After spinoff, 3M is no longer one of Minnesota’s five largest public companies

Thank 3M for making a move that shifts the list of biggest Minnesota public companies.

3M spun off its $8 billion health care business into a new public company called Solventum. In turn, leaders of the new company decided to make Solventum’s permanent headquarters in Eagan.

As a result, 3M dropped on this year’s Star Tribune 50 list from fourth to sixth largest. Solventum debuted at No. 13. In turn, U.S. Bancorp moved into the top five.

Also dropping two spots, from 13th to 15th, was Polaris. High interest rates, persistent inflation and declining consumer sentiment have put the powersports industry in recession. That caused Polaris to have the largest annual revenue decline on the list, down 19.7% compared with last year.

Three other companies for the first time made the cut in the back half of the list. Sezzle, Centerspace and Bridgewater Bancshares took the last three spots on the list.

Payments company Sezzle had the largest positive change in revenue last year, with an increase of 70.1%. That bump propelled them onto the list.

Here are some other things to note about the list:

· Allete Inc., parent company of Minnesota Power, also might be making its last appearance on the list at No. 31. An acquisition of the Duluth-based energy holding company by New York-based Global Infrastructure Partners and the Canada Pension Plan Investment Board (CPP) is going through regulatory reviews.

· Vista Outdoor is no longer on the list. The Anoka-based outdoor products and ammunition company split into two and both were acquired by private entities after a long and involved — and controversial — process. The Kinetic Group ammunition company, which includes longtime Minnesota brand Federal, became part of the Czechoslovak Group in November. In January, Revelyst, the outdoor brands business, was bought by funds managed by Strategic Value Partners.