Good morning, MBA readers,
Anheuser-Busch seems to be having a tough time dropping its controversial “corn syrup” advertising salvos against rival brewers. Now, a federal judge is putting an end to it. Meanwhile, the Missouri Supreme Court has weighed in on Stan Kroenke’s legal beef in St. Louis, declaring that the Rams owner must settle the lawsuit against him in the courtroom. Plus, Cerner continues to make $112,000 in monthly payments to its former president, even as the company plans to lay off over 250 workers to cut spending. Scroll on to read more about these stories and other top business news from around the state.
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New Carmax center brings 300 new jobs to KC area
Used car seller Carmax on Wednesday opened its second “customer experience center” in Olathe, Kansas. The company has already hired about 200 people for the new office and plans to hire another 100. (Kansas City Star)
Cerner to lay off over 250 workers to cut costs
Cerner, one of the largest employers in the Kansas City area, will lay off 255 workers by Nov. 5 in an attempt to cut costs. The health care IT company has around 14,000 employees. (Kansas City Star)
Post Holdings expands share buyback
Brentwood-based cereal maker Post Holdings has launched a new $400 million share repurchase plan. The new plan replaces Post’s earlier $350 million buyback plan approved last year, under which the company bought back about $311 million in shares. (St. Louis Business Journal)
Anheuser-Busch ordered to drop corn syrup labels
A federal judge on Wednesday ordered Anheuser-Busch to stop using Bud Light packaging that implies competing beverages like Miller Lite contain corn syrup. The packaging in question says “No Corn Syrup” in bold letters. (Associated Press)
State Supreme Court denies arbitration in Rams lawsuit
The Missouri Supreme Court ruled Tuesday that the lawsuit against Los Angeles Rams owner Stan Kroenke over his decision to move the team from St. Louis must be settled in a St. Louis court instead of arbitration. (St. Louis Post-Dispatch)
Stifel quickly closes on Cleveland acquisition
St. Louis investment bank Stifel Financial has closed on its acquisition of B&F Capital Markets, a Cleveland-based firm that provides regional and community banks with interest rate swap capabilities. Terms of the deal, announced Aug. 26, were not disclosed. (St. Louis Business Journal)
Ameren plans three solar farms in rural Missouri
Ameren Missouri has proposed a $68 million project to build three 10-megawatt solar farms near Green City, Richwoods and Utica. The project would deliver power to as many as 10,000 residents in the three cities, which often experience long power outages. (St. Louis Public Radio)
Missouri group launches petition to place Medicaid expansion on 2020 ballot
Healthcare for Missouri announced Wednesday that it will push for a ballot vote on Medicaid expansion next year. The group will need to submit 172,000 valid signatures for the issue to be put on the ballot. (Kansas City Star)
St. Louis County advances new buffer rule on dispensaries
The St. Louis County Council has voted 4-3 to advance a bill that would enforce a 1,000-foot buffer between medical marijuana facilities and any schools, day care centers and churches. The bill will likely come up for a final vote on Sept. 10. (St. Louis Post-Dispatch)
Leggett & Platt awards shares to top executives
Carthage-based manufacturer Leggett & Platt awarded about $70,000 in shares to eight executives at the end of August. CEO Karl Glassman was awarded over 1,100 shares, valued at around $33,000. (Springfield Business Journal)
Blues-themed eatery proposed at Lambert
HMSHost, which operates multiple restaurants at St. Louis Lambert International Airport, has proposed a Blues-themed restaurant as part of its three-year contract extension with the airport. That extension, which would run through 2023, received preliminary approval on Wednesday. (St. Louis Post-Dispatch)
Say that again
“I swear he was a good guy until he turned out to be a snake.”
That’s what Emily Christianson, owner of a CBD store in Springfield, had to say about the CEO of Kansas City’s fastest-growing CBD chain, KCUR reports. Vince Sanders, the brain behind American Shaman, opened one of his stores across from Christianson’s when he realized her company — which used to buy his CBD oil wholesale — was growing competitive, Christianson said. Others are starting to echo Christianson’s sentiments about Sanders, who sells his CBD oil through a program similar to the Kirby vacuum affiliate program. Sanders has expressed ambitions of becoming America’s biggest CBD oil tycoon.
That’s how much Cerner has paid its former president Zane Burke since he left the company last November, the Kansas City Business Journal reports. The North Kansas City-based health care IT company will continue paying Burke, who worked at Cerner for 20 years, until next November. His entire post-departure paycheck, distributed over 24 months, will total $2.7 million — or $112,000 a month.
Hello, my name is
First Busey Corp.
The parent company of Busey Bank, which has 13 St. Louis locations, completed its acquisition of Florida-based Investors’ Security Trust Co., the company announced Tuesday. IST will merge with Busey Bank’s wealth management business, which had $7.47 billion in assets under management as of June 30, the St. Louis Business Journal reports. Busey said in May that after the acquisition closed, the two companies would have some $9.25 billion in combined assets.
It’s been a pleasure doing business with you this morning.