ARIZONA NEWS

Two more Arizona companies join Fortune 500, pushing state total to six

May 21, 2018, 11:25 AM | Updated: May 22, 2018, 9:28 am
(Facebook Photo/ON Semiconductor)...
(Facebook Photo/ON Semiconductor)
(Facebook Photo/ON Semiconductor)

PHOENIX — Six Arizona companies, including two newcomers, made it into the latest edition of the Fortune 500.

The business magazine released the 64th annual version of the list, which is based on revenues from the previous year, on Monday.

The Arizona-based holdovers from the 2017 Fortune 500 were No. 128 Avnet, No. 176 Freeport-McMoRan, No. 296 Republic Services and No. 417 Insight Enterprises.

Scottsdale’s Magellan Health debuted at No. 475, and Phoenix technology company ON Semiconductor cracked the list at No. 492.

“These companies that are on this list, they employ a lot Arizonans,” Garrick Taylor of the Arizona Chamber of Commerce and Industry told KTAR News 92.3 FM. “I think instead of being worried about the number of headquarters here, the fact that we have these good jobs here is something to really be thankful of.”

Avnet, a Phoenix electronics and office equipment wholesaler, fell 20 spots in its 24th year in the Fortune 500 but remained No. 1 among Arizona companies.

Phoenix energy company Freeport-McMoRan, in its 13th year on the list, joined Avnet as the only Arizona businesses in the top 200.

Insight Enterprises moved up 56 spots, giving the Tempe technology business the 22nd-biggest jump among firms from last year’s list.

Retail giant Walmart retained the No. 1 spot that it has held since 2013. Apple was No. 4 in revenue but led the nation in profits.

Walmart’s revenue was above $500 billion, more than double that of second-place Exxon Mobil.

New York had more Fortune 500 companies than any other state with 58, followed by California with 49 and Texas with 48.

KTAR News 92.3 FM’s Kathy Cline contributed to this report.

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Two more Arizona companies join Fortune 500, pushing state total to six