Recent content from Patrick Kennedy
Arctic Cat lays off workers, suspends snowmobile production in Thief River Falls
The company told its dealers that workforce reductions began Wednesday because of the downturn in the powersports sector.
Sleep Number's Shelly Ibach, one of Minnesota's few female public company CEOs, retiring next year
The announcement came with the news that the company lost money in the third quarter.
How one Minnesota Fortune 500 company is using industry-leading AI to respond faster to customers
C.H. Robinson says its technology can take hours out of the process of onloading orders and could improve its profit margin.
Ecolab CEO says he has 'rarely felt better' about the St. Paul-based company
Christophe Beck spoke after the company released third-quarter earnings that skyrocketed 80% above the same quarter a year ago.
Thrivent returns a record dividend to clients for third year in a row
This year, clients will split $564 million either in payments or in product enhancements.
Slowdown in sales of ATVs, RVs, boats ripples through Minnesota recreational vehicle businesses
Polaris, Winnebago both hurting, but so are dealers whose profit margins are thinning.
After boardroom drama and international intrigue, Anoka's Federal Ammunition close to being sold
On Nov. 2nd, 2021 the management team from Vista Outdoor had made a presentation its board of directors proposing it split its ammunition businesses and outdoor product brands into standalone public companies. More than three years later the original plan has missed its mark. Instead both businesses are being sold and Minnesota losses out on two potential public company headquarters.
Polaris earnings down 80% as consumers delay big purchases
Dealers are flooded with older models from competitors, with deals on those also hurting the Medina-based powersports manufacturer.
Thrivent CEO Terry Rasmussen will be H.B. Fuller's next board chair
The St. Paul-based adhesives company announced that Rasmussen will succeed longtime Chair Lee Mitau when he retires in January.
Another buyer emerges in bid for Anoka-based Vista Outdoor, further escalating sale price
Connecticut private equity firm Strategic Value Partners will buy the Revelyst division.
Mairs & Power, one of St. Paul's oldest investment firms, names new CEO
Rob Mairs, a grandson of George Mairs Jr. who founded the firm in 1931, will take on the role of chief executive from Mark Henneman, who will continue as the board's chair before retiring in 2026.
Hopkins-based Digi Intl., pushes new subscription product to boost revenue
The software technology company has mainly provided devices but is now focusing on more end-to-end services through Digi 360.
Are Vista Outdoor shareholders ever going to vote on the ammunition group acquisition?
The Anoka-based company on Tuesday postponed a special meeting to vote on the plan for the company for the seventh time.
As time starts to run out, Vista Outdoor continues to back ammunition group deal with Czech company
The board on Wednesday officially rejected the latest offer from MNC Capital and recommends shareholders approve the CSG deal before an expiration date.
Apogee, which provides glass for projects like U.S. Bank Stadium, much leaner after restructuring
The company has 2,700 fewer employees now, and also fewer businesses.
Golf's popularity remains after pandemic surge, good news for Bloomington-based Toro
Interest in golf surged during the pandemic but hasn't retreated from the gains like other outdoor sports have, which is good for the golf industry, including Toro and local courses.
Vista Outdoor postpones sale vote, yet again, after new bid from MNC Capital
Anoka-based Vista Outdoor said Tuesday it would reschedule Friday's shareholder meeting on the sale of its ammunition business to a Czech company after getting another bid from MNC.
Toro cashing in on golf's growth, reversing losses from last summer
Golf's popularity continues to grow, which has helped the Bloomington-based business offset fewer sales from homeowners and lawn care dealers.
UnitedHealth data breach dings earnings for Mendota Heights-based Patterson
Patterson's first-quarter sales and earnings missed expectations as it adjusted to the cybersecurity effects on its dental clinic customers.
Minnesota's Northern Oil and Gas makes over $5B in deals as North Dakota boom wanes
The Minnetonka-based company has made 14 acquisition deals from Texas and New Mexico to Utah and Ohio.
Pay for General Mills CEO drops to $13 million
Chairman and CEO Jeff Harmening earned a smaller bonus and gained less from long-term equity awards as pay declined 25% from a year ago.
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nVent Electric's expansion fueled by exploding need for data storage
The London-based company run out of St. Louis Park makes electronic components for data centers, which has fueled an expansion of its Anoka factory.
With record customer gains, Ecolab plans to use tech to grow even more
A new growth initiative means a structural reorganization for the St. Paul-based company.
nVent Electric makes $1.7B deal to sell smallest division
The London-based company run from St. Louis Park is selling its thermal management unit to Brookfield Asset Management.
