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7 hours ago, KJP said:

 

Only two Fortune 500 companies got up and left Cleveland in the last 50 years. Most mid-size cities have lost Fortune 500 companies due to consolidations since the 1980s. Cleveland is no different. 

 

Discussing what companies have left Cleveland or were absorbed out of existence is only half of the equation. Let's also consider who has been added to Cleveland. Here are the top companies in Cleveland. How many of these firms didn't exist or weren't large enough yet to be in the Fortune 1000 50 years ago?

 

https://www.zippia.com/company/best-biggest-companies-in-cleveland-oh/

 

Who were the two?   BP I would say counts, Eaton?   They officially moved out of state for tax reasons but retain a strong presence in the suburbs.

 

Others merged or shut down.   BP would count because it merged and then moved.

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BP and Diamond Shamrock. 


"Corporations are not people, and money is not speech." -- Move To Amend (aka, Americans' only hope of getting their country back. Every else traces back to the need for campaign finance reform.)

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Yes, but those were through acquisitions/consolidations. Only two decided to move although one might consider BP in that same way, except that BP was larger than Amoco, right?


"Corporations are not people, and money is not speech." -- Move To Amend (aka, Americans' only hope of getting their country back. Every else traces back to the need for campaign finance reform.)

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12 minutes ago, Pugu said:

What about TRW?  MBNA got acquired by Bank of America, no?

This same topic came up in this thread about a month ago and people seemed not to be able to grasp the point then and it continues now,  KJP is saying that only two companies packed up and left Greater Cleveland.  He is not including companies that moved to the suburbs or those that moved due to mergers or acquisitions (for example Office Max).  In my mind I think it is only one (Diamond) although KJP includes BP because the move happen well after the merger (although I think the move what clearly going to happen eventually).

 

And like KJP said this discussion is better suited for the Cleveland economic thread as I can see this thread zipping far off topic again   It is starting to get like the Cincinnati Street Car thread back in the day.

Edited by Htsguy
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50 minutes ago, KJP said:

Yes, but those were through acquisitions/consolidations. Only two decided to move although one might consider BP in that same way, except that BP was larger than Amoco, right?

 

Maybe a bit pedantic but BP was never HQed in Cleveland. That HQ was lost years earlier when Sohio was acquired by BP and turned into a [very large] subsidiary.  

 

In any case, I very strongly agree with your main point about new companies. It's a bit like the misplaced focus on "brain drain."  The main problem isn't what we've lost but what Cleveland has failed to attract or grow itself.  

Edited by StapHanger

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15 minutes ago, StapHanger said:

 

Maybe a bit pedantic but BP was never HQed in Cleveland. That HQ was lost years earlier when Sohio was acquired by BP and turned into a [very large] subsidiary.  

 

In any case, I very strongly agree with your main point about new companies. It's a bit like the misplaced focus on "brain drain."  The main problem isn't what we've lost but what Cleveland has failed to attract or grow itself.  

 

I'm pretty sure BP America was. This article states that BP, after acquiring Sohio in 1986, kept its BP America president officed in Cleveland until 1997 when he moved to New York. The acquisition of Amoco came a year later. The decline of Sohio's HQ staffing under BP America fell from 5,500 in 1986 to 1,000 by the time the Amoco buy was announced in 1998.

https://www.chicagotribune.com/news/ct-xpm-1998-08-16-9808160403-story.html

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"Corporations are not people, and money is not speech." -- Move To Amend (aka, Americans' only hope of getting their country back. Every else traces back to the need for campaign finance reform.)

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I used to spend time in Dayton and I learned about the history and circumstances of the loss of NCR to Atlanta... That one stung badly, not sure anything that's happened here was ever quite that bad.

Edited by mu2010
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^ losing ncr was bad, but a long time decline in the making.

