n Minnesota Business Updates

n Fortune honors General Mills

Fortune has recognized General Mills as one of its “America’s Most Innovative Companies.” The multinational food manufacturer ranks No. 1 in its industry and No. 79 overall. General Mills is one of more than 15,000 companies that Fortune and market research and data company Statista has reviewed and one of 300 U.S.-based companies to be recognized on the list. Shortly after the announcement, General Mills revealed its latest environmental innovation initiatives across all its brands as part of the company’s commitment to advance regenerative agriculture. One such initiative is Grow for Good, which helps consumers learn about and support the farmer-led regenerative agriculture movement. General Mills also said it has formed strategic partnerships with the likes of American Farmland Trust and Rodale Institute to advance regenerative agriculture techniques across key regions in California and the Northern Great Plains.

n CHS reports strong earnings

CHS agribusiness cooperative in the United States, announced a strong second-quarter net income of $292.3 million for the fiscal year 2023. This figure is a significant increase from last year’s $219.0 million net income during the same period.

Additionally, the company’s revenue for the second quarter of the fiscal year 2023 has increased to $292.3 million, compared to the $219 million recorded in the same period last year. The net income and revenue surge is attributed to the current robust energy market conditions.

Looking back at the previous fiscal year, CHS Inc. reported a net loss of $38.2 million and revenues of $8.3 billion for the second quarter of 2021. However, during the same fiscal year 2022, the company bounced back with a net income of $219.0 million and revenues of $10.3 billion.

The growth can be attributed to the strong global demand for grain and oilseed commodities and the global market’s volatility.

n Best Buy expands recycling

Best Buy announced that it’s extending its gadget recycling program to include a new mail-in option. The retailer will now sell you a box for your used electronics that you can ship back for recycling, saving a trip to the store. Best Buy says it’s recycled 2.7 billion pounds of electronics and appliances through its existing programs, describing itself as the US’ “largest retail collector of e-waste.”

Claims

The program lets you order a box in one of two sizes: a $23 small (9 x 5 x 3 inches) one for e-waste weighing up to six lbs and a $30 medium (18 x 14 x 4 inches) one supporting up to 15 lbs. After receiving it, you can pack in as many (approved) devices as you can fit, as long as they stay under the weight limits. Then, you can either take them to a UPS drop-off point or schedule a UPS pickup.

The program is an extension of Best Buy’s free in-store recycling program, launched in 2009.

n Can 3M stop toxic chemicals?

Although 3M has said it plans to stop making toxic chemicals that have polluted around the world, the U.S. Department of Defense is so reliant upon them the company may not have a choice.

Minnesota Democratic Rep. Betty McCollum, ranking member of the U.S. House Defense Appropriations Subcommittee, said until alternatives are found, the chemicals will need to continue to be used in microelectronic production, which has “national security implications,” the Minnesota Reformer reports. And she suggested the federal government could require 3M to continue making the chemicals for essential uses under tightly controlled regulation, but she hopes that’s not necessary.

Semiconductors are used in thousands of products such as computers, smartphones, vehicles, appliances and medical equipment. They’re also used in military and national security technologies — including aircraft control systems and safety equipment — and drones, radar and command and control systems.

n Xcel leak spurs debate

The leak of contaminated water from Xcel Energy’s nuclear power plant in Monticello hasn’t exactly changed a lot of minds as the Minnesota Legislature debates the future of nuclear’s role in a carbon-free electric grid.

But it has become part of the debate among lawmakers — and perhaps served to reinforce existing views — on a $300,000 bill to study emerging nuclear technology in a state where new plants are currently banned. A study has the support of Gov. Tim Walz, but the idea has divided Democrats who control the House and Senate.

Nuclear has long been controversial among Democrats, many of whom argue that new plants are too expensive and carry pollution risk. But there has been a small, yet increasingly influential, contingent of DFLers pushing to relax Minnesota’s stance toward the energy source because it can provide steady carbon-free power when the state has asked utilities to be emissions-free by 2040.