New Haven Register (New Haven, CT)
15 CT companies ranked in 2022 Fortune 500
Fifteen Connecticut-headquartered companies ranked on the 2022 Fortune 500 list of the largest corporations in the U.S., that was released Monday — one more than the state’s number of entries last year.
Companies were ranked by their revenues in the 2021 fiscal year — with a revenue threshold of $6.4 billion for this year’s list, up 19 percent from last year. Bloomfield-based health insurer Cigna again ranked highest among Connecticut companies, placing this year at No. 12, with 2021 revenues of about $174 billion.
Greenwich-headquartered warehouse operator GXO Logistics, created last year through its spin-off from Greenwichbased XPO Logistics, was the sole Connecticut-based newcomer on this year’s list. It debuted at No. 430.
In total, this year’s Fortune 500 companies represent two-thirds of the U.S. gross domestic product, with about $16 trillion in revenues, $1.84 trillion in profits and about $37 trillion in market value. Cumulatively, those 500 firms employ 29.7 million people worldwide.
Here’s a rundown of the Connecticutbased companies on the 2022 Fortune 500:
No. 12: Cigna, Bloomfield, $174.078 billion (Fortune 500 ranking, company, headquarters location, 2021 revenues)
Cigna perennially ranks highest among Connecticut-headquartered companies on the Fortune 500. As one of the world’s largest health insurance companies, it counted about 186 million customer relationships at the end of 2021 — up 7 percent year over year. At the same time, it ranks as one of the largest corporate employers, with more than 74,000 employees worldwide.
“For 150 years, Cigna and thousands of our employees along with their families have been proud to call Connecticut home,” Cigna said in a statement. “We remain committed to growing our business and delivering long-term value for our customers, clients and communities — both here and around the world — and we are honored to see that commitment recognized with our placement among the Fortune 500.”
No. 69: Charter Communications, Stamford, $51.682 billion
Highlighting its growth in the past few years, the provider of Spectrumbranded cable, phone and internet services opened last year a two-building headquarters covering more than 900,000 square feet. The new hub at 400 Washington Blvd., next to the downtown Stamford Metro-North railroad station, replaced Charter’s former headquarters a few blocks away at 400 Atlantic St.
No. 160: Hartford Financial Services Group (The Hartford), Hartford, $22.390 billion
In 2021, the property-and-casualty insurer fended off several acquisition attempts by another insurer, Chubb.
Unrelated to that saga, The Hartford’s Connecticut headcount has dropped 10 percent in the past year — a trend that reflects the rise of remote working.
No. 212: Stanley Black & Decker, New Britain, $17.253 billion
Stanley Black & Decker’s deal pipeline was active in 2021, as it announced last December that it would sell for $3.2 billion most of its security business to Sweden’s Securitas AB. The activity has extended into 2022, with the company announcing last month an agreement to sell its automatic-door division for $900 million to Ireland-based Allegion.
No. 236: Synchrony, Stamford, $15.752 billion
In 2021, the country’s largest provider of store-brand and private-label credit cards made its first chief executive officer change since its 2014 spin-off from GE. Margaret Keane retired as CEO and became executive chairwoman, while President Brian Doubles was promoted to CEO.
No. 254: Otis Worldwide, Farmington, $14.298 billion
The manufacturer and servicer of elevators, escalators and moving walkways made its second appearance on the Fortune 500, following its 2020 spin-off from United Technologies Corp.
Chief Executive Officer Judy Marks is one of an all-time high of 44 women to currently serve as CEO of a Fortune 500 company and the only woman to lead one of the Connecticut-headquartered companies on this year’s list.
No. 291: XPO Logistics, Greenwich, $12.806 billion
The spin-off last year of warehouse operator GXO Logistics highlighted XPO’s ongoing transformation. The restructuring has continued this year, with the company selling its intermodal freight business for $710 million and announcing a plan to spin off its truckbrokerage business.
No. 340: Booking Holdings, Norwalk, $10.958 billion
Among Connecticut-based companies, the travel-services provider made the biggest year-over-year jump on the Fortune 500, leaping 84 positions from its 2021 ranking. It was buoyed by a revival in tourism and business travel in 2021 after being hit hard in 2020 during the first year of the COVID-10 pandemic.
No. 341: Amphenol, Wallingford, $10.876 billion
The electronics manufacturer’s activity in 2021 was highlighted by its $1.7 billion acquisition of MTS Systems, a specialist in test systems, motion simulators and precision sensors, and its $715 million acquisition of Halo Technology, a provider of fiber optic components for the communications infrastructure markets.
No. 357: Emcor Group, Norwalk, $9.904 billion
Emcor’s gains in 2021 included growing revenues for U.S. services for electrical construction and facilities, mechanical construction and facilities, building services and industrial services.
No. 363: United Rentals, Stamford, $9.716 billion
At the beginning of this year, the world’s largest equipment-rental company recommitted to Stamford by signing a new headquarters lease. United will lease more than 51,000 square feet at First Stamford Place through 2030.
No. 371: W.R. Berkley, Greenwich, $9.456 billion
Property-and-casualty insurer W.R. Berkley’s revenue growth last year included an uptick in premiums written and higher gains on investments.
Berkley recently agreed to sell for about $960 million the London skyscraper that houses its European headquarters, but the company has not signaled that it will leave the building.
No. 430: GXO Logistics, Greenwich, $7.940 billion
Spun off last year from XPO Logistics, GXO is now an independent company that ranks as one of the world’s warehouse operators. It employs about 120,000 people across more than 900 locations worldwide.
No. 471: Xerox Holdings, $7.038 billion
Among the workplace-technology provider’s transactions in 2021, it acquired augmented reality company CareAR. It then announced a combination of CareAR with its existing DocuShare and XMPie businesses to create a system supporting field technicians.
No. 499: Frontier Communications, $6.411 billion
Frontier fell 97 positions from its 2021 Fortune 500 ranking, the largest yearover-year drop for a Connecticut-based company. After emerging from bankruptcy last year, the company is focusing on high-speed internet service delivered by fiber optic cable.