 

what's much worse for my dayton spouse/former ncr employee is the city and ncr tore down the ncr campus and old warehouses and offices. those were beautiful structures and it would be hipster start up heaven if they were still there. she will never forgive the city for that and still mutters about how stupid boomers are lol. and she also says who would have thought that when patterson and ncr invented the term "you're fired!" by dragging people's stuff out front of those bldgs and burning it in front of everybody (yes, that is where the term 'you're fired' came from if you didn't know), that it would eventually turn out ncr and the neglectful city of dayton burned themselves. ncr is sore subject in our house needless to say lol!

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Now we sit back and wait for the local media to pick up this list with its positive story and promote it, right?  🙄

 

(Maybe / hopefully I'll be pleasantly surprised.) 

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On 10/3/2019 at 3:59 PM, KJP said:

Cool. Buy 'em and move downtown! 😄

 

I worked in that industry, in fact I interviewed at PolyOne.

 

You don't want the manufacturing plant downtown, and it's pretty much unheard of to have a separate headquarters facility that includes none.

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8 hours ago, Htsguy said:

This same topic came up in this thread about a month ago and people seemed not to be able to grasp the point then and it continues now,  KJP is saying that only two companies packed up and left Greater Cleveland.  He is not including companies that moved to the suburbs or those that moved due to mergers or acquisitions (for example Office Max).  In my mind I think it is only one (Diamond) although KJP includes BP because the move happen well after the merger (although I think the move what clearly going to happen eventually).

 

And like KJP said this discussion is better suited for the Cleveland economic thread as I can see this thread zipping far off topic again   It is starting to get like the Cincinnati Street Car thread back in the day.

 

One could also say Nestle USA, who moved because the new CEO was from Carnation and didn't want to move here from LA.

But the irony there is the HQ moved here when a new CEO (BIggars) came from Stouffers and didn't want to move to NYC.

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^ i would not count subsidiary offices like nestle or bp as headquarters, that is cheating. 

 

its loosening the term, kind of like they do nowadays in retail with so-called flagship stores. that used to mean the original hometown store, but not anymore, now everyone gets one.

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I would count them. Their jobs are numerous and they pay just as well.


"Corporations are not people, and money is not speech." -- Move To Amend (aka, Americans' only hope of getting their country back. Every else traces back to the need for campaign finance reform.)

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On 10/22/2019 at 9:45 AM, KJP said:

 

I'm pretty sure BP America was. This article states that BP, after acquiring Sohio in 1986, kept its BP America president officed in Cleveland until 1997 when he moved to New York. The acquisition of Amoco came a year later. The decline of Sohio's HQ staffing under BP America fell from 5,500 in 1986 to 1,000 by the time the Amoco buy was announced in 1998.

https://www.chicagotribune.com/news/ct-xpm-1998-08-16-9808160403-story.html

 

On 10/22/2019 at 9:45 AM, KJP said:

 

I'm pretty sure BP America was. This article states that BP, after acquiring Sohio in 1986, kept its BP America president officed in Cleveland until 1997 when he moved to New York. The acquisition of Amoco came a year later. The decline of Sohio's HQ staffing under BP America fell from 5,500 in 1986 to 1,000 by the time the Amoco buy was announced in 1998.

https://www.chicagotribune.com/news/ct-xpm-1998-08-16-9808160403-story.html

 

That is wrong.  there were about 2500 people left and there was no way in hell we only had 10 floors.

 

Now sending people to various other parts of the World did happen.  I spent two years on London and if the merger didn't happen I would have been there longer.  At the same time, there were a lot of Brits, Germans, Hungarian, Polish, Turk, Finnish, Australian (a majority of Clevelanders were sent there), Saudi, Iraqi, French, Italian, Russian, Kuwaiti, Canadian, Mexican, Venezuelan, Chinese (I knew people who had spouses at the Cleveland clinic) here in Cleveland.

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Interesting lists of Cleveland-Mentor and Akron area's fastest growing companies. One of these is moving to downtown Cleveland. Any others possible?

