Appeals court upholds $15 Minneapolis minimum wage
ST. PAUL, Minn. (AP) — The Minnesota Court of Appeals has upheld a $15 an hour Minneapolis minimum wage ordinance.
The court affirmed the ordinance in a divided opinion Monday.
Patrick McHale, Graco Inc. president and CEO
Total compensation: $47,164,332 for the year ended Dec. 31, 2017
Judge upholds Minneapolis’ $15 minimum wage ordinance
A Hennepin District Judge ruled that the city of Minneapolis’ $15 minimum wage ordinance is valid, ending the first major legal challenge of the plan since it passed in June.
Graco Inc. was the only remaining plaintiff in the lawsuit, which was filed in November and sought a temporary injunction to stop the wage ordinance from going into effect. The Minnesota Chamber of Commerce pulled out of the suit in late December.
Judge upholds $15 minimum wage ordinance in Minneapolis
MINNEAPOLIS (AP) — A Hennepin District Court judge has ruled that that a new minimum wage ordinance in Minneapolis is valid, ending the first major legal challenge of the plan since it was passed in June.
The Star Tribune reports that Graco Inc. was the only remaining plaintiff in the suit filed in November in an attempt block the $15 minimum wage.
Minneapolis-based Graco Inc. saw sales grow steadily in 2017, with 7 percent year over year in the fourth quarter and double-digit growth for the year.
While the sales increase met analysts’ expectation for the quarter ended Dec. 29, the company’s earnings did not. The maker of industrial fluids and coatings recorded net income of $36.4 million, or 21 cents a share. Last year, the company lost $104.2 million.
Minnesota Chamber, others pull out of minimum wage lawsuit
MINNEAPOLIS (AP) — The Minnesota Chamber of Commerce and two other entities who sued the city of Minneapolis last month over the plan to raise the minimum wage have now pulled out of the lawsuit.
The chamber filed the lawsuit in November, asking for a temporary injunction to stop the proposed $15 minimum wage from going into effect.
The Minnesota Chamber of Commerce and two other entities who sued the city of Minneapolis last month over the plan to raise the minimum wage to $15 have now pulled out of the lawsuit.
The Chamber initially filed the lawsuit in November, asking for a temporary injunction to stop the minimum wage from going into effect.
Graco buys Florida equipment firm Smith Manufacturing
Graco Inc. has purchased Florida-based equipment firm Smith Manufacturing for an undisclosed price.
The deal, which closed Dec. 15 and was announced Wednesday, expands Graco’s surface-preparation equipment business. Smith specializes in making “scarification” equipment, which can be used to scar concrete, remove traffic tape from gravel, grind paint off surfaces or otherwise help finish a variety of internal and external surfaces.
Graco Inc. on Friday announced a three-for-one split of the company’s common stock for shareholders of record as of Dec. 18. The move marks the 12th stock split since the company went public in 1969.
Graco’s stock rose $1.67 to $130.44 per share in late morning trading Friday.
Graco also announced that it is increasing its upcoming quarterly dividend by 10 percent to $39.75 per share. The dividend will be paid on Feb. 7, 2018, to shareholders on record as of Jan. 22.
Minneapolis – Ever wonder how M&M's get their crunchy shells? Or how Reese's Peanut Butter Cups and Pop-Tarts get their decadent fillings? Or how that perfect dollop of creamy goodness sits into the middle of an Oreo?
The answer lies deep inside Graco Inc.'s factory in Minneapolis, where towering pumps and sprayers are manufactured that let American food factories rhythmically dispense or squirt gallons and gallons of food ingredients.