Minnesota still ranks as a big headquarters state

Minnesota's fortune 500 rankings

Minnesota still ranks as a big headquarters state. With the acquisition of St. Jude Medical by Abbott Laboratories, Minnesota now has 16 Fortune 500 companies, which include the financial services nonprofit Thrivent Financial and the agriculture and food industries cooperative Land O'Lakes Inc.

On a total number basis, Minnesota ranks 13th among states, but on a per-capita basis it has generally been second behind Connecticut.

The per-capita bragging rights in Minnesota may be on thin ice, though.

Connecticut has grown its ranks of Fortune 500 companies from 16 in 2013 to 19. Rhode Island, with two, and the District of Columbia, with four, outrank Minnesota because they are smaller. If Minnesota drops another Fortune 500 company, it could fall behind New York and Illinois on a per-capita basis.

There are two Minnesota companies poised to join the Fortune 500 if their revenue grows sufficiently.

Polaris Industries was No. 528 on the latest list, but slowing sales and product recall difficulties make that leap more difficult. St. Paul-based Securian Financial Group at No. 551 might be the best bet. Valspar at No. 555 is no longer a candidate as it is being acquired by Sherwin-Williams.

Pending deal

The still-pending $11.3 billion merger between Minneapolis-based Valspar Corp. (18th) and Cleveland-based Sherwin-Williams has gone on longer than expected.

The deal between the fifth and second largest paint and coatings manufacturers in North America was announced on March 21, 2016, with a projected closing in the first quarter of 2017.

Twice since the announcement the sides have taken the unusual step of issuing statements refuting rumors of a deal collapse. And recently, Valspar sold a coatings business to satisfy regulators — clearing another hurdle to the deal closing.

That deal is now headed for a new deadline of June 17.