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.