 

Cleveland-Mentor metro

https://www.inc.com/inc5000/2019/top-private-companies-2019-inc5000.html?metro=cleveland&cid=profile500016-honorlist-metro

 

Akron area

https://www.inc.com/inc5000/2019/top-private-companies-2019-inc5000.html?metro=akron-oh

 

BTW, I've heard Garland Co. is growing quickly. That's great to see that this 19th-century firm, which has been located on East 91st for about as long, has hit another gear thanks to its sale staff and is on its way to becoming possibly a billion-dollar business. As a Google review notes, there is no overnight parking at its East 91st headquarters! 

 

But the fastest growing company in Greater Cleveland, and the 9th-fastest growing in the USA at 12,595% revenue growth over three years, is Providence Healthcare Management of Woodmere, which operates skilled nursing facilities. That percentage growth is all the more impressive considering this is not a small company, with revenues of more than $225 million last year.

 

Other fast-growing companies in Cleveland-Akron region that surpassed $100 million in revenue last year....

 

+ WMK/Mobility Works of Richfield retrofits minivans and rents/leases/sells them to handicapped customers. It grew 115% in the last three years, reaching $514 million in revenue last year. It is now an 14-time Inc. top-5000 fast-growing honoree.

 

+ LeafFilter Gutter Protection of Hudson yielded $340 million in revenue last year and grew 287% in the last three years. It is now an eight-time Inc. top-5000 fast-growing honoree.

 

+ CrossCountry Mortgage, currently HQ'd in Brecksville but moving downtown soon, reached $333 million in revenues last year and grew 202% over the past three years. It has ranked in six of Inc.'s  top 5,000 annual rankings of the fastest-growing firms.

 

+ Park Place Technologies, an IT firm in Mayfield Hts that's now a $218.4 million firm and grown 149% in the past three years. It has now ranked in seven of Inc.'s top 5,000 annual rankings of the fastest-growing firms.

 

+ ExactCare Pharmacy, located at Rockside and Canal roads in Valley View. They're a $203 million revenue company last year, and have grown 71% percent in the past three years.

 

+ Union Home Mortgage in Strongsville, with $155 million in revenue last year and 125% growth in revenues the past three years.

 

+ Echo Health of Westlake, with $148 million in revenue last year has grown 126% in the last three years and has ranked in seven of Inc.'s top 5,000 annual rankings of the fastest-growing firms.

 

+ Universal Windows Direct of Bedford Hts grew 489% in the past three years to reach $106 million in revenue last year. 

 

 

+ TalentLaunch, a human resources firm in Independence, achieved $105 million in revenues last year for an 85% growth rate in the past three years. It is a seven-time Inc. top-5000 fast-growing honoree.

 

 

Greater Cleveland can try to lure employers here. But it became an industrial giant by organically growing its local businesses. These are some of the employers who could help achieve a renewed economic growth.

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"Corporations are not people, and money is not speech." -- Move To Amend (aka, Americans' only hope of getting their country back. Every else traces back to the need for campaign finance reform.)

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COLUMBUS, Ohio — The London Stock Exchange has planted a flag in Cleveland, picking the city to host the North American headquarters for its international business-development initiative.

The headquarters for the London Stock Exchange Group’s Elite initiative, which trains small and medium-sized companies to help them grow, is expected to open sometime early next year, officials announced Monday.

 

 

https://www.cleveland.com/open/2019/10/cleveland-chosen-for-london-stock-exchange-programs-north-american-headquarters.html

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26 minutes ago, Mov2Ohio said:

 

COLUMBUS, Ohio — The London Stock Exchange has planted a flag in Cleveland, picking the city to host the North American headquarters for its international business-development initiative.

The headquarters for the London Stock Exchange Group’s Elite initiative, which trains small and medium-sized companies to help them grow, is expected to open sometime early next year, officials announced Monday.

 

 

https://www.cleveland.com/open/2019/10/cleveland-chosen-for-london-stock-exchange-programs-north-american-headquarters.html


Any finance guys/gals that can speak to if this is significant or primarily nominal?

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Like anything else, the "big-dealness" of this announcement depends on how this plays out over time....ie: what companies are blessed with capital resources and what they do with them. If locally based companies win capital, hire lots of people here and the company/jobs stay here, then I'd say its a win. 

