in Logansport. It's part of a restructuring plan that will also mean the closings of facilities in Missouri and Ohio. The closures will take place over an 18- to 24-month period. Production also will be consolidated at other North American facilities. Modine makes automobile air-conditioning, ventilating and heating systems.

Lilly Drug receives European approval

Indianapolis-based Eli Lilly and Co. has received European Commission approval allowing FORSTEO to treat bone loss associated with the chronic use of medications often prescribed for conditions such as rheumatoid arthritis. Lilly estimates that one to three percent of adults over the age of 50 use such medications.

Regenstrief pumps $11M into Purdue Center

The Regenstrief Foundation and Purdue University are expanding their partnership aimed at revamping the nation's health care system. The foundation is investing $11 million in the Regenstrief Center for Healthcare Engineering at Purdue over the next five years. The foundation helped create the center with a $3 million gift in 2005. The center studies how systems engineering, management, science and information technology can improve patient safety and care.

Steuben County Jobs Headed to Mexico

Production at an Angola security seals plant is moving to Mexico. TydenBrammall plans to move a majority of the production to Monterrey, Mexico later this year. The decision will eliminate more than 60 jobs in Angola starting in July.

Toyota says it's staying in Gibson

Officials from the Toyota plant in Princeton have reaffirmed their commitment to Gibson County. Toyota Motor Manufacturing Indiana Inc. has issued a news release saying speculation about the possibility of production moving to a Texas plant is not substantiated.