A story in Wednesday's Business section on Maryland companies in the Fortune 500 omitted Geico Corp. of Chevy Chase, which ranked 418th among U.S. companies in 1994 sales. The insurance company uses a Washington mailing address, but its headquarters are in Maryland.
The Sun regrets the error.
Seven Maryland companies appear on the new Fortune 500 list released yesterday, but some familiar manufacturing names are gone as the magazine merged its lists of top industrial and service companies to reflect the U.S. economy's "convergence."
FOR THE RECORD - CORRECTION
Martin Marietta Corp. was the biggest Maryland company on the list, as the Bethesda defense contractor's 1994 sales of $9.87 billion claimed 111th place. Martin Marietta has since merged with Lockheed Corp.; together, the combined Lockheed Martin Corp. would have ranked 25th.
Of the Maryland companies in the Fortune 500, only Martin Marietta and No. 221 Black & Decker Corp. were on last year's list, which included only U.S.-based manufacturers, as the survey had since the magazine began it in 1955. All the others were on the magazine's listing of the top 500 service companies, which has been around nearly as long as the flagship list but has been considered less prestigious.
Missing from the new list were McCormick & Co. Inc. of Hunt Valley, which was No. 270 among industrial companies last year but didn't make this year's list, and Crown Central Petroleum Corp. of Baltimore, which ranked 281st among manufacturers last year.
The new list will come out in the May 15 issue of Fortune, available on newsstands May 1.
"The reason for the new listing is simple," the magazine said in a statement. "This is a new economy, undergoing a restructuring as rapid and deep as the Industrial Revolution of the last century. A massive reordering of business has largely obliterated once valid distinctions."
By last year, the 500 service companies on Fortune's list employed nearly as many people as the manufacturers and made 50 percent more profits.
Wal-Mart Stores Inc. ranked fourth on the blended list as the largest newcomer from the old Service 500. AT&T Corp. and Sears Roebuck & Co. were the other service companies in the blended top 10, ranking fifth and ninth, respectively.
A number of out-of-state companies on the list are also major employers in Maryland, including No. 12 State Farm Insurance, No. 19 Procter & Gamble Co., No. 63 Bell Atlantic Corp., No. 71 NationsBank Corp., No. 66 MCI Communications Corp., No. 72 Allied Signal Inc., No 121 Westinghouse Electric Co., No. 239 Bethlehem Steel Corp and No. 294 Times Mirror Co.
THE MARYLAND SEVEN
Maryland-based companies in the Fortune 500
Company ... ... ... ... ... ... ... ... ... Rank
Martin Marietta Corp.* .. .. .. ... ... ... 111
Marriott International Inc. ... ... ... ... 138
Black & Decker Corp. .. ... ... ... ... ... 221
Giant Food Inc. ... ... ... ... ... ... ... 318
USF&G Corp. ... ... ... ... ... ... ... ... 352
Balt. Gas and Electric Co. .. .. .. ... ... 408
Hechinger Co. ... ... ... ... .. .. ... ... 458