Good morning, MBA readers,
The ownership group for St. Louis’ new Major League Soccer team has cleared its biggest hurdle by getting the league’s blessing, but it still has to figure out the logistics of its new stadium. Meanwhile, Ameren is moving forward with new wind farms in Missouri. Plus, the head of the St. Louis Fed feels confident in the central bank’s ability to rein in the next recession. Start your week by getting up to speed on all the biggest business stories from across the state.
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A-B InBev passes on Craft Brew Alliance purchase
Anheuser-Busch InBev has declined an option to buy all remaining shares in the Craft Brew Alliance of Portland, Oregon. A-B, which owns about 31% of CBA, will maintain a commercial agreement with the company until 2028. (St. Louis Business Journal)
Ameren moves forward with two Missouri wind projects worth $1.2 billion
Ameren is set to begin construction on a 400-megawatt wind energy facility in Schuyler and Adair counties next month and another 300-megawatt wind farm in Atchison County later this year. The projects are worth a combined total of $1.2 billion. (St. Louis Post-Dispatch)
Faurecia’s new Blue Springs plant starts making parts for Ford
Faurecia Interior Systems has opened its new 281,000-square-foot manufacturing plant in Blue Springs. The facility makes doors and dashboards for Ford F-150 pickup trucks and Transit vans made in the Kansas City area. (Kansas City Business Journal)
AMC cuts jobs at corporate office
AMC Entertainment has laid off 35 staffers at its corporate office in Leawood, Kansas, and will not fill an additional 15 job openings as part of a restructuring. After the restructuring, AMC, which faces investor pressures to cut costs, still employs 600 in the Kansas City area, up from less than 400 six years ago. (Hollywood Reporter)
Monroe County says ‘no’ to wind farm near St. Louis
Monroe County officials have repealed an ordinance that would have enabled the construction of a 50-turbine wind farm along the Mississippi River. The vote last week came after residents voiced concerns about the long-planned Southern Illinois Wind Project. (St. Louis Post-Dispatch)
St. Louis County health department seeks proposals for new projects
The St. Louis County Department of Public Health has issued four requests for proposals for new community projects on behalf of its St. Louis ReCAST program. The department is accepting proposals that focus on ReCAST’s main priorities, which include mental health, peer support, violence prevention and youth engagement. (St. Louis Business Journal)
Pet treat maker hires new marketing executive
Kansas City-based Three Dog Bakery has hired Monica Pitzner, a 12-year veteran of Hill’s Pet Nutrition, as its new chief marketing officer. (Kansas City Business Journal)
Say that again
“At least if it was an ordinary recession, I think there would be enough tools to handle that.”
That’s St. Louis Fed President James Bullard, who recently told MarketWatch the Federal Reserve Bank is prepared to handle a potential recession. Bullard’s sentiment echoes former Fed Chairwoman Janet Yellen’s comment three years ago, when she said the Fed had the tools to fight another recession, even though short-term interest rates were lower than they are currently. Bullard added that the Fed is monitoring the inverted yield curve on U.S. treasuries and suggested that more Fed easing would raise the curve.
That’s how many soccer fans are expected to travel into St. Louis each year from outside the city with the arrival of a new Major League Soccer team, KSDK reports. Those fans are expected to yield about $1.3 million to local taxing districts approved last year. These districts would levy a new 1% sales tax for infrastructure and construction of the stadium. Lewis Reed, president of the St. Louis Board of Aldermen, said the most recent proposal for the stadium would give control of the stadium to the city and require some public funding.
Hello, my name is
This St. Louis startup was born of the anxiety that founder Tracy Schactman felt when she recently sent her daughter off to college across the country, the St. Louis Post-Dispatch reports. When Schactman looked online for premade care packages, she found little more than repositories for snacks, so she started her own business to fill this gap. SendingSun, which launched in July, drew 50 subscribers in its first month. The service ships three care packages a semester and has options for male or female students. Schactman said she launched her business with a focus on Facebook advertisements and researched retailers to identify partners that would be popular with students. She plans to hire four new package curators each semester to keep ideas fresh.
It’s been a pleasure doing business with you this morning.