Grapevine: South Carolina no longer a member of the Fortune 500 club
Provided The only South Carolina representative on the Fortune 500 in recent years has fallen off the annual ranking of the biggest U.S. companies. Domtar Corp. came in No.
505 based on its nearly £5.1 billion in revenue last year, according to Fortune magazine, which released its 2017 list Wednesday. The papermaker was No.
489 last year. Based in Fort Mill, Domtar is owned by a Canadian company and is registered in Delaware.
South Carolina has had a representative on the Fortune 500 for all but five years since the list made its debut in 1955. The top spot for 2017 was claimed — again — by Wal-Mart Stores Inc., the largest private sector employer in the Palmetto State. The Arkansas-based retail giant had revenue of £486 billion last year.
Rounding out the list at No.
500 was ABM Industries, a building management firm with £5.15 billion in sales. Two other companies from the South Carolina made the Fortune 1000: Hartsville-based packaging giant Sonoco was No.
531, based on £4.8 billion in sales, and Cayce-based SCANA Corp., owner of SCE&G, was ranked No.
572 with £4.23 billion.
The OOCL France is shown during its recent visit to Wando Welch Terminal in Mount Pleasant. File/Provided/State Ports Authority
After barely missing the mark last month, the Port of Charleston set a new record on June 3 for the number of cargo moves made during a single container ship’s visit.
Crane operators with the State Ports Authority moved 3,091 metal cargo boxes on and off of the OOCL France during its one-day visit to Wando Welch Terminal in Mount Pleasant. That beat the previous record of 2,969 cargo moves set in January when the COSCO Beijing was in town. The SPA had hoped to break the record on Mother’s Day weekend when the COSCO Development — at the time, the largest container ship to visit both the U.S.
East Coast and Charleston — called at Wando Welch. With 2,910 cargo moves on the Development, though, the port came up just shy of the mark. “We had planned for 3,300 but they didn’t have any more room on the ship,” Jim Newsome, the SPA’s president and CEO, said of the Development.
The France, which is capable of carrying nearly 14,000 cargo boxes, has since eclipsed the Development as the largest container ship to call on the port. It arrived at Wando Welch just after 2:30 a.m. on June 3 and work on the ship began at sunrise. By the time the France left at 5:39 p.m., 883 import boxes had been taken off the ship and 2,208 export boxes had been loaded onto the vessel for overseas destinations.
The 1,202-foot-long France is owned by Orient Overseas Container Line and is part of the Ocean Alliance‘s weekly South Atlantic Express service between Asia and the United States. That service features the biggest class of container ships, able to carry between 11,000 and 14,000 cargo boxes on a single journey.
Worldwide Equipment currently operates at 2755 Azalea Drive in North Charleston. Leroy Burnell/Staff
A North Charleston transportation business is looking to keep on trucking – and it’s investing £10 million and adding 70 jobs in the process.
Worldwide Equipment of South Carolina, a Kentucky-owned company now operating from 2755 Azalea Drive, plans to relocate to the bustling Interstate 26 industrial corridor northwest of Summerville. It recently paid £1.62 million for nearly 22 acres at Jedburg and Old Dairy roads as the new site of a dealership and service center, according to commercial real estate firm Lee & Associates. Worldwide CEO Terry Dotson said the firm has been looking at property for three years in the Charleston area and will break ground as soon as it gets a building permit from Berkeley County.
Initial construction will include a 38,000-square-foot building that can be expanded if needed. Work should take nine to 12 months. The company, with 40 different locations in six states, employs 1,140 workers, about 30 of those at its leased North Charleston site.
Dotson said the Jedburg facility will ramp up employment within three years, and the company is currently hiring for some new positions. The trucking firm operates other South Carolina facilities in Columbia and Greenville.
It’s a wash
It’s not much of a secret that workers in South Carolina make less than their counterparts in many other parts of the country. The state ranks low on measures of pay, even though wage growth here has fared a little better than the rest of the U.S. since the recession.
But the Palmetto State also has a dubious distinction, according to HowMuch.net: It’s home to the lowest-paid occupation in the country. The cost information website looked through figures about how much different workers make in different parts of the country. Of every occupation in every state, the lowest-compensated group was shampooers in South Carolina.
To be sure, there aren’t many people who just wash hair for a living. According to the U.S. Bureau of Labor Statistics, fewer than 30 people across the state hold that job. They’re paid, on average, £17,190.
The best-paid group: anesthesiologists in Kansas, who pull in £287,410 a year. Health care likewise accounts for South Carolina’s top earners — surgeons.
BNC, which is being acquired this week, bought Southcoast Community Bank last year. File/John McDermott/Staff
A big acquirer of banks in the Charleston region is set to be acquired later this week.
The buyout of BNC Bancorp by the parent of Nashville-based Pinnacle Bank is scheduled to close Friday. The all-stock £1.9 billion deal was announced in January. The buyout will bring together two acquisitive and profitable financial institutions that, combined, will be ranked among the top 50 in the country.
The merged bank will have more than £20 billion in assets and about 120 branches in 12 of the largest urban markets in the Carolinas, Tennessee and Virginia. High Point, N.C.-based BNC expanded into the Charleston region five years last week, with its purchase of the failed Carolina Federal Savings Bank. It then acquired Harbor National in late 2014.
BNC finalized its largest local deal last summer with the £95.5 million purchase of Mount Pleasant-based Southcoast Community Bank. It now has about a dozen local offices and is one of the top five lenders in the Charleston market based on deposits. As for Pinnacle, the deal marks the first purchase outside of its home state.
The good news; No overlap with BNC’s existing brick-and-mortar footprint.