Business

3 Charlotte-area companies climb on Fortune 500 list; 5 fall back

A Lowe's store in Sunnyvale, Calif. Lowe’s cracked the top 50 on Fortune magazine’s list for the first time since 2011.
A Lowe's store in Sunnyvale, Calif. Lowe’s cracked the top 50 on Fortune magazine’s list for the first time since 2011. BLOOMBERG NEWS

Three Charlotte-area companies climbed the rankings of the Fortune 500 list this year, while five fell back.

The area can now boast eight companies on the list, up from seven in 2014. The new member is Sealed Air Corp., which is moving its headquarters to Charlotte from Elmwood Park, N.J. The number will drop to seven again once Virginia-based Dollar Tree completes its acquisition of Matthews-based Family Dollar.

▪ Bank of America dropped two spots to No. 23 due to the company’s 6 percent drop in revenue. It remains Charlotte’s top company on the list, seven spots ahead of San Francisco-based Wells Fargo.

▪ Lowe’s ranked No. 50, breaking its way into the top 50 for the first time since 2011 by raising revenues 5 percent. The company ranked No. 52 last year.

▪ Duke Energy climbed seven spots to No. 116. The company has steadily climbed the rankings since 2012, when it merged with Raleigh-based Progress Energy.

▪ Steel-producer Nucor enjoyed the largest jump of any Charlotte business. The company climbed 11 spots to No. 139.

▪ Family Dollar dropped 10 spots to No. 281. Dollar Tree, which checks in at No. 330 on the list, expects to complete its acquisition of Family Dollar in July.

▪ Sonic Automotive fell 6 spots to No. 315. The company is currently in the process of ramping up expansion.

▪ Sealed Air, which hopes to have its new Southwest Charlotte headquarters open by the end of 2016, fell the most of any company in the group. The maker of Bubble Wrap fell 21 spots to No. 366.

▪ Domtar, a paper company located in Fort Mill, S.C., fell one spot to No. 470. Again this year, it’s the only South Carolina-based company on Fortune’s list.

▪ Falling just outside the list at No. 514 was American Tire Distributors Holdings of Huntersville. It ranked No. 616 in 2014 and placed outside of the top 1,000 as recently as 2009.

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