TUESDAY, OCT. 24, 2017  |  IN THIS ISSUE  

Cargill will purchase Cedar Rapids-based Diamond V. 
Multinational food giant Cargill has reached a deal to buy Cedar Rapids-based Diamond V in a move designed to make the company a leader in the $20 billion global animal feed additives market.

The deal includes both Diamond V's animal nutrition business in Cedar Rapids and the company's human nutrition business, Embria Health Sciences, based in Ankeny. Financial terms were not disclosed.

"Our combined businesses will accelerate growth, build industry-leading capabilities and natural solutions for animal health and food safety, and help fulfill Cargill's purpose to nourish the world in a safe, responsible and sustainable way," Cargill Chairman and CEO David MacLennan stated in a press release.

Diamond V's headquarters will remain in Cedar Rapids and the Diamond V brand will be the platform for future investments in natural solutions for safer animal food production, Cargill stated in a press release.

"I am excited about what Diamond V and Cargill can accomplish together," Jeff Cannon, Diamond V president and CEO, stated in a press release. "This acquisition is an investment in the well-being of animals - and ultimately, in people."

Privately-held Diamond V announced a $28 million expansion in 2016 to build the company's third plant in Cedar Rapids. That is expected to be complete in mid-2018. The company manufactures fermentation-based feed additives which have been in high demand, generating sales increases of more than 20 percent for several years running.

The deal follows Cargill's recent investment in Delacon, a leader in natural, plant-based additives. Cargill is already among the largest employers in Cedar Rapids, operating two soybean processing plants and one corn milling facility.

Diamond V is the third major Cedar Rapids manufacturer to be acquired this year, following the announced deals by United Technologies to acquire Rockwell Collins and by Motion Industries to acquire Apache Inc. Diamond V was established by C.W. Bloomhall in 1943 to manufacture unique microbial fermentation products, and is still chaired by descendant John Bloomhall.

Millhiser Smith Agency, an independent insurance agency in Cedar Rapids specializing in risk management, announced today that it has entered into a definitive merger agreement with the Accel Group, a Waverly-based insurance agency that also has operations in Cedar Falls.

Effective Jan. 1, the combined entity will do business as the Accel Group, making it one of the largest Iowa-domiciled insurance agencies in the state, the companies said in a release. The new entity will continue to be run by the same management groups that are in place at each respective company, and will retain their offices in Cedar Falls, Waverly and Cedar Rapids.

Tim Gassman will serve as the CEO of the new entity, while Mike Byl, president of Accel, will continue in that capacity.

Look for more on this story in next week's edition of the CBJ.

An unlikely
scenario is playing out in the Corridor: Loca l newspaper companies, which had been all but left for dea d, are changing hands fast.  
 
Three major deals in the past year have resulted in th e sale of 15 small newspapers with a combined circulation of more than 23,000, along with several shoppers circulated even more widely.
 
It 's a shopping spree that runs against the popular belief tha t newspapers are on the decline - a belief supported by the ongoing cutbacks at many of the co untry' s large and mid-sized dailies. Newspaper revenues and profits have been sinking for close to two decades, with the losses accelerating in recent years despite newspapers ' efforts to engage readers through digital channels and live events.
 
The newly acquired Corridor newspapers probably haven 't suffered in the same manner, however. They are mainly small-town papers with a tight focus on everything local, from police arrest logs and city council decisions to prep sports. Circulation figures among those newspapers have held up better than most.
 
" If you want to know what' s going on in Solon, West Branch or North Liberty, chances
are the only place you 're going to find out is in the local paper, " was how Bob Woodward II, vice president of strategic planning and business development for Woodward Communications, explained the appeal.
 
Read the full, members-first story in this week's digital or print edition of the CBJ. 
Story4Central State Bank to move into new facility 
 
Central State Bank will be moving to a new location in Coralville next year. 
 
The bank has purchased a new facility at 805 22nd St. in Coralville. Currently located at 2530 Corridor Way, just off Interstate 80, it anticipates moving to the new address in 2018.
 
"This move is part of our strategic plan to increase our facility size and consolidate all of our Coralville and Iowa City operations under a single roof," Central State Bank CEO Gregory Johnson said in a statement. "This will give us needed square footage for our growing company and place our business in an extremely visible, customer-convenient location on the Coralville strip. We could not have been more pleased with this opportunity to expand our presence in the Corridor."
 
The new facility, formerly a Two Rivers Bank, will be completely renovated to suit CSB operations, reflect changes in the banking industry and provide additional amenities that customers desire.
 
