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the news regional tidbits of business news from around the metropolitan area |
| AMERICAN ITALIAN PASTA PUTS MORE ON ITS PLATE American Italian Pasta announced on July 17 that it had completed its acquisition of seven pasta brands from Borden Foods for $67.5 million, plus inventory in a cash transaction. The company acquired the Anthony's, Globe/A-1, Luxury, Mrs. Grass, Pennsylvania Dutch, R&F and Ronco Brands. "These are leading brands in their markets and have been gaining market share over the past several years," says Timothy Webster, president and chief executive officer of AIPC. "We are very excited to add these strong, profitable brands to our branded portfolio." HEALTH MIDWEST SEARCHING FOR A CURE Health Midwest officials are in fear of losing $40 million in operating costs next year, and $75 million in the next three years if they can't find a solution to their financial problems. The restructured reimbursement rates and over all health care inflation has been blamed for much of health care's financial woes. Cap Gemini Ernst & Young has been hired to study Health Midwest's operations and to find a way to increase the company's efficiency. The two-phase study, Project Delta: Working Together for Change, could take over a year to complete. PROLOG VENTURES SPENDING MONEY ON MISSOURI Prolog Ventures has raised more than $21 million for Missouri's new seed capital fund. The company, chosen by the state's seed capital board in June 2000, is operated by three St. Louis-area investment managers: Gregory Johnson, Brian Clevinger and Ilya Nykin. Prolog is preparing to invest the resources in new high-technology companies in the state. Four innovation centers in Kansas City, Rolla, Columbia and St. Louis and the Nidus Center for Scientific Enterprise, in St. Louis, will help Prolog identify new opportunities and also share in the returns. The Prolog Capital fund is targeting early investment opportunities in medical and other life-science fields as well as related information technology companies. CITY VISION BRINGS DOWNTOWN PROGRESS Another $6 million worth of downtown housing is planned for the corner of 6th St. and Washington. The Bank of America and City Vision Ministries Inc. are creating the Turtle Hill Townhomes, a mixed income rental development. Construction is slated for next month with completion by the summer of 2002. BEYONDNOW IS WINNING OVER WITH BED-SIDE SOFTWARE BeyondNow Technologies' software Homeworks and Roadnotes has been chosen by Sentara Healthcare, a Virginia based healthcare system, to manage the operations of its home health and hospice groups. The company purchased $1 million worth of software, which will more efficiently manage the information flow from the patients bedside to the final billing claim. BeyondNow Technologies is recognized as a leader in homecare information technology. FRANKLAND TO HEAD KCCATALYST David Frankland will take over the reins of KCCatalyst on August 20th. Frankland, former president of Delano Technology Company, will serve as a liaison between community resources and technology entrepreneurs. He will also fill and supervise staff positions, manage the annual budget, evaluate the services and programs and carry out the directives of the board and executive committee. "David's strength, in our opinion, is his ability to bring together the diverse interests that are essential to the advancement of technology in the Greater Kansas City area," says Nelson Mann, member of the executive committee and chair of the executive search committee. NEW TRUMAN LIBRARY DIRECTOR IN SEPTEMBER Dr. Michael Devine has been appointed as the new director of the Truman Presidential Museum & Library, filling the position left vacant after Larry Hackman retired in January. Devine was a professor at the University of Wyoming and a former director of the university's American Heritage Center. HARVERSTER'S NEW HEAD OF THE TABLE David Howard has been elected president of the board of directors for Harvesters-The Community Food Network, Kansas City's only food bank. Howard has been a member of the board since 1986. In addition to his work at Harvesters, Howard has also served on the board of directors and various committees of the Ronald McDonald House and has been involved with efforts to raise funds for equipment purchases at Children's Mercy Hospital. Howard has practiced law in Kansas City for 27 years and is currently with the firm of Levy and Craig, P.C. DELANO REMAINS OPTIMISTIC Delano Technology, formerly Digital Archeology, laid off 30 of the 44 employees in its Lenexa office, trimming the staff to an essential core of technology experienced members and professional service staff. The cutbacks, 180 in the Canadian-based business, were made to "preserve our $20 million in revenue and allow us to build from there," says office manager Paul Morris. MARSH'S RISK MANAGEMENT John Puetz has accepted the position of Managing Director and Head of Office for the Kansas City offices of Marsh Inc, the world's largest risk adviser and insurance broker. Puetz's experience is in value-based risk management techniques, the main focus of which is to reduce the volatility of operating performance and reduce the client's loss of capital. Puetz joined Marsh in 1993 and has worked in their Chicago and Houston offices. EARNST JOINS FIRSTAR BOARD Mark Ernst, president and chief executive officer of H&R Block, has joined the Kansas City board for Firstar Bank. Ernst is also a member of the H&R Block board of directors and has been with the company since 1998. "The addition of Mark to our Kansas City Board will provide Firstar with additional perspective as to how we can better serve the local businesses and individuals in the Kansas City area," says Ronald Barnes, regional chairman of Firstar Bank in Kansas City. |