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 email@example.com. Follow him on twitter @BFreedinA2