Deals on Polaris vehicles grow as dealerships face high inventories
Polaris' sales are down, and the Medina-based company is slowing the number of vehicles sent to dealerships through the end of the year.
Vista Outdoor again postpones vote on ammunition business sale
The company announced plans to explore all options for its outdoor product company, Revelyst.
One of Vista's largest stockholders says shareholders should vote on upgraded ammunition deal
Gates Capital wants Vista to change the date of record so new shareholders can vote on the CSG Group deal.
Graco hopes new industry-leading products for contractors help position it for growth
In the second quarter, the contractor division grew revenue 5% while overall sales were slightly down.
Public company boards set their own pay. At Minnesota firms, that averages $250,000.
While scrutiny of CEO pay has grown, attention hasn't been the same on directors' pay.
Minnesota's 50 highest-paid executives, with No. 1 at $59.5M
Two CEOs earned more than $50 million, and 13 over $10 million.
One company's shareholders voted no on say-on-pay. Its CEO is the highest-paid in Minnesota.
Charles Kummeth at Bio-Techne and James Cracchiolo each realized more than $50 million, but 19 local CEOs saw compensation decrease.
Large Vista Outdoor shareholder says it will vote 'no' on selling ammunition brands to Czech firm
War of words between rival suitor MNC and Vista also escalates ahead of shareholder meeting on Tuesday.
Vista rejects last-ditch offer from U.S. investors, solidifies deal with Czech firm
The Anoka-based company's board unanimously recommends a revised $2.1 billion offer from Prague-based CSG.
Thrivent makes move to attract younger clients by creating online bank
The Minneapolis-based financial services firm recently received FDIC approval for the bank, which will merge with the existing Thrivent credit union.
C.H. Robinson makes unusual C-suite move to jump-start strategic planning, tech innovation
Arun Rajan, formerly chief operating officer, talks about why his title changed to chief strategy and innovation officer, and his focus now.
Vista Outdoor postpones special shareholder meeting to consider latest bid for company
MNC Capital's unsolicited bid of $3.2 billion for the entire company came after a key regulatory approval of Vista's deal to sell its ammunition business to a Czech company.
Vista Outdoor gets key regulatory approval and yet another increased bid from second suitor
The $2 billion sale to a Czech company cleared the CFIUS review a week before a shareholder vote. A rival group quickly raised its bid.
Czech company raises offer for Vista Outdoor's ammunition group, including Federal, to $2B
Vista, CSG Group say they remain confident in deal as they approach key shareholder vote next week.
Toro's future is increasingly electric and autonomous, helping to beautify golf courses
After years of development and testing Toro will bring two autonomous lawn mowers to market by the end of the year that are signature products of their long-term strategy.
New $2B bid for ammunition brands including Federal already withdrawn
The latest move in the drama surrounding Vista Outdoor's future seems to be a conflict of interest with another bidder, MNC Capital.
Vista Outdoor weighs new $2 billion bid for its ammunition business
The Vista board rejected MNC Capital's latest offer.
Investment group raises bid for Vista Outdoor to more than $3 billion
MNC Capital raised its bid to $39.50 a share for all of Vista Outdoor, a week after its previous bid was rejected.
nVent to acquire Wisconsin-based enclosures business
The London-based company, which has offices in St. Louis Park, is spending $695 million to acquire Trachte LLC.
With $371.6B in revenue, this giant again tops list of Minnesota public companies
This year, 38 of the top 50 Minnesota-run companies had $1 billion or more in revenue.
Where are we in the inflation conversation? Minnesota CEOs weigh in
Fewer CEOs are mentioning inflation, but when they do, they talk about how their companies are countering it.
Minnesota's IPO boom is over, at least for now
In 2020 and 2021 Minnesota was adding more public companies than it lost but that turned out to be a short-term trend
Minnesota is heavy on corporate royalty, with several dividend aristocrats and even some kings
Although 3M cut its dividend this spring for the first time in 64 years, the list added Fastenal this year, keeping Minnesota companies front and center for the distinction.
Federal ammunition owner gets sweetened offer from Czech company, rejects latest from U.S. investors
Vista Outdoor says Prague-based CSG raised its offer by $50 million, to $1.96 billion, and that they formally rejected the revised bid of MNC Capital Partners.
Eden Prairie's C.H. Robinson a big reason why so many people can get fresh flowers for Mother's Day
From South America and Africa to Miami then stores and florists, logistical challenges are great.
