Fortune 500 lists 7 Charlotte-area companies, down from 8
06/13/2014 6:58 PM
06/13/2014 7:30 PM
The newest Fortune 500 ranking shows Charlotte now has seven companies on the list, down from eight last year.
SPX Corp., the diversified manufacturer based in Ballantyne, dropped to No. 503 in the magazine’s annual ranking, with revenue of $4.9 billion, a 17 percent decrease from the year before. Bank of America remains the highest-ranked Charlotte-based company, at No. 21. It fell out of the top 10 in the ranking after 2011.
Besides Bank of America, the seven Fortune 500 companies headquartered in the Charlotte area are: Lowe’s (ranked at No. 52), Duke Energy (123), Nucor (150), Family Dollar (271), Sonic Automotive (309) and Domtar (469).
Domtar, a paper company based in Fort Mill, is the only Fortune 500 company headquartered in South Carolina. The list includes 13 North Carolina companies.
Ten other Charlotte companies are ranked in the Fortune 1000.
As recently as 2007, Charlotte was home to nine Fortune 500 headquarters. Goodrich became the aerospace division of Connecticut-based United Technologies two years ago. Wachovia disappeared from the list when it was acquired by San Francisco-based Wells Fargo after the financial crisis.
The number of Fortune 500 companies in Charlotte “is still a fairly large number,” said Mark Vitner, senior economist at Wells Fargo. Charlotte is the tenth largest home to Fortune 500 headquarters in the country, according to a Charlotte Chamber report.
The Fortune 500 companies constitute “a fairly small portion of all employment in Charlotte,” Vitner said. “But it’s nice to have the headquarters because you have the executive salaries and you have a lot of companies that serve those companies. That helps attract other businesses to the region.”
Fortune Magazine releases its Fortune 500 ranking every May or June. The calculation is based on companies’ annual revenue.
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