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"Corporations are not people, and money is not speech." -- Move To Amend (aka, Americans' only hope of getting their country back. Every else traces back to the need for campaign finance reform.)

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Even the 40 jobs is nothing to sneeze at.  These will be decent paying jobs and further development of finance. It seems the Cleveland region has a good amount of business lending employment. This will build on that. 

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10 minutes ago, KJP said:

Like anything else, the "big-dealness" of this announcement depends on how this plays out over time....ie: what companies are blessed with capital resources and what they do with them. If locally based companies win capital, hire lots of people here and the company/jobs stay here, then I'd say its a win. 

 

I just hope they transplant some people from London - those accents are quite lovely

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7 minutes ago, YABO713 said:

 

I just hope they transplant some people from London - those accents are quite lovely

 

As long as they're from Yorkshire and not some Cockney from East London. 😄

Edited by KJP
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"Corporations are not people, and money is not speech." -- Move To Amend (aka, Americans' only hope of getting their country back. Every else traces back to the need for campaign finance reform.)

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1 hour ago, MuRrAy HiLL said:

We demand a direct Cleveland to London flight !!!  🙂

Its interesting that they didnt choose a city with direct London flights.  Maybe not as important as one is led to beleive

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19 minutes ago, B767PILOT said:

Its interesting that they didnt choose a city with direct London flights.  Maybe not as important as one is led to beleive

 

Or they don't expect that much travel back and forth

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1 hour ago, KJP said:

Like anything else, the "big-dealness" of this announcement depends on how this plays out over time....ie: what companies are blessed with capital resources and what they do with them. If locally based companies win capital, hire lots of people here and the company/jobs stay here, then I'd say its a win. 

 

I have no idea, how big has Alexander Mann gotten in Cleveland?

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The PD is so incompetent, they keep downgrading the news while thinking they're reporting something great.  The LSE announcement is for the AMERICAS----that's North and South America---that's a really really really big deal. It means the LSE won't be opening up shop in Mexico City or Sao Paulo (the New York of south america), but instead do all those deals from Cleveland. But the PD keeps calling it "North America". I think they don't understand what "Americas" means or that they think "North America" is a bigger deal the full hemisphere.

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28 minutes ago, Pugu said:

 

I have no idea, how big has Alexander Mann gotten in Cleveland?

 

I dunno know, but this map always males me smile, to see Cleveland on the list with some true Global cities. http://alexandermannsolutions.com/global-locations

 

Same with Plug and Play:  https://www.plugandplaytechcenter.com/locations/

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https://www.crainscleveland.com/breaking-news/london-based-company-picks-cleveland-north-american-headquarters

 

The Crains article does not reveal the exact location but does say it will be downtown:

 

"The London Stock Exchange Group's Elite, formed in 2012 and currently working with 1,200 businesses in 43 countries, will locate in downtown Cleveland in 2020. The subsidiary of the London Stock Exchange is an international business support and capital-raising company aimed at helping small and midsize enterprises (SME). It selected Cleveland as the headquarters site after a three-day visit in September 2019."

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1 minute ago, mrclifton88 said:

https://www.crainscleveland.com/breaking-news/london-based-company-picks-cleveland-north-american-headquarters

 

The Crains article does not reveal the exact location but does say it will be downtown:

 

"The London Stock Exchange Group's Elite, formed in 2012 and currently working with 1,200 businesses in 43 countries, will locate in downtown Cleveland in 2020. The subsidiary of the London Stock Exchange is an international business support and capital-raising company aimed at helping small and midsize enterprises (SME). It selected Cleveland as the headquarters site after a three-day visit in September 2019."

 

My bet is CityBlock. No insider info. Just seems to fit.

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"Corporations are not people, and money is not speech." -- Move To Amend (aka, Americans' only hope of getting their country back. Every else traces back to the need for campaign finance reform.)

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3 hours ago, KJP said:

 

As long as they're from Yorkshire and not some Cockney from East London. 😄

What? You don't want to hear "Shoine ya shooze, guvnahhh?" whilst walking through Public Square? 

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