Business Digest: Dell, Whole Foods make new Fortune 500 list

Austin American-Statesman (TX)

June 07--AUSTIN ECONOMY

Dell, Whole Foods make new Fortune 500 list

Two Austin-area companies made Fortune magazine's annual Fortune 500 list of America's 500 largest companies, as measured by annual revenue.

Showing up in the rankings are Round Rock-based Dell Technologies, at No. 41 on the list with $64.8 billion in annual revenue, and Austin-based Whole Foods Market, which is at No. 176 with 15.7 billion in annual revenue.

There are 50 Texas-based companies on the list, topped by Irving-based Exxon Mobil, which is No.4 in the nation with $205 billion in annual revenue. Dallas-based AT&T ranks No. 9 in the nation with $163.7 in annual revenue.

Wal-Mart ranks No.1 nationally with $485.8 in revenue, followed by Berkshire Hathaway ($223.6 billion) and Apple ($215.6 billion).

The combined total revenue of all 500 companies on the list is $12.1 trillion.

RETAIL

Lowe's lays off tech workers, will send jobs to India

CHARLOTTE, N.C. -- Amid efforts to improve its profitability, Lowe's has laid off more than 120 corporate tech workers, primarily at its headquarters outside Charlotte.

The home-improvement retailer informed affected employees Wednesday morning through early afternoon, according to people familiar with the matter.

Many of the affected information technology job functions are being sent to Bangalore, India, where Lowe's employs approximately 1,000 people in information and technology and analytics.

Wednesday's layoffs are the latest in several rounds of reductions over the last year.

Lowe's eliminated 96 corporate tech jobs in October and in January cut another 2,400 full-time jobs, mostly at the store level. In February, it followed with more than 500 corporate layoffs, including 430 at its headquarters and 70 support staffers at another site.

In a memo to IT workers Wednesday, Chief Information Officer Paul Ramsay said the staffing reductions are part of planning effort that began "several years ago" to build a more diverse, global team to respond better "in this highly competitive 24/7 retail environment" and more quickly to "evolving consumer needs."

FINANCE

Wells Fargo is last in survey of 'Most Respected Companies'

Scandal-ridden Wells Fargo has been ranked dead last in a survey of "Most Respected American Companies" done by the investing publication Barron's.

San Francisco-based Wells plunged from 60 on Barron's list to 100 , the lowest position on the publication's list. Wells is ranked below Philip Morris, Altria and Reynolds American -- the nation's largest tobacco companies -- as well as American International Group, better known as AIG, the insurance giant that required a government rescue during the financial crisis.

Wells' reputation has been battered after the bank acknowledged in September that its employees opened up to 2 million accounts for customers without permission to meet unrealistic sales goals. New CEO Tim Sloan has repeatedly talked of the bank's efforts to rebuild trust with customers.

CONSUMER PRODUCTS

Tyson completes deal for AdvancePierre Foods

SPRINGDALE, Ark. -- Tyson Foods Inc. says its purchase of AdvancePierre Foods is now complete.

Springdale, Arkansas-based Tyson said in a news release Wednesday that the estimated $4.2 billion transaction to acquire Blue Ash, Ohio-based AdvancePierre Holdings Inc. is part of its strategic intent to emphasize its portfolio of protein brands.

Tyson produces chicken, beef and pork and is one of the largest food processors in the world with well-known brands such as Jimmy Dean and Ball Park.

AdvancePierre produces packaged sandwiches, snacks and other food items.

The announcement says AdvancePierre is now a wholly owned subsidiary of Tyson Foods and the trade of AdvancePierre shares on the New York Stock Exchange is ending.

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