Minnesota Losing Ground on Fortune 500?

Two companies dropped from list, two more won’t be listed next year.
Minnesota Losing Ground on Fortune 500?

The latest Fortune 500 ranking of the largest U.S. public companies is out – 17 Minnesota companies made the list. But there’s a notable asterisk to that count. Two of the 17 are effectively no longer Minnesota companies.

Plymouth-based Mosaic Co., ranked 325th on the list, is relocating its headquarters to Tampa, Florida, this year. Eden Prairie-based Supervalu Inc., ranked in the 201st spot, was acquired by Providence, R.I.-based United Natural Foods Inc. in a $2.9 billion deal that closed in October 2018.

Minnesota had 19 companies on the list a year ago.

Two other Minnesota companies that made last year’s list dropped off the new Fortune 500 tally. St. Paul-based Securian Financial Group Inc. fell from 462nd to 506th. Mendota Heights-based Patterson Companies Inc. made its Fortune 500 debut in 2017, but this year slid to the 510th spot.

Seattle-based online giant Amazon.com Inc. finally surpassed Minnetonka-based UnitedHealth Group Inc. on the list. Last year UnitedHealth was 5th on the list while Amazon was ranked as the 8th largest public company. But this year Amazon took the number 5 spot with $232.9 billion in revenue and UnitedHealth dropped a spot to 6th in the rankings with $226.2 billion in revenue.

After United Health, the state’s next two largest companies on the list are Minneapolis-based Target Corp., ranked 39th with $75.4 billion in revenue, and Richfield-based Best Buy Co. Inc. ranked  74th, posting $42.9 billion in revenue.

Twin Cities Business took an in-depth look at Minnesota’s Fortune 500 lineup last year. Looking at changes over 25 years, Minnesota had roughly the same number of Fortune 500 companies in 2018 and it did in 1993. But only five companies from the earlier list were still there in 2018: 3M Co., General Mills Inc., Hormel Foods Corp., Land O’Lakes Inc. and Ecolab Inc.