California Home for 38 on List : GM Again Finishes First in Fortune 500 Ranking
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NEW YORK — General Motors Corp. once again topped the list of the nation’s 500 largest industrial corporations in 1986, but shifts in the list’s membership reflected extensive changes in corporate America, Fortune magazine said Monday.
The magazine also said California, New York and Illinois had the most Fortune 500 company headquarters. California’s count was 38, while New York had 66 and Illinois had 50.
The magazine ranked GM No. 1, with $102.8 billion in revenue last year, followed by Exxon Corp., with revenue of $69.9 billion.
It was the second year in a row the nation’s biggest auto maker outpaced the biggest U.S. oil company for the top spot after spending the six previous years in second or third place.
The Fortune 500 list ranks, on the basis of revenue, publicly traded companies that made more than half their sales from manufacturing or mining.
The list will appear in the magazine’s April 27 issue.
Rounding out the top 10 were: Ford Motor Co., International Business Machines Corp., Mobil Corp., General Electric Co., American Telephone & Telegraph Co., Texaco Inc., Du Pont Co. and Chevron Corp.
The rankings reflect massive changes in U.S. industry during 1986, the magazine said, including the decline of the energy industry and widespread restructurings, mergers and acquisitions.
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