Friday, Jun 22, 2018
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4 of area's biggest firms rise in Fortune ranks

Four of the Toledo area's seven Fortune 1000 firms gained ground in the latest rankings released by Fortune magazine.

Among the three Fortune 500 companies, the nation's largest by revenues, the biggest gainer was Owens-Illinois, Inc., which moved up to 301st place, with 2001 sales of just over $6 billion, from 306th on sales of $5.8 billion a year earlier.

Dana Corp. took the biggest drop, from 153rd to 183rd. The auto supplier, plagued last year by plant closings and auto-industry woes, had a sales drop to $10.5 billion from $12.7 billion in 2000.

A downturn in the auto industry and the economy overall contributed to the sales decline, and the auto supplier made more divestitures than acquisitions as it tried to focus on core business, said Dana spokesman Jeff Cole.

He pointed out that Dana remains in the Fortune 200 on the list, published in the issue of Fortune magazine that reached newsstands yesterday.

Wal-Mart, with revenues of $219.81 billion, became the first service company to lead the 500, which until 1995 was restricted to manufacturers. Second on the list a year ago, it traded places with oil giant Exxon Mobil Corp., with revenues of $191.58 billion.

The list had some surprises, most notably bankrupt Enron Corp., moving up two notches to No. 5 with $138.7 billion in revenues. Fortune said Enron and other energy traders benefited from being allowed to include trading contracts in revenues.

Toledo's Owens Corning, which filed for Chapter 11 bankruptcy in October, 2000, because of its asbestos liability, rose to 349th on the list from 351st, with sales of $4.8 billion last year compared with 2000 sales of more than $4.9 billion.

Findlay-based Cooper Tire & Rubber Co. stayed in the 500, just barely, in 486th place, down from 469th. Cooper's sales fell to $3.2 billion in 2001, from $3.5 billion in 2000.

Toledo-based Manor Care, Inc., one of the largest nursing-home chains in the United States, again came close to making the 500, ranking 544th on revenue of $2.7 billion, up from 616th on revenue of $2.4 billion a year earlier.

Monroe-based La-Z-Boy, Inc., jumped to 637th from 794th on its 2001 sales of $2.3 billion, a 32 percent gain from 2000 sales of $1.7 billion.

Tecumseh Products Co., based in Tecumseh, Mich., dropped from 819th to 891st as its sales fell from $1.6 billion to $1.4 billion.

GM, which held the top spot for 15 years until 2000, stayed at No. 3 with revenues of $177.26 billion. Ford Motor Co. stayed at No. 4, with $162.4 billion in revenues, General Electric Co. dropped one place to No. 6 with revenues of nearly $126 billion, and Citigroup, Inc., the nation's largest financial services company, fell one spot to No. 7 with revenues of $112 billion.

ChevronTexaco hit No. 8 with $99.7 billion in revenues, rising from No. 20 because of the merger of Chevron Corp. and Texaco, Inc. Rounding out the top 10 was Philip Morris, which moved up one spot from No. 11, with revenues of nearly $73 billion.

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