Good morning, MBA readers,
Yes, you read this email’s subject line right: This summer’s hottest new single could come from none other than Build-A-Bear, the stuffed bear retailer, which has officially inked a record deal. In other news, Gov. Mike Parson authorized $50 million in tax credits for General Motors and a women-focused investment group is expanding to Kansas City. Scroll down to get caught up on these and other business headlines from around the state.
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Parson signs GM tax break bill
The bill signed Wednesday authorizes up to $50 million of tax credits for General Motors to expand its assembly plant in Wentzville. (Associated Press)
Busch heir shutters Kräftig beer company
The Brentwood-based William K. Busch Brewing Co. is ceasing operations after setbacks in a plan to build its own brewery. Founder William Busch said he hopes to return to the brewing industry in the future. (St. Louis Post-Dispatch)
Missouri finds over $29 million in flood damage to roads
An initial report estimates $29 million in damage to roads and bridges due to recent floods across the state. With hundreds of sites left to evaluate, transportation officials anticipate at least another $16.8 million in damage. (Associated Press)
Build-A-Bear to launch record label with Warner Music
St. Louis-based Build-A-Bear Workshop will collaborate with Warner Music Group to release original singles, albums and playlists. (St. Louis Post-Dispatch)
St. Louis aviation manufacturer acquires maker of Navy submarine parts
ESCO Technologies, a company that makes filtration and fluid control for aircraft, has acquired Boston’s Globe Composite Solutions, which supplies composite products for defense and industrial clients. (St. Louis Business Journal)
Springfield’s White River Brewing up for sale
Children of the late White River Brewing Company Founder John Hosfield are asking $204,000 for the company while the real estate is appraised at $745,000. Hosfield, who founded the brewery in 2012, died in March. (Springfield News-Leader)
State estimates losses from May tornadoes
Insured losses from storms that struck Missouri this spring are expected to be at least $139 million, with residential properties accounting for the biggest losses, the Missouri Department of Insurance announced. (MBA)
Nasdaq issues compliance warning to St. Louis firm
Allied Healthcare Products, a maker of respiratory health products, no longer has enough independent directors on its audit committee. Nasdaq has threatened to delist Allied shares if the company does not comply before its next annual shareholders’ meeting. (St. Louis Business Journal)
KC-area chiropractors settle Medicare fraud case
Two Johnson County chiropractors paid $350,000 to settle a civil lawsuit that alleged the pair made more than $467,000 in fraudulent billings to Medicare. (KCUR)
Say that again
“If they can pay market rate for land and develop a warehouse on spec and expect to make money, why would we give this valuable piece of Wyandotte County away for $400?”
That’s Commissioner Jim Walters of the Unified Government of Wyandotte County/Kansas City, Kansas. The commissioners on Monday tabled a $140 million redevelopment plan proposed by Scavuzzo’s Food Service Company, which has offered to pay $400 for 50 acres of land owned by the government, The Kansas City Star reports. Scavuzzo’s plans to build what it calls the KC Foodie Park at the former Indian Springs Mall. The four-phase plan includes warehouses, retail space and a building that would serve as Scavuzzo’s new corporate headquarters.
That’s roughly how much the University of Missouri has raised in gifts since it launched the Our Time to Lead fundraising campaign in 2015. The school announced Wednesday it raised $200 million in pledges and cash gifts during the 2018-19 school year, setting a new one-year record. The overall campaign goal is $1.3 billion.
Hello, my name is
The Minneapolis-based investment group led by women is expanding to Kansas City, Startland News reports. Sofia Fund has tapped Laura McCoolidge, former managing director of the Mid-America Angels, as a managing partner based in Kansas City. Founded in 1998, Sofia Fund invests in women-led growth companies. Typical investments range from $100,000 to $500,000.
It’s been a pleasure doing business with you this morning.