Minnesota is losing another Fortune 500 company, with The Mosaic Company announcing its moving its corporate HQ to Florida.
The Plymouth-based fertilizer giant confirmed Monday it'll be making the switch to Hillsborough County, Florida – home to Tampa – with all its senior executives and related functions moving there.
When the switch will happen and how many employees will be affected is still under consideration.
Mosaic said the move was being made partly because Florida has better access to Brazil, where Mosaic recently purchased Vale Fertilizantes (now Mosaic Fertilizantes), in doing so doubling the size of its workforce.
It also said it'll deliver "significant long-term cost savings" and bring the company closer to its phosphate mines.
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One way some of these savings could be achieved is through local taxes, with the Tax Foundation ranking Florida as the 4th best state for Business Tax Climate in 2017 – while Minnesota was 46th.
“Mosaic is among the largest employers and most significant corporate economic drivers in Central Florida,” said President and CEO Joc O’Rourke.
"We will execute this move with as little disruption as possible and with sensitivity to our employees’ personal situations,” he added.
Its exit would bring the number of Fortune 500 companies in Minnesota down to 16.
The last to be removed from the list was St. Jude Medical in St. Paul, which was bought out last year by Abbott, based in Illinois.