lunch take | 3M May Sell Off Billions in Assets + Target's Activist Shareholder Goes After UNH
10.6.25
What should replace Owamni when it moves to The Guthrie? Axios readers weigh in. SEE: https://fluence-media.co/4pVuq6P
St. Paul’s Tommy Brennan made a couple of brief appearances in his SNL debut. SEE: https://fluence-media.co/4nGiODc
Minnesota is the eighth safest state in the nation according to WALLETHUB: https://fluence-media.co/46FuWhL
Today’s WCCO Radio morning take at 6:20 with Vineeta Sawkar. LISTEN: https://fluence-media.co/3IUFIHI
What are the headwinds and tailwinds of the regional economy? - Sunday Take featured UMN’s Myles Shaver discussing the current state of the headquarters economy in Minnesota. LISTEN: http://fluence-media.co/3IPKVR8
Blois
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Fluence Advisory hosted a cannabis forum on the “State of Cannabis in Minnesota including an interview with Executive Director of the Office of Cannabis Management Eric Taubel.
3M: Via Bloomberg, VERBATIM: “3M Co. is considering selling billions of dollars of assets from its industrials operations as it looks to carve out low-growth businesses, according to people familiar with the matter. The conglomerate has been speaking with Goldman Sachs as it reviews potential divestments, said the people, who asked not to be identified because they weren’t authorized to speak publicly. 3M’s safety and industrials unit, which generated about $11 billion in revenue last year, encompasses businesses such as aftermarket auto products, personal safety equipment and industrial adhesives and tapes, among others.” READ: https://fluence-media.co/48cWPPi
TORO: Via Bloomington-based Toro, VERBATIM: “The Toro Company (NYSE: TTC) today announced that it has entered into a definitive agreement to acquire publicly held Tornado Infrastructure Equipment Ltd. (TSX-V: TGH), a leading manufacturer in the vacuum truck industry . . . Based in Calgary, Alberta, Tornado Infrastructure Equipment is a leading manufacturer of vacuum trucks and industrial equipment solutions for the underground construction, power transmission and energy markets. With a combination of power, precision and payload capacity, Tornado products are designed to safely excavate in urban areas and around critical infrastructure using a combination of high-pressure water or air, and a powerful vacuum system to minimize the risk of utility damage. During the trailing 12 months ended June 30, 2025, Tornado Infrastructure Equipment generated net sales of approximately $149 million (CAD).” READ: https://fluence-media.co/433JRji
UNITEDHEALTH: Via Reuters, VERBATIM: “A UnitedHealth shareholder proposed on Friday that the healthcare group should adopt a policy to require an independent board chair, a role now held by CEO Stephen Hemsley. The Accountability Board, a nonprofit advocacy group and UnitedHealth’s shareholder, said the current structure would decrease the board’s ‘checks and balances by consolidating power.’” READ: https://fluence-media.co/3VUEVJM
MORE: If The Accountability Board sounds familiar, it was cited as an investor who, last week, protested against the CEO succession plan at Target. You can read about it in Thursday’s lunch take. READ: https://fluence-media.co/47b0Keu
SPECIAL SESSION: Via WCCO-Radio, VERBATIM: “Still no word yet on if - or when - state lawmakers will head to St. Paul for a special session focused on gun control and mass violence in the wake of the deadly Annunciation Catholic Church shooting in Minneapolis. Last week, Minnesota Governor Tim Walz and DFL leaders released a proposal that included this Monday as a proposed starting date for that session, and several reforms including an assault weapons ban. But so far, there is no agreement on where to begin with Republican leaders.” WALZ: “I’m not asking them, I think they should vote for it, I think the data shows that,” says Walz. “I would like them to vote for it, but they need to vote their conscience. But to simply stop us from being able to have this discussion, to be able to run it out, to be able to do that, very, very frustrating.” LISTEN: https://fluence-media.co/3J01REx
BROADBAND: Comcast is rewriting the broadband playbook in the Twin Cities. From neighborhood networks to next-gen tech, we’re delivering community-first internet connectivity with no contracts, no surprises. The new Xfinity package means unlimited data, blazing-fast, reliable speeds and a 5-year price guarantee, plus free mobile for a year. It’s not the old Comcast — it’s a bold new era of connection. Let’s power the future, together. LEARN MORE: https://fluence-media.co/Comcast2025-1 (SPONSORED: Comcast)
NEXT YEAR: Via Outdoor Retailer, VERBATIM: “Outdoor Retailer, the premier B2B gathering for the $1.2 trillion North American outdoor industry, will make its new home in Minneapolis, debuting August 19–21, 2026, with a renewed focus on collaboration, learning, and shared experiences. Chosen for its world-class trails, waterways, and thriving outdoor business community, Minneapolis is the ideal stage for the future of Outdoor Retailer.” READ: https://fluence-media.co/3VNScnt
MORE: Via MPR, VERBATIM: “Event organizer and endurance athlete Sunny Stroeer said Minnesota’s big outdoor industry made it a good pick for the next show.” STROEER: “Knowing how big of a part outdoor recreation is for the state economy, and what a thriving outdoor community you have out there, I personally can’t wait to visit and to experience that in person.” READ: https://fluence-media.co/3KA1C3z
WNBA: Via ESPN, VERBATIM: “Minnesota Lynx forward Napheesa Collier has canceled her meeting with WNBA commissioner Cathy Engelbert next week, sources told ESPN on Saturday. Collier had previously texted Engelbert that she was open to meeting with her next week to discuss the criticism of Engelbert and the league at her news conference Tuesday. But Engelbert’s assertion at a Friday news conference that Collier’s depiction of a private conversation between them was filled with inaccuracies has ‘pretty much pushed the relationship beyond repair,’ as one source put it.” READ: https://fluence-media.co/46D5NnP
