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

The top companies on the Star Tribune 50 rarely change, but the $8 billion Solventum spinoff means there’s a new No. 4 and No. 5.

The Minnesota Star Tribune
May 15, 2025 at 11:00AM
Solventum's headquarters are currently on 3M's Maplewood campus, but the company said it will move permanently to Eagan. The 3M health care spinoff debuts at No. 13 on the Star Tribune 50 annual list of the state's largest public companies. (Shari L. Gross/The Minnesota Star Tribune)

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:

· Making its final appearance on the Star Tribune 50 this year is Patterson Cos. at No. 17. In December, health care investment firm Patient Square Capital bought the Mendota Heights-based distributor of veterinary and animal health products in a deal worth $4.1 billion. Following the review and approval process, the sale closed on April 22.

· 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.

· Agiliti, 35th last year, and NeueHealth, which was 36th, also dropped off the list. Agiliti completed the process of going private, and NeueHealth, formerly Bright Health, moved its headquarters to Florida.

about the writer

about the writer

Patrick Kennedy

Reporter

Business reporter Patrick Kennedy covers executive compensation and public companies. He has reported on the Minnesota business community for more than 25 years.

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