Minnesota’s Presence (Unexpectedly) Grows on 2017 Fortune 500 List
Minnesota’s fortunes are up—for the moment, that is.
In the 2017 iteration of the Fortune 500 list, which ranks U.S.-based companies by revenue, 18 businesses from Minnesota made the cut, up from 17 last year. But at least one of those companies will disappear from the list the next time around.
St. Jude Medical, the maker of implantable defibrillators, heart devices and other medical instruments, landed on the list despite its sale to Abbott. However, the acquisition wasn’t finalized until early 2017, allowing St. Jude to squeak by as a Minnesota-based company one last time.
Making the list for the first time ever was St. Paul-based Patterson Companies. The product and software provider to the dental and animal health markets has grown in recent years, largely due to a divestiture of its medical rehabilitative supplies business and the $1.1 billion purchase of a competitor. The restructuring move pushed its sales up nearly 4 percent in its fiscal 2016 year, enough to earn the 466th place on the list compiled by Fortune magazine.
Patterson’s introduction to the list came as a surprise given the expectation that Minnesota’s presence on the list in 2017 would shrink. TCB wrote about the fading list of Fortune 500 companies in Minnesota last month.
UnitedHealth Group took the number 6 spot, making it the highest-ranked company in Minnesota. The health insurance giant became the first local institution to crack the top 10 of the Fortune 500 last year.
Wal-Mart once again took the top spot by a landslide. The discount retailer reported nearly $486 billion in revenue during 2016, more than double the revenue of runner-up Berkshire Hathaway ($224 billion). Apple took third ($216 billion), followed by Exxon Mobil ($205 billion) and McKesson ($193 billion). Rounding out the top 10 after sixth-place UnitedHealth were CVS Health ($178 billion), General Motors ($166 billion), AT&T ($164 billion) and Ford Motor ($152 billion).
To see the full list, click here.