TRANSIT: Via Star Tribune, VERBATIM: “A light-rail passenger boarded a Blue Line train full of fans leaving the Minnesota Twins Pride Day game one Saturday afternoon in June. Within a few stops of Target Field, the passenger messaged Metro Transit’s Text for Safety program to report another rider spouting homophobic slurs . . . The exchange, one of dozens from June reviewed by the Minnesota Star Tribune under the Data Practices Act, reveals what Metro Transit is up against as it tries to bring people back to a transit system that has suffered low ridership since the pandemic. As Metro Transit and partners pour resources into checking fares, connecting people to social services and policing more proactively, safety remains a concern for riders, especially on light rail.” READ: https://fluence-media.co/3KCRoiL
SHUTDOWN: Via WCCO-TV, VERBATIM: “In the hours after the federal government shut down on Wednesday, the Trump administration announced it would cancel nearly $8 billion in climate projects in more than a dozen states, including Minnesota. The number of grants impacted totals $645 million in Minnesota, according to a statement from Democratic U.S. Sen. Tina Smith‘s office. Among the projects her office said were affected include $464 million to build new electrical transmission lines connecting Minnesota and other Midwest states, $50 million to upgrade an electrical transmission line between Minnesota and North Dakota, and $1.7 million for research to ensure solar projects save money.” WATCH: https://fluence-media.co/4gZqde7
ELECTRIC: Via Xcel, VERBATIM: “Xcel Energy is making a first-of-its-kind proposal to build out a battery storage network across Minnesota, optimizing the state’s energy grid and helping the company meet the growing electricity needs of the communities it serves. Under its Capacity Connect proposal, Xcel Energy will install up to 200 megawatts of battery storage resources at strategic locations on the grid by 2028. Deployed in collaboration with Sparkfund, the distributed energy resources will help meet increasing demand for electricity, maintain reliable service for customers, maximize the efficiency of existing infrastructure, and support local jobs.” READ: https://fluence-media.co/470oCjN
(DISCLOSURE: Xcel is a Fluence sponsor)
MEDIA: Via MPR, VERBATIM: “Kayla Kroll never planned to be a newspaper publisher. But after 15 years of working at the Warren Sheaf, owners Eric and Nancy Mattson suggested she buy the paper. The Mattson family had owned the Sheaf since 1886. Eric was the fourth generation to run the paper. He published it for 40 years with his wife, Nancy. But with her health declining, the couple wanted to retire and no one else in the family was inclined to take over.” LISTEN: https://fluence-media.co/4o7pBWm
COMMUNITY PARTNERSHIPS TO CELEBRATE: Flint Hills Resources and its employees are proud of the company they keep, including many community partners that help make Minnesota a better place to live and learn. Not only is the Pine Bend refinery celebrating 70 years, many of the company’s long-time partnerships have milestones in 2025: 25 years of the Flint Hills Family Festival in partnership with the Ordway Center for the Performing Arts, 25 years with Frends of the Mississippi River to restore critical habitat, 30 years with the Minnesota Zoo, and 40 years with Ducks Unlimited. WATCH: Celebrating our Community Partners (SPONSORED: Flint Hills Resources Pine Bend refinery)
HEALTH COSTS: via Minnesota Reformer, VERBATIM: “Commercially insured Minnesotans, on average, spent more on health care despite using health care services less in 2023 compared to 2019. … In 2023, per-person health spending in Minnesota was $7,154, compared to $6,224 in 2019, which is a roughly 15% increase. … The increase in spending was driven by price increases, not people receiving more care, according to the report. Health care prices were up 20%, but per-person health care utilization — the volume of health care services used, including prescriptions — decreased by 3.4%. Health care inflation was slightly higher than the overall consumer price index.” READ: http://fluence-media.co/4pWY7nS
TOURISM: via Star Tribune, VERBATIM: “The trailhead parking lot for Bean and Bear lakes, in a corner of Tettegouche State Park, was full by 8:30 a.m. last Saturday. … The fall leaf-seeking crowds have become so numerous at some state parks that the managers don’t advertise them as an autumn destination anymore. The stampede creates traffic control and park maintenance needs that the park isn’t fully equipped for, said park manager Katie Foshay. … The parks and trails division no longer promotes fall color visits to some of its busiest North Shore parks on DNR social platforms, Foshay said. Instead, posts suggest the natural beauty of lesser-known parks, forests or recreation areas that have more capacity at the time.” READ: http://fluence-media.co/3IyNiI1
LINDBERGH: Via MPR, VERBATIM: “In July, the Minnesota Historical Society announced it was laying off staff and changing operations at three sites, including the Charles Lindbergh House and Museum. Since Labor Day weekend, visitors have been able to follow a self-guided interpretive trail along the river, but the buildings are no longer open . . . Community members have been brainstorming ideas to keep the historic buildings open. They say the timing of the closure couldn’t be worse. Little Falls already is gearing up to celebrate the centennial of Lindbergh’s New York-to-Paris flight in 2027, with events at the house and museum.” READ: https://fluence-media.co/3KzUZOM
FRESH15: The latest season of Fresh15 includes interviews with new Minnesota House members. So far, five new members have shared their goals, background and fun facts before they take office in a historic session this January.
