Boston Scientific said Tuesday that its fourth-quarter earnings fell 44 percent—and that it will eliminate 900 to 1,000 positions this year in addition to previously announced cuts.
Manufacturing
Investors reacted positively to 3M's fourth-quarter and full-year 2012 financial results, sending its stock to a record $99.76 on Thursday.
New Brighton-based Johnson Screens, which makes water treatment equipment and employs 250 people in Minnesota, has agreed to be acquired by Germany-based Bilfinger.
The company previously said it expected to receive such a letter from regulators following the inspection of a manufacturing facility in California.
The medical device giant said it would make improvements to its processes and address specific concerns raised during an inspection of its Sylmar, California facility.
Verso Paper, which shuttered its Sartell Paper mill following a fire that killed one worker, has reportedly paid a $39,200 fine after being cited for two violations by the Occupational Safety and Health Administration.
Imperial Plastics reportedly plans to build a 69,120-square-foot facility in Mankato, where it intends to employ 125 people.
Appert’s President Joe Omann said that Sysco plans to retain the company’s 300 workers, and being acquired by an industry leader will likely lead to additional growth in Minnesota.
The company, citing a downturn in the global electronics market, cut roughly 20 positions, and the reductions were split between its Minnesota headquarters and its Singapore operations.
The federal grant will enable university researchers to develop membrane technology that can speed up filtration processes in manufacturing and make them more energy efficient.
The Bloomington-based glass products maker, which has increased its sales and revenue despite a slow-growth commercial real estate market, has seen its stock price more than double during the past year.
An investor group said that 88 percent of votes cast in a proxy battle favored replacing Aetrium’s board; the company says the vote was moot, because fewer than 50 percent of shareholders took part in a shareholder meeting.
The Cleveland-based company will idle two of the four production lines at its Northshore operations in Minnesota while also reducing iron ore production elsewhere; the company said the changes are meant to “align with expected sales volumes.”
3M CEO Inge Thulin said the company aims to grow revenue from existing businesses by 4 to 6 percent annually between 2013 and 2017; meanwhile, the company hopes to increase earnings per share by 9 to 11 percent each year during that period and boost research spending to 6 percent of sales by 2017.
Following the sale of its business that produces shelf-stable cheese sauces and puddings, Associated Milk Producers will shutter its plant in the small west central Minnesota city of Dawson, laying off 130 workers.
Kraft plans to move its Velveeta line of products and another production line out of New Ulm but boost production of processed cheese at that plant; the shifts will eliminate roughly 80 full-time equivalent hourly positions and 10 salaried positions next year.
Taylor-Wharton International, which has more than $200 million in annual revenue, is moving its corporate headquarters to Minnetonka and will relocate up to 30 jobs, with plans to hire new employees in the Twin Cities.
CEO Dan Starks told investors that he is not aware of any specific problems at St. Jude’s manufacturing plant in California, but said the company could receive a warning letter from regulators after the plant’s ongoing inspection is complete.