Stephens Group buys plastics-firm stake
The Stephens Group has acquired a minority interest in Revolution Plastics of Little Rock. Details of the transaction were not disclosed.
"The Stephens Group is proud to support a local Arkansas business," Chief Executive Officer Witt Stephens Jr. said in a news release announcing the deal.
Under the agreement, Dhu Thompson, former majority owner and chairman of Revolution, will continue as a board member and will retain an investment in the company. Sean Whiteley, CEO of Revolution, will join the board of directors and also will retain an investment in the business.
Through its closed-loop system, Revolution markets plastic products for the agricultural sector. Revolution then recovers, cleans and processes the plastic into a resin. The company closes the loop by using the resin to manufacture the same agricultural products along with products such as trash can liners, carryout bags and construction films.
The Stephens Group, based in Little Rock, has invested more than $1.5 billion in targeted industries across the United States since 2006.
-- Andrew Moreau
Sources: Trade pact won't lift rice sales
U.S. rice growers won't see increased sales to Japan under the current terms of a trade deal agreed to by President Donald Trump and Japanese Prime Minister Shinzo Abe, people familiar with the accord said Tuesday.
Details are not finalized, but the people said there won't be any expansion of Japan's quotas for U.S.-grown rice. U.S. producers hope the issue will be dealt with in a second round of negotiations, according to one of the people.
It's unclear whether or when talks will resume. Any trade deal in Japan must be approved by parliament, and the U.S. is just over a year away from a presidential election.
U.S. Agriculture Secretary Sonny Perdue had suggested the White House may make a concession on rice.
Japan is required to import 682,000 tons of rice under World Trade Organization commitments, with the U.S. typically making up about half of that amount, according to USA Rice.
-- Bloomberg News
Index falls by 4.45; Dillard's off 8.12%
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, closed Tuesday at 434.33, down 4.45.
Dillard's shares fell 8.12%. Tyson Foods shares rose 2.94%.
"U.S. stocks closed slightly higher on Tuesday as oil prices retreated from a historic gain, while investors looked forward to an expected cut in interest rates by the Federal Reserve," said Chris Harkins, managing director at Raymond James & Associates in Little Rock.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 09/18/2019