Good morning, MBA readers,
Jack Dorsey seems keen on doing business in his hometown. His company, payments processor Square, plans to expand the footprint and headcount of its St. Louis office, which is the company’s second-largest operation next to its San Francisco headquarters. In St. Charles, American Railcar has closed on a $410 million deal. And in the Kansas City area, Ferrellgas could lose its NYSE listing unless it can boost its share price. Scroll on for these and the day’s other top headlines.
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St. Charles railcar firm sells manufacturing assets for $410 million
American Railcar Industries has closed the $410 million sale of its manufacturing business to The Greenbrier Cos. of Oregon. The sale includes two railcar factories in Arkansas and five other operations that make various railcar parts. (St. Louis Business Journal)
Reinsurance Group posts $202 million in Q2 earnings
Chesterfield-based Reinsurance Group of America on Monday reported adjusted revenue of $3.36 billion for the second quarter. Shares closed at $159.78 on Monday, marking a 17% increase since a year ago. (Associated Press)
Leggett & Platt surpasses expectations with $86 million profit
Leggett & Platt, the Carthage-based manufacturer of bedding parts and other products, posted net income of 64 cents a share for the second quarter, beating the expected earnings of 63 cents a share, according to Zacks Investment Research. (Associated Press)
NYSE warns KC-area firm to boost stock prices
Overland Park, Kansas-based Ferrellgas Partners could be delisted from the New York Stock Exchange if its closing share price does not rise to at least $1. The propane supplier hasn’t closed above $1 since July 5. (Kansas City Business Journal)
Missouri seeks $200,000 in back taxes from Rams
The taxes sought by the state date back to April and May 2016, just months after the NFL allowed the Rams to leave St. Louis for Los Angeles. (St. Louis Business Journal)
Judge awards Springfield development $169,000 in back rent
A Greene County judge has awarded the Farmers Park development more than $169,000 in its lawsuit against the former Metropolitan Farmer restaurant stemming from overdue rent and late fees. (Springfield News-Leader)
Springfield mulls special community sales tax authority
The Springfield City Council is considering a special taxing authority that could request a special sales tax of up to 1% to pay for improvements in the Galloway area. (Springfield News-Leader)
Say that again
“St. Louis has been an amazing home and partner to us. This city has so much energy, and we’re thrilled to be a part of it.”
That’s Jack Dorsey, Square co-founder and St. Louis native. Square, the San Francisco-based payment technology company, has signed a 15-year agreement to move its St. Louis office to the St. Louis Post-Dispatch’s headquarters downtown, the Post-Dispatch reports. Square will lease nearly all of the 235,000-square-foot space, allowing the company to more than double its local staff to as many as 1,400 employees.
That’s how much sales tax receipts have dropped in Overland Park since last year, the Kansas City Business Journal reports. The decline has officials in the Kansas City suburb worried since the city’s 2019 budget called for a 2.4% bump in sales tax revenue. Sales taxes are down 1% for all of Johnson County and 3% for neighboring Wyandotte County.
Hello, my name is
The president of Lockton Benefit Group, a subsidiary of the Kansas City-based Lockton Cos., will leave Lockton to take a senior vice president position for Lincoln Financial Group’s group protection business in St. Louis, the Kansas City Business Journal reports. Reiff took over Lockton Benefit in 2015 after about four years as COO of Lockton’s operations in St. Louis. He will be replaced by Michael Mascolo, who joined Lockton in 2018.
It’s been a pleasure doing business with you this morning.