Recent content from Patrick Kennedy
Market for Minnesota companies to go public cools off significantly
After a red-hot 2020 and 2021, only two companies went public last year.
Retiring CEO Archie Black on why he had to improve as a leader for today's SPS Commerce
Black, who announced retirement plans in March, reflects on SPS' growth and the significant changes in the retail sector.
Minnesota public companies are still making deals — with UnitedHealth making the largest
General Mills made the biggest divestiture in 2022.
Minnesota's public companies grow 7%, half as fast as the previous year
Yet while revenue grew, overall net profit and market capitalization fell.
With $324.2 billion in revenue, UnitedHealth again tops list of Minnesota public companies
The top 50 companies as a whole posted revenue of $750.7 billion, up 7% from the year before. However, growth was slower than in 2021.
Minnesota companies' progress on environmental goals obscured by lack of reporting standards
Most public companies report sustainability progress, but not in a uniform way.
With fast-food labor crunch, Ecolab invests in firm that makes restaurant robots
Miso Robotics makes products that do the most repetitive tasks in restaurant kitchens, such as making French fries and filling drinks.
Eden Prairie's C.H. Robinson laying off 300 more employees
The firm, one of the largest logistics companies in the world, announced the second round of layoffs in seven months.
Agiliti earnings slid, but Eden Prairie company says first quarter gives momentum for better year
Earnings slid but did better than expectations.
Could 3M lose its spot in the prestigious Dow Jones index?
3M is the worst performer on the key stock index since 2018 and is about to spin off health care, a quarter of its revenue.
Jamf CEO Dean Hager retiring after eight years at helm of Minneapolis company
The company's president, John Strosahl, will succeed him in September.
Best Buy's CEO pay drops to $13.4 million
Corie Barry's pay dipped 8% from the prior fiscal year.
Piper Sandler's results sink in declining markets for deals and financings
Piper Sandler first-quarter earnings sank 30% and revenue 15%
Ecolab will remain on 'offense' for rest of year, building on momentum of strong first quarter
St. Paul-based Ecolab's first quarter sales and earnings beat expectations, with profits growing 36%.
Target CEO Brian Cornell saw his compensation drop 41% last fiscal year
Cornell still received $34.2 million in payment from salary, bonuses and cashing in stock.
Hiawatha Golf Course added to the National Register of Historic Places
The Cultural Landscape Foundation confirmed the course's addition to the list.
Disruption in freight shipping industry could give Twin Cities startup a way to grow
ProServ does logistics for smaller loads and is concentrating more on human service than technology.
Eden Prairie's C.H. Robinson quarterly earnings sink more than 50%
The earnings decrease was expected but revenue and earnings were still shy of analyst expectations.
Polaris shipping new electric ATV, announces quarterly profits up more than 60%
The Ranger XP Kinetic sold out within hours when it was first offered, and a new order window opens this summer.
CEO Paywatch: UnitedHealth exec took home $23.8 million in 2022
Andrew Witty's $19.4 million in restricted stock gains fueled his compensation in 2022.
Scott Johnson, founder of St. Paul's BlackStack Brewing, dies at 62
Entrepreneur Scott Johnson introduced people to new beer as an importer and then founder of BlackStack Brewing.
Eden Prairie-based Tennant plans to achieve net-zero carbon emissions by 2040
In 2018, the mechanized cleaning equipment company was among the first 103 companies to have Science Based Targets initiative-approved greenhouse gas reduction plans.
IT infuses everything about college life from financial aid to creating schedules
Karen Julian started work as a programmer when she was still an undergraduate at St. Thomas. She now is the university's chief information officer.
Xcel Energy's new CEO made $7.6M last year
His overall compensation — mainly because of his promotions — was up nearly 23% in 2022.
Donaldson's hopes to become a $4B company by 2026
The company's new Life Sciences segment is expected to grow revenue faster and have higher margins than the rest of the company.
SPS Commerce's retiring CEO Archie Black earned $13.5 million in 2022
Archie Black is retiring as SPS Commerce's CEO and moving to executive chair this year
Anoka's Vista Outdoor announces restructuring of bike brands to save $50M
The company also named Jason Vanderbrink CEO of the Sporting Products group ahead of its spinoff.
Stratasys announces joint development to bio-print breast implants
Stratasys and CollPlant Biotechnologies will collaborate on a project for the breast implant market.
nVent Electric acquiring Wisconsin company for $1.1 billion
ECM Industries provides electrical connectivity products, tools and test instruments, as well as cable management products.
Stratasys unanimously rejects Nano Dimension's second takeover bid
Nano Dimension raised its bid from $18 a share to $19.55 a share.
H.B. Fuller will lay off 300 workers as it restructures operations
The restructuring will save the Vadnais Heights-based company $30 million to $35 million.
Winnebago buying lithium-ion battery maker as it continues push into electric vehicles
Terms of the deal were not disclosed but sale is expected to be finalized by end of May.
Polaris launches new online marketplace for powersports vehicles
Polaris Xchange helps consumers through the sale process, with its dealers involved.
Ecolab contributes $10M to effort to provide clean water for 5 million people
Ecolab and other companies have contributed to a $140 million fund run by WaterEquity, whose co-founder is Matt Damon.
3M CEO's compensation sinks 21%
Mike Roman has faced criticism from a major 3M investor, and the say-for-pay vote dipped below 90% for the first time.
Inspire Medical CEO's compensation up as the company continues to grow
Timothy Herbert, CEO of Inspire Medical, saw his value of his equity awards jump at the fast growing company.
Pay for Ecolab's CEO declined 73% in 2022
Ecolab's stock sank 37% in 2022 limiting long-term equity gains for executives.