Minneapolis' Castlelake investment firm getting $1.5B infusion from Canadian global asset manager
The deal with Toronto-based Brookfield Asset Management should close by the end of the third quarter.
Best Buy CEO Corie Barry's compensation fell more than 20% to $10.3M last year
The company failed to meet financial goals, triggering lower payouts for executives.
Ecolab sells surgical business for nearly $1 billion
Medline, an Illinois-based private company, bought the unit, which makes products such as operating room drapes.
Target CEO was paid $18.1 million in 2023
The company's profits improved last year but Brian Cornell's realized pay dropped 47%.
Sleep Number sales slump as company plans to close 30 stores
The mattress industry has been in decline for more than a year.
UnitedHealth Group's CEO made $25 million in 2023
A cybersecurity attack may cost UnitedHealth Group billions, but their CEO made $25 million before the attack.
Vista Outdoor gives American investors another chance to raise their bid
Vista's board still prefers the deal with Prague-based Czechoslovak Group but urged MNC Capital to raise its offer.
Thrivent has found a way for everyday folks to get a piece of the private equity market
Investors can pay as little as $50 a month to join Thrivent's popular asset allocation funds, which will now carry private equity investments.
Conservative lawmakers lead objections to Vista's deal to sell Federal ammunition to Czech firm
Pressure being put on Treasury Secretary Janet Yellen and federal panel that must approve foreign investments in U.S. businesses.
New Brighton's APi Group continues its expansion with $570M acquisition
The addition of Tampa-based Elevated Facility Services Group is APi's largest acquisition since its 2021 acquisition of the Chubb fire and security business.
Xcel CEO Bob Frenzel awarded $9M retention bonus
Bob Frenzel's compensation is down because of stock awards and bonuses being lower than in 2022.
Archie Black's $20M payday, his last and biggest leading SPS Commerce
Black retired as CEO of SPS Commerce in October after 22 years leading the Minneapolis-based software company.
Indian Motorcycle gets a refresh as it's riding its biggest success
Polaris Industries is rebooting its most popular model. The success of the Indian Scout helped Polaris turn its first annual profit on motorcycles.
Bright Health CEO's bonus grew to $1.95M amid slashed workforce
The company, which was founded in Minnesota, cut its workforce by more than half after exiting the health plan business.
Outgoing 3M CEO made $7.2M last year, less than half new CEO's recruitment deal
Mike Roman is retiring May 1; new CEO Bill Brown's initial pay package is $19.1 million.
Plans to sell Federal ammunition to Czech company progress as U.S. group makes another offer
MNC Capital Partners, led by a former Vista Outdoor board member, ups its bid and looks to take Anoka company private.
U.S. Bank CEO's compensation drops 19%, but is still nearly $14M
More than half of Andrew Cecere's compensation in 2023 came from restricted stock awards that vested last year.
The man who turned Economics Laboratory into Ecolab and made it a billion-dollar company dies at 96
The retired CEO and civic leader died at 96 in late February.
Anoka's Vista Outdoor, which includes Federal ammunition, receives $2.9B acquisition bid
Dallas-based MNC Capital offers $35 a share to acquire all of Vista, including its ammunition and outdoor products businesses.
Minneapolis company that provides services for M&A deals makes another acquisition of its own
Datasite is acquiring Sherpany, a provider software to manage board room meetings and communication.
Minnesota losing public company in $366M deal as Agiliti's biggest shareholder takes it private
Thomas H. Lee Partners owns 73% of Agiliti's shares and will buy the rest.
First came smart thermostats. Now Marvin has windows, doors that you can open and close remotely.
While there are aftermarket products that you can add to windows, these are the first mainstream products with the feature baked in.
Amid worker shortages in factories, Tennant investing more in cleaning robots
Tennant is extending its existing partnership with the autonomous technology company Brain Corp. to develop and improve its autonomous floor cleaners.
Polaris says owners of recalled snowmobiles should use E10 fuel to avoid potential fire hazard
In 2022 Polaris recalled 230,000 snowmobiles to fix a fuel tank issue; now the company says owners should take additional safety steps.
British defense contractor BAE to build factory in Maple Grove, promises up to 500 jobs
The company's Systems Land & Armaments business has filed for approval for a 167,000-square-foot complex.
Ecolab surpasses $15B sales milestone, buoyed by strong launch of new products
CEO Christophe Beck says the company needs to continue a strong R&D pipeline to meet an operating margin goal of 20%.
