Minnesota has another company in the Fortune 500.
The latest list is out, with Mendota Heights-based Patterson Cos. debuting at No. 466. The distributor of dental and animal health products was previously ranked at 559th.
Patterson's 96-spot jump was among the biggest jumps on this year's list, goosed by its $1.1 billion acquisition for Animal Health International in June 2015.
Fortune lists 18 Minnesota-based companies on its list, including St. Jude Medical at No. 434. This will be St. Jude Medical's last showing since it was recently acquired by Abbott Laboratories (135th on the list).
St. Paul-based Securian Financial, No. 532, might be the next Minnesota company to enter the top 500. It was ranked 551st in 2016.
The highest-ranked Minnesota company is Minnetonka-based UnitedHealth Group at sixth, the same spot as last year and up from the 14th spot two years ago. The list does not include companies headquartered in other countries like Medtronic, even if their operational headquarters are in the U.S.
While Patterson's revenue of $5.6 billion for the year ended April 29 was 3.8 percent more than the year before, the company is in transition. Last week, CEO Scott Anderson resigned, and the company named Jim Wiltz, a current board member and CEO from 2005 to 2010, as its interim head.
The company made note of recent changes and reasons for its growth in a news release announcing its inclusion in the Fortune 500.
"Currently in a period of transformation, the company has made significant infrastructure investments, divested its medical rehabilitative supplies business and made a $1.1 billion acquisition that doubled the size of its presence in the animal health market," the company said.
Said Wiltz: "The critical business changes we are making will continue positioning us as a compelling business partner to customers in both markets for the future."
Patrick Kennedy • 612-673-7926