Ameriprise CEO's pay was down 17% last year to $54.2 million
Realized long-term equity awards, some 10 years old, fueled Jim Cracchiolo's pay once again.
Stratasys rejects a $1.2 billion takeover bid
The board was unanimous in rejecting the bid from Nano Dimension.
Winnebago CEO confident increased interest in outdoor activities will continue
Although second quarter income fell, it was expected, and CEO Mike Happe said the Eden Prairie-based company can withstand what could be a challenging next few quarters.
Polaris sues former employee, accusing him of stealing ideas for snow bikes
The suit involves kits that allow people to convert a dirt bike to ride on snow.
Minneapolis-based Sezzle plans to list its shares on Nasdaq
The buy now/pay later fintech company needs to pass some regulatory hurdles before it can list its shares on Nasdaq.
Silicon Valley Bank's collapse: Here's what Minnesotans need to know
Minnesota-based banks' stocks slid this morning despite the federal government stepping in to quell fears. Meanwhile, experts say consumers should rest easy about their money.
Ecolab spearheads creation of downtown St. Paul park to mark 100th anniversary
The company and its foundation will invest $2 million in a 26,000-square-foot green space.
Stratasys receives $1.2B buyout offer, asks shareholders to wait
Some analysts are skeptical that Nano Dimension, Stratasys' largest shareholder, can fulfill the $18 per share offer.
Toro sees quarterly profits rise more than 50%
Improving supply chains helped drive manufacturing efficiencies and earnings growth.
U.S. Bancorp's CEO made $17.3M last year
Andrew Cecere's income, figured by the formula the Star Tribune uses, or through new SEC reporting rules, went down.
After two decades and more than 2000% revenue growth, SPS Commerce CEO is retiring
Archie Black has led the software company since 2001 through growth and an IPO, recession and the pandemic.
New York equity firm invests 'significant' funds in Schwan family's food delivery business
With the move, 4X4 Capital will take an active role in management of Yelloh.
Easing inflation helps lead Donaldson to 20% increase in quarterly profits
The company's price increases also helped the second quarter results.
APi's acquisition of Chubb in 2022 leads to record fourth-quarter and year-end results
It beat expectations from analysts.
Sour stock and bond markets lead to loss for Securian Financial
Operating earnings grew, though, and employees will receive profit-sharing.
H.B. Fuller's CEO makes $10.3M in final year
It was Owens' largest pay package as CEO.
Sleep Number lost money in the fourth quarter as consumer sentiment soured
Sleep Number had an 18% decrease in demand for the quarter.
Fastenal growing by getting closer to its customers
Since 2014 Fastenal has reduced its branch locations 36% but revenue is up 85% because of its Onsite growth.
Donaldson makes another Life Sciences acquisition
Donaldson makes another addition to its Life Sciences segment
Winnebago debuts all-electric Chris-Craft concept boat
Winnebago introduced its all-electric Launch 25 GTe at the 2023 Miami International Boat show this week.
Protolabs shares rise after company says it is narrowing its focus
The Maple Plain-based contract manufacturer will focus on its injection molding and automated CNC offerings and back off on 3-D printing business.
Toro CEO's pay is down 21% to $5.5M
Cash incentives tied to annual performance goals decreased 53%, contributing to the drop in Rick Olson's executive compensation.
Minneapolis-based software firm Qumu bought by Canadian company
With the $18 million purchase, Qumu is no longer traded on the Nasdaq exchange.
New products help drive growth for electrical product maker nVent
The company, run from St. Louis Park, aims to launch 50 new products each year.
Ecolab now selling products at Home Depot — the first time available at retail stores
Ecolab products are familiar in the supply closets of hotels, restaurants, hospitals and manufacturing sites but rarely seen in residential settings.
Korn Ferry completes acquisition of Minneapolis-based staffing firm Salo
Salo becomes part of a multinational staffing agency
Vista Outdoor fires CEO before company spinoff of businesses, including Federal Ammunition
Chris Metz has been CEO of Vista Outdoor since 2017 has agreed to resign.
Eden Prairie's C.H. Robinson prepares for what could be a tough year
Slowing economic growth drags down fourth quarter results.
Minneapolis' Deluxe sells web-hosting business as it continues shift to payment services
Deluxe is selling some small-business services companies to concentrate on electronic payments and data services.
Polaris rides to success in fourth quarter but 2023 outlook includes bumps
Improving supply chains helped inventory levels but the powersports company expects slower growth in 2023.
St. Paul-based Securian Financial selling retail wealth business to L.A. firm
The business is a small part of Securian but will directly affect 155 employees who will be offered spots with the acquirer.
Winona's Fastenal reported a 6% bump in Q4 profits
Fastenal's quarterly results are a good indicator of industrial, manufacturing and construction activity. It also released its first ever ESG report earlier this week.
Eden Prairie-based C.H. Robinson's CEO departs abruptly
The company's board chair is now the interim CEO.
After a terrible year, what should you do with your retirement savings?
Financial advisers weigh in on some strategies to follow when investing your savings.
Stock value of Minnesota's largest companies dropped nearly 12% last year
Some advisers look for a better 2023.
CEO Paywatch: Hormel CEO's pay fell slightly after it missed a profit goal
James Snee's realized compensation dipped 2.3% in the company's fiscal year that ended in October.
Minnesota investment chiefs: Back to basics after a horrible stock market year
We gathered six investment pros from the Twin Cities to analyze this year's stock performance and tell us what to expect in 2023. Here's what they said.
Bloomington-based Donaldson part of project developing lab-grown salmon
The company is seeking to diversify the company by growing its position in the life sciences market.