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.
Manufacturing
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.
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.