Rep. Kari Rehrauer
Rep. Wayne Johnson
Rep. Julie Greene
Rep. Keith Allen
Rep. Peter Johnson
Follow on your favorite podcast platform, or at www.TheDailyAgenda.com/Podcasts. (SPONSORED: Minnesota Telecom Alliance)
LIBRARIES: Via Lakeland PBS, VERBATIM: “Counties across Minnesota are expecting significant cost increases to their future budgets in the coming years, due in part to state coffers and the Trump Administration’s Big, Beautiful Bill. Last month, the Beltrami County Board voted to cut more than 40% of the county’s previously allocated funding to the Bemidji Public Library and Blackduck Public Library, both a part of the Kitchigami Regional Library System. The cuts bring the county’s contribution down to the state minimum of $265,000, the level required for libraries to participate a state Regional Library System.” WATCH: https://fluence-media.co/4pNMS10
EDINA: Via Axios, VERBATIM: “After 10 (!!!) years of planning, officials finally broke ground on a new Southdale Library on Edina’s York Avenue. Why it matters: This $106.8 million project will not only replace what had been a 54-year-old library, it also includes a new Edina Art Center that will pay rent.” RENDERINGS: https://fluence-media.co/4h0vB0E
AI: Via KSTP-TV, VERBATIM: “Police officers in Minnesota are increasingly using artificial intelligence to write police reports. 5 INVESTIGATES has discovered several departments in the Twin Cities metro are using generative AI software that produces a police report from a piece of body-worn camera footage. The technology is from Axon Enterprise. The Arizona-based company is the maker of the TASER and outfits thousands of police departments across the country with body cameras, evidence management systems and other equipment.” WATCH: https://fluence-media.co/4oaRFbs
RETAIL: Via CCX Media, VERBATIM: “A clothing company founded in Duluth, Minn., has now made its way to Maple Grove. Duluth Trading Co. recently opened a new store at The Shoppes at Arbor Lakes.” QUOTE: “This area, it’s one of the fastest growing areas in the Twin Cities,” said Jon Griffing, manager of the new Duluth Trading store. “It only made sense just from our customer traffic we received at other stores, setting up sales history, online sales, it just identified this area as the perfect location for a new store to help us build and expand our company.” WATCH: https://fluence-media.co/3VRxpiU
35W: Via MPR, VERBATIM: “Parts of Interstate 35W in the southern Twin Cities area will be closed overnight this week — starting at 9 p.m. Monday — as crews work on a bridge over the freeway.” READ: https://fluence-media.co/46UbWuu
THURSDAY: Via news release from Bloomington-based Apogee, VERBATIM: “Apogee Enterprises, Inc. (Nasdaq: APOG) a leading provider of architectural building products and services, as well as high-performance coated materials used in a variety of applications, today announced the company will report its fiscal 2026 second quarter results on Thursday, October 9, 2025, after the market closes.” READ: https://fluence-media.co/4nuzL3q
NEXT MONTH: Via news release from Golden Valley-based Inspire, VERBATIM: “Inspire Medical Systems, Inc. (NYSE: INSP) (Inspire) will release financial results for the third quarter 2025 after the close of trading on Monday, November 3.” READ: https://fluence-media.co/46VnSMU
PROTOLABS: Via news release from Maple Plain-based Protolabs, VERBATIM: “Global digital manufacturing leader Protolabs (NYSE: PRLB) today announced Marc Kermisch as its new Chief Technology and AI Officer, effective Monday, Oct. 13, 2025. Kermisch will lead Protolabs’ global technology organization and succeeds previous CTO, Oleg Ryaboy, who has departed the company.” READ: https://fluence-media.co/46Vpne0
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HAUNTED: Via Bring Me The News, VERBATIM: “Minnesota is quietly an excellent place for Halloween. It’s home to some excellent haunted houses and the Halloween capital of the world. So, make the most of the season by testing your mettle at some of the state’s best haunted houses and trails.” READ: https://fluence-media.co/46T0HTj
BDAYS: Retail leader Bruce Nustad, Rep. Elliot Engen, producer Melissa Turtinen, attorney Emily Piper, Commissioner Joe Atkins, International Paper’s Gretchen Spear
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