GM, Ford fall in Fortune 500 rankings

GM, Ford fall in Fortune 500 rankings
Tue, May 7

Washington — Wal-Mart Stores Inc. retook top spot on the Fortune 500 rankings of largest U.S. companies from Exxon Mobil as two U.S. automakers fell.

General Motors Co. slid from fifth to seventh. GM fell behind Warren Buffett’s Berkshire Hathaway, which rose from seventh to fifth, and Apple Inc., which rose from 17th to sixth, as its revenue jumped by 45 percent in 2012.

General Electric fell from sixth to eighth.

The business magazine ranks companies by total revenue — not profitability or market capitalization as some other rankings do.

Ford Motor Co. fell from ninth to 10th, as Texas-based Valero Energy rose from 12th to ninth.

The number of Michigan companies on the Fortune 500 fell from 20 to 19 in 2012, with Troy-based Meritor falling off the list after ranking 481 with $5 billion in revenue last year.

Midland-based Dow Chemical was 52nd on the list — the third highest from Michigan — falling from 47th last year.

Most Michigan companies on the list fell last year, though some rose, including Southfield-based auto

supplier Lear Corp., which moved to 187 from 189. Other companies moving up on the list were:

Penske Automotive

Group, 203, from 222;

Battle Creek-based Kellogg, 192, from 205;

Health care technology firm Stryker in Kalamazoo, 305, from 308;

Taylor-based Masco, 336, from 338;

Ann Arbor-based transportation and logistics firm Con-way, 450, from 459.

Michigan has seen the number of firms on the Fortune 500 fall by 40 percent over the last seven years. In 2006, Michigan had 34 Fortune 500 firms.

Others on the list this year include: appliance manufacturer Whirlpool of Benton Harbor at 154, down from 147; Livonia-based TRW Automotive Holdings at 173, down from 161; Detroit-based auto lender Ally Financial Inc. at 221, down from 201; Detroit-based DTW Energy Inc. at 299, down from 287. Auburn Hills-based Autoliv at 313, from 317; Van

Buren Township-based auto supplier Visteon Corp. fell from 321 to 359. Auburn Hills-based Borg Warner fell from 355 to 358. Jackson-based CMS Energy fell from 380 to 406. Lansing-based Auto-Owners Insurance fell from 429 to 443. Troy-based Kelly Services fell from 441 to 462.

The magazine said the Fortune 500 earned $820 billion in 2012, down $4 billion, or 0.5 percent, from the record set in 2011.

For many years, GM led the Fortune 500 list. As recently as 1997, GM was larger than Microsoft, Intel, Dow Chemical, Boeing and Coca-Cola — in terms of revenue — combined.

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