Con-Way only Ann Arbor company on 2013 Fortune 500 list
Con-Way made the 2013 Fortune 500 list of highest-revenue companies in America for the fifth consecutive year, coming in at No. 450. The freight transportation and logistics company jumped nine spots in 2013 from a year ago, increasing revenue 5.5 percent.
File photo | AnnArbor.com
“It’s one of those things where you make it to a certain threshold and you’re on the list,” he said.
“It’s certainly a positive to be associated with a strong media brand like Fortune and it’s great recognition of our growth, but it’s not really something we consciously strive for.”
Con-Way is Ann Arbor’s only entry on the list of the top revenue-earning companies in America. Michigan has 19 companies on the list, headlined by General Motors at No. 7 and Ford Motor Company at No. 10.
In its recently released Quarter 1 report, Conway said revenue held steady from the first quarter of 2012 while net income dropped due to increased operating expenses, including technological improvements and issues dealing with inclement weather. According to Fortune, Con-Way’s profits increased 18 percent in 2012.
The transportation company based in Ann Arbor Township first broke into the Fortune 500 in 2009 after coming close at No. 504 in 2007 and 519 in 2008. This year’s ranking represents the company’s highest-ever showing in the publication’s list.
After having a difficult time during the recession, the company grew its workforce by 7 percent in 2012 at its headquarters on Old Earhart Road and employs approximately 400 people. Frantz told AnnArbor.com in a previous interview that the company plans to hire more people at its main offices and at a service center in Whitmore Lake.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at benfreed@annarbor.com. Follow him on twitter @BFreedinA2
Comments
Faygo
Tue, May 7, 2013 : 5:45 p.m.
I wonder how many there would be if they could build themselves a building every once in a while.
genetracy
Tue, May 7, 2013 : 3:47 p.m.
Evil corporations need to be banned from Oz.
snark12
Tue, May 7, 2013 : 3:40 p.m.
The article would be more complete if it stated Con-Way's revenue and profits rather than just its relative performance in the last year. According to the Fortune listing it had $104 million in profits on $5.6 billion in revenue. For anyone wondering, Domino's, at $1.7 billion in revenue, has a long way to go to make the Fortune 500, which surprised me. Their profit margin is much better than Con-Way's, though.
Thomas
Tue, May 7, 2013 : 12:10 p.m.
Google is in Ann Arbor but I'm guessing it has to be Ann Arbor based to be counted.
Ben Freed
Tue, May 7, 2013 : 1:25 p.m.
Correct, the company must be headquartered in a state for it to get credit on Fortune's list.
A Voice of Reason
Tue, May 7, 2013 : 11:50 a.m.
Our taxes (state and local) chase companies away.
Silly Sally
Tue, May 7, 2013 : 2:17 p.m.
companies pay no taxes, only people do. Corporations only pass taxes along to the end consumers. If you have high corp taxes, they flee an area, taking jobs with them, or never invest in an area in the first place. Look at how well places such as Ireland or Singapore have done with low corp taxes. America has among the highest corp tax rate in the world, at 35%
fjord
Tue, May 7, 2013 : 12:55 p.m.
*spit-take* Our taxes on corporations are too low. That's a large part of why we're in this nationwide financial malaise. You want to fix the deficit? Restore corporate taxes back to where they used to be, before Reagan began slashing them.
DennisP
Tue, May 7, 2013 : 10:58 a.m.
Amusing. For all the talk about tech companies, biotech, incubators, etc, the one major for-profit player in AA is a trucking company that operates a fleet of diesel-fume belching trucks. Oh, the irony... LOL! Glad to see ConWay is doing well. I've not needed them often but they've always been good when I have. And, yes, we still need our tech and other small companies around here. But, it also makes you appreciate the UM even more as a local employer.
Dug Song
Fri, May 10, 2013 : 4:18 a.m.
You know that Con-Way is basically a software network with trucks at the edges, right?