Metro Toledo firms shift on Fortune's list

Metro Toledo's three largest publicly held companies moved around on Fortune magazine's annual list of the nation's 500 largest companies, with one rising in stature and two falling.

Perrysburg-based Owens-Illinois Inc. rose four positions to No. 322 with revenues of $7.1 billion to become the region's largest corporation.

On last year's list, the global glass-packaging manufacturer ranked 326th with revenues of $7.9 billion.

Auto parts manufacturer Dana Holding Corp. fell to No. 398 from No. 316th last year, as the Maumee company's revenues dropped to $5.2 billion in 2009 from $8.1 billion in 2008.

The fortunes of Owens Corning, building materials and insulation manufacturer, also fell, slipping 10 spots to No. 432 from No. 422 last year as revenues declined to $4.8 billion from $5.85 billion .

This year's largest company was WalMart Stores Inc., with revenues of $408 billion. Exxon Mobil was second at $284.7 billion, and fellow oil company Chevron was third at $163.5 billion, Fortune said.

Ohio had 23 firms on the Fortune 500 list, and Michigan had 18.

Fortune's closely watched list, released yesterday, ranked companies by their revenue in 2009. Other regional publicly traded firms, such as The Andersons Inc. and Cooper Tire & Rubber Co. ranked among the Fortune 1,000 list last year, but that extended list of through No. 1,000 was not available yesterday.

O-I spokesman Stephanie Johnston said the company is pleased that it was able to advance on the list, but it wasn't an important yardstick of the company's health.

"It's by no means the measure of how we're doing as a company, but it is indicative of how well the company performed despite the down economy," she said.

OC spokesman Anne Roman said the building materials and insulation maker was "proud" to again be on the list, especially given the weakness in the company's main area of business: construction.

"We are pleased with our strong 2009 performance in the face of challenging market conditions," Ms. Roman said. "We are proud of our teams around the world for delivering this level of performance in the midst of a global economic and market challenges."

A spokesman for Dana could not be reached for comment.

While the Fortune list is closely watched, having a number of local companies on the list can help local economic development efforts, said Greg Knudson of the Regional Growth Partnership.

"When you have a healthier and larger corporate presence, it does add legitimacy and strength to the region," he said. "There's nothing like good, smart money to help a region."

Contact Larry P. Vellequette at:

lvellequette@theblade.com

or 419-724-6091.