Dec. 23--Even in winter for the Minnesota economy, there are seeds of hope.

Wall Street has melted down, devastating the world of hedge funds, private-equity firms and investment banks. But Minnesota was never a big player in those arenas.

Where Minnesota is a powerhouse is in its array of blue-chip companies. And suddenly, many of them sport a new luster, thanks to their cautious ways, steady profits and strong balance sheets.

For them, the troubled economy offers some of the best opportunities in years -- to make acquisitions at attractive prices, strengthening and expanding in new directions.

"The right time to buy is when you think it's a solid industry but when things don't look so good," said John Johnson, chief executive of CHS Inc., an Inver Grove Heights-based grain and energy cooperative. "Today, there are fewer buyers than there are sellers, which means there are going to be opportunities out there."

So despite the gloomy economy, CHS is shopping. Other Minnesota companies -- from Medtronic to General Mills, Ameriprise Financial to Cargill -- have been browsing, too. Most prized are smart acquisitions that fuel growth, not necessarily blockbusters.

St. Jude Medical just bagged two deals. On Monday, the medical device maker said it bought an Israeli company for $283 million, one day after purchasing a Swedish one for $250 million. The acquisitions gave Little Canada-based St. Jude new technologies and, it believes, a competitive lift.

As with housing, what's enticing to corporate buyers is that the speculative froth has been squeezed from the market. Plus, there's a lot for sale. So as values slump, buyers with lots of cash are finding bargains, new technologies and hot properties within reach.

"Right now, it is interesting," said Bill Hawkins, chief executive of medical device giant Medtronic, which is based in Fridley. "With all of the valuations of companies somewhat deflated ... it puts us in a good position to be able to look at companies or products that may fit strategically with us. And you could argue, to some degree, it's an attractive time to add to our portfolio."

A recent Medtronic acquisition shows why this matters, particularly in a state with rising unemployment and worries about job creation. In September, Medtronic bought the Canadian firm CryoCath Technologies, which had innovative ways to treat a heart irregularity called atrial fibrillation.

That deal didn't add Minnesota jobs. But by opening a new front for Medtronic, it paves the way for job growth here, where Medtronic already has 7,800 employees.