Missouri Minute: American Railcar selling for $1.75 billion; airport project to help KC economy

Here are today’s top headlines from across Missouri:

American Railcar selling for $1.75 billion

American Railcar Industries, a St. Charles-based designer and manufacturer of railcars, will be acquired for about $1.75 billion by a subsidiary of ITE Rail Fund, the company announced Monday. The ITE Rail Fund is managed by ITE Management, an investment firm focused on industrial and transportation assets. ITE will pay $70 per share, a 51 percent premium over American Railcar’s Friday closing price of $46.29. Read more

Airport project to help KC economy outperform US, economist projects

Economic growth in the Kansas City area will outpace growth nationally in the next few years as the city’s new airport project brings new dollars into the regional economy, according to a forecast from economist Frank Lenk. Lenk, director of research for the Mid-America Regional Council, said Kansas City’s economy will grow 2.4 percent in 2019, compared to 2.1 percent national growth. He projects those growth figures will be 2.1 percent and 1.5 percent, respectively, in 2020. Read more

Missouri ag sector braces for uncertainty as farm incomes approach decade low

Many farmers in Missouri say 2018 has been a year unlike any in recent memory, with the confluence of a Chinese trade dispute and drought across much of the state leading to depressed prices and diminished yields. Farmers across Missouri said late-summer rains and trade relief from the federal government helped them avoid catastrophe, but some believe the current global trade climate leaves their businesses in a precarious position. Read more

All 21 Kansas City Little Caesars stores close after fight over $5 pizzas

All 21 Little Caesars pizza franchises in the Kansas City area have closed. Hundreds of employees are out of jobs and the nation’s No. 3 pizza chain is without a presence in the area after the businessman that owned the Kansas City stores lost his fight with the corporation over $5 pizzas. Read more

Deals lead to reshuffling of St. Louis casino ownership

Ownership of casinos in the St. Louis area has shifted hands with the completion of two deals this month. Penn National Gaming Inc. closed on its purchase of Pinnacle Entertainment Inc. last week. Through the deal, Penn acquired River City Casino in Lemay. It already owned Hollywood Casino in Maryland Heights and Casino Argosy Alton. Read more

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