Marathon Petroleum Corp. is on track to become the biggest or second-largest company in Ohio, the firm’s chief financial officer told the Northwest Ohio Regional Economic Development Association on Thursday.
The company’s value could hit the $100 billion mark and is likely to shed its fourth-place standing among Ohio-based businesses, Don Templin, Marathon Petroleum's CFO and vice president, told a crowd of more than 250 people at the Holiday Inn French Quarter in Perrysburg. The gathering marked the association’s annual meeting.
Marathon Petroleum currently ranks behind Cardinal Health, Kroger, and Procter & Gamble on the list of biggest Ohio firms, according to Fortune magazine. It refines, transports, and markets petroleum products.
“Our industry unfortunately is characterized by a lot myths,” Mr. Templin said, adding that Marathon Petroleum pumps critical money, jobs, and support into Ohio's economy.
The company was spun off from Houston-based Marathon Oil Co. in 2011, but decided to keep its headquarters in Findlay. That decision was partly based on the business’ commitment to northwest Ohio, Mr. Templin said.
The area has an excellent pool of employees, and its proximity to colleges and universities makes recruiting top-notch people a breeze, he added.
“We’ve had good success there for 125 years,” Mr. Templin said.
Attracting those potential employees, however, can be challenging.
One area that Ohio businesses should improve upon is the recruitment of minorities, women, and people with families, Mr. Templin said. It’s important for minorities and young employees to have role models within a corporation, and emphasizing the perks of a job for a spouse or family can make or break a deal for potential hires.
Marathon sweetens the pot by offering competitive wages and benefits, but it can do better, Mr. Templin said.
He said “the real challenge to Findlay and small towns in northwest Ohio” is showing job candidates how attractive they can be.
Findlay has reaped the rewards of being Marathon’s home, and the company has given back to the community throughout its history, said Tony Iriti, director of Findlay Hancock County Economic Development.
“The city of Findlay has benefited in many ways. ... They have been so giving, allowing their employees to serve on community boards,” he said, adding that the company’s financial contributions also have been a boon.
Ford Weber, president of NORED, said choosing Mr. Templin to address the group was easy because of Marathon’s important role in the region. Mr. Weber also is the president and chief executive officer of the Lucas County Economic Development Corporation.
“They personify what we’re all about,” he said.
Kris Turner can be reached at: email@example.com or 419-724-6103.