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T. Rowe, Sinclair and McCormick break into Fortune 500

 McCormick & Co. touted its new global headquarters at 24 Schilling Road in Hunt Valley as fostering a high-tech collaborative environment. Previously the firms employees were scattered in four buildings in the area. (The Daily Record/Adam Bednar)

McCormick & Company was one of three Maryland-based companies that made it for the first time onto the Fortune 500 list of the nation’s highest-revenue businesses. All told, five Maryland companies made the list. (The Daily Record/File Photo)

Three Maryland companies joined the Fortune 500, a list released annually by Fortune Magazine that denotes the highest-revenue companies in the United States, for the first time today.

T. Rowe Price, the Baltimore-based asset manager that saw steady growth even during the pandemic, joined the list at No. 447, having experienced a 10.5% jump in sales from 2019 to 2020. Its 2020 revenue was $6.2 billion.

Sinclair Broadcast Group, a telecommunications conglomerate based in Hunt Valley that owns or operates 186 television stations, also debuted on the Fortune 500 list this year, ranking No. 465.

Sinclair’s 2020 revenue was $5.9 million, a 40.2% increase from the previous year, having benefited from high sports and political advertising revenue. But the company also saw a whopping 5,236% decline in profits, largely due to professional sports being canceled during the pandemic. Sinclair had acquired several sports networks in 2019, making live sports broadcasting the cornerstone of the company’s offerings.

Hunt Valley-based McCormick & Company, a food company best known for its spices and condiments, was the final Maryland company to join the list. It was ranked at No. 482, with revenue of $5.6 billion in 2020, up 4.7% from the previous year.

The company’s strong 2020 was cemented by two acquisitions at the end of the year — first of Cholula, a well-known hot sauce brand, and then of the natural flavorings company FONA International. McCormick has been working on diversifying its offerings in recent years, having acquired French’s mustard and Frank’s RedHot hot sauce in a 2017 deal.

In 2020, the company also broke ground on its newest and largest distribution center, a 1.8 million square foot facility at Tradepoint Atlantic that is planned to open in the second half of 2022.

T. Rowe, Sinclair and McCormick join Maryland mainstays Marriott International and Lockheed Martin on the list. Marriott fell in rank this year, from No. 157 in 2019 to No. 293; like the travel and hospitality industries worldwide, the Bethesda-based lodging company was severely impacted by the COVID-19 pandemic, with its revenues declining 49.6% to $10.6 billion.

Despite these shrinking figures, Marriott still managed to outrank other hotels as the only lodging company on the list.

Lockheed Martin, a global security and aerospace company also based in Bethesda, rose to No. 49, breaking the top 50 for the first time since 2010. Lockheed Martin is also the only Maryland company listed in the Fortune Global 500.

The revenue threshold for the Fortune 500 was $5.4 billion, a decline of 5% from last year’s list. In total, Fortune 500 companies represent approximately two-thirds of the U.S. GDP and employ 29.1 million people worldwide.

The list was topped by Walmart for the ninth consecutive year, followed by Amazon.com and Apple.


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