Research & Data Monday, May 18, 2020

Charlotte Region’s best showing on Fortune 500 since 2007

The Charlotte Region is now home to nine of the largest publicly traded companies in the United States, and 18 of the largest 1,000. Fortune Magazine’s Fortune 500/1000 list, released Monday, showed Charlotte adding three companies to the Fortune 500 list and two to the Fortune 1000 list in one year alone.

Charlotte newcomers Honeywell (92) and Truist (217) joined longtime Fortune 500 headquarters like Bank of America (25), Lowe’s (44), Duke Energy (123), Nucor (139) and Sonic Automotive (301). Hickory-based telecommunications company CommScope jumped into the Fortune 500 at No. 381 after ranking 569 in 2019. Brighthouse Financial (457) joined for the second year in a row.

Dental equipment maker Dentsply Sirona, the produce of a merger between German-based manufacturer Sirona and Pennsylvania-based Dentsply, ranked 642 on the list after officially moving its headquarters to Charlotte in 2019. Davidson-based Ingersoll Rand also rejoined the list at 881. Domtar (532), Coca-Cola Bottling Company (562), JELD-WEN (618), Albemarle (683), Curtiss-Wright (875) and SPX Flow (999) round out the Charlotte Region companies on the Fortune 1000.

It was the Charlotte Region’s best showing on the list since 2007, when the region also had nine Fortune 500s. Since then, many classic Charlotte Region companies had fallen off the list, despite maintaining employment and operations in the Charlotte area. This was mostly due to consolidations and private equity buyouts – such as Wells Fargo’s purchase of Wachovia, Kroger’s merger with Indian Trail-based Harris Teeter, Sycamore Partner’s purchase of Belk and Campbell’s merger with Snyder’s Lance.

The addition of new Fortune 500/1000 companies shows the Charlotte Region remains an attractive location for business expansion, particularly as larger metros have become more and more expensive.

Posted by: Chuck McShane, Senior Vice President, Economic Research @ 4:32:00 pm

 

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