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.
Manufacturing
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.
Chart Industries, which is New Prague’s largest employer, plans to add a 111,525-square-foot manufacturing facility to accommodate 80 new employees in the Minnesota city.
Driven by a 10.4 percent revenue boost and a growing industrial vending machine business, Fastenal’s earnings grew nearly 13 percent during the third quarter.
Profits rose dramatically as the company cut costs, but Cargill said that the impact of the U.S. drought on its business “has been mixed and will continue to be so in the months ahead.”
The restructuring comes about seven months after CEO Inge Thulin took the helm and two days after the company agreed to acquire industrial ceramics maker Ceradyne.
The Bloomington-based glass products maker beat quarterly earnings and revenue estimates, prompting it to raise its full-year outlook.
Ecolab CEO Doug Baker said that the company is in need of additional leadership support after its $8.3 billion acquisition last year of Nalco Holding Company.
The company will break ground next week on a 144,000-square-foot expansion and expects to complete it by late summer 2013.
Some locked-out American Crystal Sugar workers appealed to North Dakota’s Supreme Court after being denied unemployment benefits; meanwhile, a Crystal Sugar executive said that replacement workers are doing a “fabulous job.”
The metro area’s 2011 exports totaled $26.2 billion in 2011, up 12.9 percent from the previous year, according to the U.S. Department of Commerce.
Geringhoff chose a St. Cloud site over more than 40 other prospective locations across North America because of the quality of the local work force, support from regional government agencies, and proximity to raw material suppliers.
Vadnais Heights-based H.B. Fuller said that the acquisition will help it to better serve the growing electronics market.
After the Department of Justice threatened to sue, 3M Company and Avery Dennison Corporation said that they will address antitrust concerns in order to receive regulatory clearance for 3M’s proposed acquisition of Avery Dennison’s office products unit.
New York Mills-based Lund Boat Company and its parent company reached a settlement with the federal government over alleged hiring discrimination; the companies admitted no wrongdoing.