The competition among states is heating up, and Texas is playing a leading role. It seems like every few days there are new reports of businesses moving to The Lone Star State. This week Toyota announced it will consolidate its North American operations in California, Kentucky and New York by moving most of them to Texas. CNN reports that this is just another step away from California for Japanese auto-makers.
At one point in time, all three major Japanese automakers — Toyota, Honda and Nissan — had their U.S. headquarters in California. Nissan moved its headquarters to Tennessee in 2006. Once Toyota leaves, only Honda will still be headquartered in California.
And in a move that might have Minnesota officials worried, 3M will be holding its annual shareholder meeting in Austin. That’s the first time in the company’s history that the meeting will be held outside Minnesota reports the StarTribune.
3M Co. is leaving town for its annual meeting for the first time.
The company, one of the best-known names in Minnesota business and the state’s most valuable company by market capitalization, will meet shareholders in Austin, Texas, in May instead of at its usual venue, St. Paul’s RiverCentre.
Company officials said the switch is meant to shine attention on its Austin-based energy and electronics business.