Times change, and so have the fortunes of the largest public companies with operations in the Rochester region. But the changes are as varied as the firms themselves.
A decade ago, Eastman Kodak Co. employed 20,600 people locally and 64,000 globally. Its revenues in 2003 topped $13 billion. Today, Kodak employs 2,300 people in this area and 8,800 companywide. Total 2013 revenues were $2.35 billion.
The second-largest local employer among the public companies then was Xerox Corp., with 8,600 employees here and 61,000 worldwide. Xerox now ranks No. 1, with 6,722 people locally and 140,000 globally. As with its worldwide head count, company’s total revenues have jumped—to more than $21 billion versus $15.7 billion in 2003.
Paychex Inc. and Constellation Brands Inc. also have generated big growth in sales: Paychex revenues reached $2.3 billion in 2013, up from $1.1 billion a decade ago, while Constellation’s revenues rose to $3.1 billion in 2013 compared with $2.7 billion. But Paychex’s local employment has grown more rapidly, up roughly 1,800 people, while Constellation has added fewer than 100.
The third member of Rochester’s traditional Big Three, Bausch & Lomb Inc., has seen its local employment dwindle to 900 from some 1,300 a decade ago. But over the last year, the company that now owns Bausch & Lomb—Valeant Pharmaceuticals International—posted the fastest sales growth of the RBJ 75 public companies.
7/25/14 RBJ 75 (c) 2014 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email [email protected]