The chances of Archer Daniels Midland Co. picking the Twin Cities for its new headquarters is barely on the plus side of zero, and it's curious why anyone here would bother meeting with anyone from the agricultural products giant.
"It's just good manners," explained Michael Langley, the CEO of the economic development group Greater MSP.
Langley said he could not discuss the particulars of Greater MSP's engagement with ADM, but suggested that he and state officials should enthusiastically welcome any leader in the food industry. It's one of the state's strongest segments.
Chasing Fortune 500 companies, of course, is a terrible strategy for long-term economic growth, and Langley agreed. The last and only time a Fortune 500 company moved here, the future Hall of Fame slugger Harmon Killebrew was playing Double-A ball for the Chattanooga Lookouts.
The year was 1958, and Bemis Bro. Bag Co. selected Minneapolis for its executive offices over Boston, Denver and St. Louis.
Three years earlier, when Fortune released its first list of the 500 largest U.S. companies, 11 of them were in Minnesota. Today, there are 19. But there isn't a transplant on either list — including Bemis, as it's long gone.
"What's interesting about Minnesota is so much of the change has not been about movement here," said Myles Shaver, a professor of strategic management at the Carlson School of Management at the University of Minnesota who has studied the origins of the state's corporate community. "I was in Atlanta for a conference a couple of weeks ago, and they had the promotional materials for their Fortune 500s. You start reading and its 'Newell Rubbermaid moved its headquarters to Atlanta in 2003,' or something like that. Half of them read like that."
In contrast, Shaver said, the Twin Cities has had to create its corporate headquarters community by growing little companies into Fortune 500s.