Medtronic kicked off Fortune 500 list with HQ move to Ireland

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After moving its corporate headquarters to Ireland, Medtronic is no longer part of the Fortune 500.

Fortune magazine produces the list of the United States' largest publicly owned companies each year. The 2015 iteration has Wal-Mart, Exxon Mobil and Chevron at the top.

The highest-ranked Minnesota-based company is UnitedHealth Group at No. 14.

But absent this year, as noted above, is Medtronic, the Washington Post reports. The formerly Minneapolis-based medical company worked for months to purchase Ireland-based Covidien. The deal closed in January, and Medtronic legally moved its headquarters to Dublin.

“The Fortune 500 is going to remain a list of companies based in the U.S.,” Fortune's list editor Scott DeCarlo told the Washington Post. “We want to maintain the integrity of the list.”

The company is still essentially run from Minnesota. But the $43 billion deal allowed Medtronic to officially move its headquarters to Ireland – taking advantage of the country's lower corporate tax rate compared to the U.S.

MinnPost notes a second company, generic drug maker Mylan, was also booted from the Fortune 500 club this year for moving its base to the Netherlands.

A total of 10 companies have been kicked off the list since 2000 for leaving the U.S, the Washington Post says.

Minnesota on the Fortune 500 list

There are now 17 Minnesota-based companies among the Fortune 500. Here's a list, with where they rank:

UnitedHealth Group – 14
Target – 36
CHS – 69
Best Buy – 72
3M – 98
U.S. Bancorp – 138
SuperValu – 164
General Mills – 171
Land O'Lakes – 203
Ecolab – 213
C.H. Robinson Worldwide – 225
Ameriprise Financial – 247
Xcel Energy – 255
Hormel Foods – 310
Mosaic – 320
Thrivent Financial for Lutherans – 333
St. Jude Medical – 466

The Star Tribune says the number of Minnesota companies on Fortune's list has slowly gone down, mainly because of decisions to go private rather than be publicly owned, or a company moving out of the state.

New York (55 Fortune 500 companies), Texas (54) and California (53) are the states with the most companies on the list.

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