Economy & Innovation

Solutia
11:34 am
Fri January 27, 2012

Eastman Chemical buying St. Louis-based Solutia for about $3.38B

Solutia's St. Louis headquarters.
(Courtesy Solutia)

Specialty chemical company Eastman Chemical Co. is buying Solutia Inc. in a cash-and-stock deal valued at about $3.38 billion to broaden its presence into emerging markets and expand its product offerings.

The companies value the deal, including debt, at about $4.7 billion.

Solutia shareholders will receive $22 in cash and 0.12 shares of Eastman stock for each share of Solutia that they own. Based on Thursday's closing prices, Solutia shareholders will receive cash and stock valued at $27.65 per Solutia share, a 42 percent premium to the company's closing price.

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St. Louis Business
9:40 am
Tue January 24, 2012

Arch Grants aims to anchor start-ups in St. Louis

Ten grants are up for grabs for new businesses that set up shop in St. Louis. A local non-profit, Arch Grants, says it will award the $50,000 grants this May in an effort to bring innovative businesses to the city.

Arch Grants Co-founder Joe Schlafly said the for-profit start-ups that are selected will be required to stay for at least one year.

“St. Louis is not a dog-meat, down place," Schlafly said. "It is a place where things are happening. We’re open for business. We want to be on the short list, not just [on] no list.”

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Auto Industry in Missouri
2:31 pm
Fri January 20, 2012

Mo. gov. details proposed auto supplier incentives

Mo. Gov. Jay Nixon.
(UPI/Bill Greenblatt)

Gov. Jay Nixon wants to offer larger incentives to a wider variety of automobile parts suppliers as part of a plan to rebuild the automotive industry in Missouri.

Nixon's administration provided details to The Associated Press of a plan the governor has been touting in broad terms for the past couple of weeks.

Nixon is seeking to expand special automotive industry incentives approved in 2010 that have been used to persuade Ford and General Motors to expand operations at Missouri plants. The 2010 law also authorized incentives for suppliers to automakers.

Jerry Clinton
4:57 pm
Wed January 18, 2012

St. Louis business leader Jerry Clinton dies

Jerry Clinton.
(Courtesy of The Hauser Group)

Jerry Clinton, a longtime St. Louis business leader and philanthropist, has died.

A spokeswoman for Clinton says he died Wednesday morning. He was 74 and had cancer.

Clinton was the former president and owner of Grey Eagle Distributors. He sold the company in 2005.

Clinton was instrumental in the effort to bring an expansion football team to St. Louis after the Cardinals left for Arizona in 1988. The effort was unsuccessful, though the Rams moved to St. Louis from Los Angeles in 1994.

Food prices
5:30 pm
Thu January 12, 2012

Missouri food prices surpass national average, says Farm Bureau

(via Flickr/The Consumerist)

If you've noticed your grocery bill has gotten higher lately, you're not imagining things.

Food prices in Missouri rose in the fourth quarter of 2011, according to the Missouri Farm Bureau's year-end Marketbasket Survey.

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Business
5:12 pm
Wed January 11, 2012

Congressman praises river port potential to Chinese delegation

China's Vice Minister of Maritime Affairs, Xu Zuyuan, listens to a US inland waterways briefing at America's Central Port in Granite City, Ill.
(Joseph Leahy/St. Louis Public Radio)

An Illinois Congressman and US transportation officials are talking up a Granite City river port to a Chinese delegation exploring new trade routes to the American market.

Congressman Jerry Costello touted the access America's Central Port has to railroads and highways during a visit from China's Vice Minister of Maritime Affairs, Xu Zuyuan.

Costello said a harbor to be completed next year will give a strategic advantage in moving imports and exports.

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Beer
6:34 am
Fri January 6, 2012

Kräftig, not craft beer: the new Busch brewery aiming to compete with Budweiser

Crates of Kräftig Light Lager, one of the beers made by the new William K Busch Brewing Company, on the line in the brewery.
(via William K Busch Brewing Company)

If you've been driving on any of the highways around St. Louis lately you have probably noticed several new green billboards advertising Kräftig beer. Kräftig is brewed by the William K Busch Brewing Company, a new brewery started by Billy Busch, the great grandson of Adolphus Busch. As David Weinberg reports, Billy Busch is hoping his new business is start of the next chapter in the Busch family brewing legacy.

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Schlafly Beer
11:40 am
Wed January 4, 2012

Schlafly company sells 60 percent of company to local investors

(via Flickr/nan palmero)

Updated 5:05 p.m. with more information, comment

Schlafly Beer's parent company, St. Louis Brewing Inc., is selling 60 percent of its ownership interest to the local investor group Sage Capital.

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Sears Crestwood Court
2:38 pm
Thu December 29, 2011

Sears in Crestwood Court to close

(via Flichr/justj0000lie)

 

The Sears in Crestwood Court will be among the 100 to 120 stores the company is closing following disappointing holiday sales.

The company released a list Thursday of 79 Sears and Kmart stores to be shuttered across the country.

The company announced the closings Tuesday. It provided no timeframe.

No Kmart stores will be closed in Missouri. The only other Sears to close in the state is in Lee’s Summit.

All Sears and Kmart stores in Illinois will also remain open for now.

Business: Fighter jet deal
11:10 am
Thu December 29, 2011

U.S inks fighter deal with Saudi Arabia that could mean more jobs in Hazelwood

The Obama administration has inked a deal with Saudi Arabia that will provide the Gulf state with $30 billion in F-15 jets.
(Air Force photo/Capt. Shannon Collins)

Updated at 11:45 a.m. with information from union spokesman Thomas Pinski.

Updated at 12 p.m. with statement from the White House.

Updated at 1:20 p.m. with comments from union president Gordon King and statement from Boeing.

The Obama administration has approved the sale of $30 billion worth of F-15 fighter jets to Saudi Arabia - a move that could mean new jobs at Boeing's defense plant in Hazelwood.

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