The decision by General Electric Co. to move its headquarters from Fairfield to Boston continues to reverberate across Connecticut’s political landscape, with Republicans running for governor blaming it on state government’s hostility toward business.
David Stemerman, a Greenwich hedge fund manager, went so far as to kick off his campaign across the street from the company’s abandoned global headquarters.
While GE is gone, Connecticut still has 17 companies on the Fortune 500 list of the nation’s largest companies by total revenue, which was published this week.
Here are the companies, their rankings on the Fortune 500 list, their headquarters locations and their total revenue for the last fiscal year. (GE fell five spots to No. 18, its lowest ranking ever).
49. Aetna, Hartford, $60.5B
The health insurer dropped six spots from its place on last year’s list but remains the highest-ranked Connecticut company, with total revenue of $60.5 billion. Pharmacy giant CVS Health Corp. (No. 7 on the list) is in the process of acquiring Aetna Inc., which had planned to relocate its headquarters from Hartford to New York before the merger.
51. United Technologies, Farmington, $59.8B
United Technologies Corp., the industrial conglomerate that is the parent company of jet-engine maker Pratt & Whitney and Otis elevator, barely moved from its spot at No. 50 on the 2017 list. UTC is finalizing its $30 billion purchase of aerospace systems manufacturer Rockwell Collins Inc. (No. 415 on the list) announced last year.
73. Cigna, Bloomfield, $41.6B
Cigna slipped three spots this year but saw revenue ($41.6 billion) and profit ($2.2 billion) increase. In March, the health insurer announced plans to purchase pharmacy benefits manager Express Scripts Holding Co. (No. 25 on the Fortune 500) for $52 billion.
74. Charter Communications, Stamford, $41.6B
The acquisition of Time Warner Cable and Bright House Networks pushed Charter Communications Inc. up 22 spots on this year’s Fortune 500. Charter’s revenue grew 43.4 percent and its profit surged 180.9 percent. It’s the fourth-largest telecommunications company on the list after AT&T Inc., Verizon and Comcast. Charter moved its headquarters from St. Louis to Stamford in 2012 and serves customers across Connecticut.
156. Hartford Financial Services, Hartford, $19.2B
The Hartford’s ranking this year was down slightly from the year before (153). The insurance and financial services company had total revenue of $19.3 billion and reported a net loss of $3.1 billion for the year.
173. Synchrony Financial, Stamford, $16.7B
Synchrony, a consumer financial services company, is the country’s largest provider of private label credit cards. Its brands include Walmart Inc., Lowe’s Cos. Inc., J.C. Penney and CareCredit, a credit card for health care expenses. The company moved up a dozen spots on this year’s list and had total revenues of $16.7 billion. Prior to 2014, Synchrony was a subsidiary of GE Capital.
186. XPO Logistics, Greenwich, $15.4B
A transportation and logistics company, XPO Logistics Inc. has more than 95,000 employees and 1,466 locations and handles more than seven billion inventory units every day, according to Fortune. The company’s ranking improved five spots this year and XPO has been on the Fortune 500 list for three years.
228. Stanley Black & Decker, New Britain, $12.7B
Stanley Black & Decker Inc. moved up a dozen spots to No. 228 in a year that saw the manufacturer of tools and storage, commercial electronic security and engineered fastening systems post a total revenue of $12.7 billion — an increase of 11.7 percent over the prior year — and a profit of $1.2 billion (a 27 percent increase).
229. Booking Holdings, Norwalk, $12.7B
Previously known as The Priceline Group, the online travel company had the greatest ranking increase of any Connecticut company on the Fortune 500 list, moving up 29 spots from No. 268. Booking Holdings’ brands include Priceline.com, Kayak, Boooking.com, Agoda, Rentalcars.com and the restaurant booking service OpenTable.
264. Praxair, Danbury, $11.4B
The industrial gas supplier Praxair Inc. distributes products including oxygen, helium, nitrogen and hydrogen for a variety of uses. Its revenue in 2017 were $11.4 billion, its profit was $1.2 billion and it moved up 11 spots on the Fortune 500 list.
291. Xerox, Norwalk, $10.3B
Tumbling 129 spots from its ranking on last year’s Fortune 500 list, Xerox Corp., a document technology and IT services company known for its eponymous copy machines, saw a 40.1 percent decline in revenue in 2017 due to continued declines in printing and copying, Fortune reported. A deal to have Japan-based Fujifilm take over the company was blocked in early 2018.
325. Frontier Communications, Norwalk, $9.1B
The other Connecticut-based telecommunications company on the Fortune 500 list, Frontier Communications Corp. posted revenue of $9.1 billion and a loss of $1.8 billion in 2017. Frontier is a major provider of telephone and broadband internet service in Connecticut, having taken over AT&T’s operations in the state in 2014. It ranked No. 313 on last year’s Fortune 500 list.
364. Eversource Energy, Hartford, $7.7B
The utility company has dual headquarters in Hartford and Boston and provides electrical and natural gas energy to 3.6 million customers in Connecticut, Massachusetts and New Hampshire. It posted revenue of $7.7 billion last year and profit of $988 million, slipping six spots from its position on last year’s Fortune 500 list.
368. EMCOR Group, Norwalk, $7.7B
The fourth and final Norwalk-based company on the Fortune 500 list, EMCOR is an electrical and mechanical construction and facilities business that serves commercial, industrial, utility and institutional costumers. In 2017, EMCOR’s revenue was $7.7 billion and it posted a profit of $227 million. It fell eight spots from its ranking last year.
369. W.R. Berkley, Greenwich, $7.7B
One spot behind EMCOR Group, W.R. Berkley Corp. is an insurance holding company that has dozens of units, specializing in property and casualty insurance. The company is named after its founder, William Berkley. He stepped down as CEO — his son took over — but has a net worth of $1.6 billion, according to Forbes’ annual list of billionaires. W.R. Berkley ranked No. 354 last year.
403. Amphenol, Wallingford, $7B
A manufacturer of electrical, electronic and fiber optic connectors, Amphenol Corp. moved up 21 spots on this year’s Fortune 500 list. It had revenue of $7 billion and profit of $650.5 million. Amphenol has 70,000 worldwide employees and has been on the Fortune 500 list for four years.
424. United Rentals, Stamford, $6.6B
United Rentals provides rental equipment to construction and industrial sites in the U.S. and Canada and rounds out the list of Connecticut-based companies on the Fortune 500 list. Its revenue in 2017 were $6.6 billion and its profit was $1.3 billion, a year-over-year increase of 137.8 percent. Last year, United Rentals was No. 452 on the Fortune 500 list.
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This article was updated to include Eversource Energy, which has dual headquarters in Hartford and Boston.
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