Central State Bank is a family-owned and locally operated financial institution serving eastern Iowa with locations in 6 communities: Cedar Rapids, Coralville, Elkader, Marquette, McGregor and Walford. CSB offers a wide variety of personal, business, agricultural and commercial products/services.
Story5Forty Under 40 honoree trades comedy for lunch

The promoter behind
Gerald Seals 
an upcoming comedy show in Cedar Rapids is working to raise money for area kids, and he hopes it inspires other members of the business community to do the same.
 
Gerald Seals, the CEO and owner of Live ENT and a 2017 Forty Under 40 honoree, is promoting a Nov. 4 show by comedian and actor D.L. Hughley at the Paramount Theatre and has pledged to donate $5 from each ticket sale to cover local students with negative lunch balances. He has said he will be able to cover at least 1,700 meals if the event sells out.
 
The idea came from his school-aged daughter, who told him that "a lot of kids aren't getting fed" because of negative account balances. Mr. Seals originally reached out to the Cedar Rapids Community School District to offer food from his primary business, Harold's Chicken, but was told dietary restrictions prevented them from accepting it. That inspired him to find another way to give back - one that might engage the wider community and help people connect.
 
"At that moment it just touched my heart," he said. "I can't imagine how a kid could function at school being hungry."
 
Mr. Seals said he chose to book Mr. Hughley because of his status as a "cultural artist that can bring everyone together for a night of laughter" and a "person with good integrity."
 
Mr. Hughley is an actor, comedian and radio host best known for "The Hughleys" and "The Original Kings of Comedy." He was featured on ABC's "Dancing with the Stars" in 2013.
 
Mr. Seals hopes his gesture "sets the tone for other acts coming to the area to do the same," and inspires other businesses in the city to hold more fundraisers and community events.
 
"It could be a Popeyes taking donations," he added. "It's just starting something where we're engaged with the community - where we're helping instead of placing the blame on the school district, because we don't know what the issues are."
 
Tickets for the show start at $45, and can be purchased from the Paramount box office at (319) 398-5211.

EventHeadlinesShort-Term Event Planner

Oct. 24 
Alive After 5: United Presbyterian Home, by Washington Chamber of Commerce, 5-7 p.m., 1203 E. Washington St., Washington. Alive After 5 brings together area professionals for casual networking over hors d'oeuvres and drinks, and is hosted by a different member business each month. This month's edition will also celebrate a ribbon cutting for the 70th anniversary of the United Presbyterian Home. Free.  
 
Oct. 25
1 Million Cups, by 1 Million Cups, 9-10 a.m., MidWestOne Bank, 102 S. Clinton St., Iowa City. Join for community connections, startup pitches and free coffee. Free. For more information, http://bit.ly/2fjpeYL.
 
Oct. 25-Oct. 26
ATD Fall Conference: The Outward Mindset, by Hawkeye Chapter of the Association for Talent Development, 8 a.m.-5 p.m., Mount Mercy Graduate Center, 1330 Elmhurst Dr. NE, Cedar Rapids. This two-day conference will focus on the book "The Outward Mindset," which involves seeing beyond oneself to change lives and transform organizations. Cost: Starting at $260 for members, $340 for non-members. For information or to register, visit bit.ly/2wYLAs2.
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Headlines from CBS2/FOX 28
T hese news items are provided by CBS2/FOX 28  

The Iowa Insurance Division and Gov. Kim Reynolds announced Monday that it will no longer pursue a "stopgap" measure aimed at stabilizing health care premium costs in the state. "I'm extremely disappointed," Ms. Reynolds told reporters at a press conference Monday. Iowa Insurance Division Commissioner Doug Ommen said the decision to withdraw came after they heard from a Department of Treasury staffer that the federal government was still weeks away from calculating how much money Iowa would receive for the measure. "Despite what we face with Obamacare and Obamacare rates, Iowa cannot continue to negotiate Obamacare guidelines and await cost calculations," Mr. Ommen said. "Ultimately the 1332 waiver has proven itself to be unworkable." Gov. Reynolds echoed that sentiment, saying that she believes the Trump Administration gave the proposal a fair look but ultimately it came down to "how the law is written." Read the full report here.
 
T hese news items are provided by CBS2/FOX 28 
CBS2 Chief Meteorologist Terry Swails' Weather First Forecast

 A cold front has moved through and today is going to be cold and blustery. We'll start off with clouds with gradual clearing in the afternoon. Temperatures will climb into the mid to upper 40s and winds will be kicking between 20-40 mph. The strong winds will make it feel even colder with wind chills in the 30s and low 40s through the day. The cold air will lift out and there will be a brief warm up midweek. Temperatures will be near and slightly above normal Wednesday and Thursday with high temperatures near 60.