The largest private company in the country reported a drop in revenue for its most recent fiscal year, the first time its full-year revenue has fallen in four years.
Manufacturing
The Eden Prairie-based 3D printer said the products of its recently acquired company, MakerBot, helped drive its quarterly success.
The motorcycle and off-road vehicle maker increased its earnings forecast for 2014; it now expects its full-year profits to jump 20 percent over 2013.
3M said it expects the deal to increase its earnings by $0.08 per share during the year following September 1.
While Digi-Key's primary operations remain in Thief River Ralls, Fargo is playing an increasingly important role in the company's growth.
Blattner Energy, which already has some solar projects in Puerto Rico, is establishing an official presence on the island and hopes to capitalize as Puerto Ricans adopt more renewable energy options.
St. Jude Medical, which had received a warning letter about operations at a California facility, said that it has now addressed regulators' concerns.
A new report from McGladrey reflects increasing confidence among Minnesota manufacturers, although it identified challenges as well.
Capital Safety, which makes body harnesses, hoists, and other equipment to protect workers from falls, said it will add 100 new jobs after receiving some government support.
Eden Prairie-based MTS Systems said its purchase of Roehrig Engineering is expected to close this summer.
Minnesota’s labor force rebounded in May, driven in part by the construction and manufacturing sectors, although the state’s annual job-growth rate continues to lag the national average.
Quad/Graphics’ plant closure comes after other firms, including Creative Memories and Verso Paper, laid off area employees in recent years.
Despite a legal headquarters relocation, Medtronic is retaining its workforce in Minnesota, which remains a national leader based on med-tech jobs and concentration of medical device manufacturers.
The company said that, while it plans to relocate its headquarters from Fridley to Ireland, it will retain its “operational headquarters” in the Twin Cities.
A two-person committee appointed by the med-tech giant concluded that allegations against Medtronic’s leaders are “without merit”; it’s now seeking dismissal of shareholder lawsuits.
Longtime 3M employee Nicholas Gangestad is replacing David Meline, who had served as the company’s chief financial officer since 2011.
Essar Steel Minnesota, which recently landed $450 million in financing to support its planned Iron Range facility, denied media reports that it is for sale.
Wayzata Investment Partners has completed the sale of Grede Holdings to New York-based private equity firm American Securities.