15 Largest Industrial Companies In The US
In this article we are going to list the 15 largest industrial companies in the US. Click to skip ahead and jump to the 5 largest industrial companies in the US. Before we get started, let's first try to understand what an industrial company is. After all, all companies operate in either individual or multiple industries right, so isn't this just a list of the biggest public companies in the world, filtered for the US? Well, not really. An industrial company is a company which is engaged in the production of capital goods which in turn are generally used in either manufacturing or construction. Among the businesses that these companies engage in are the production and selling of machinery, supplies and equipment which are basically used for the production of other goods, and aren't products geared towards the end consumer.
The biggest industrial companies in the US are involved in various sectors which include aerospace, lumber production, tools, defense, construction, waste management, cement and metal fabrication among many others. In the United States, the sector has become smaller than what is used to be, as the manufacturing sector decreased comparatively in scope while the services sector has increased by leaps and bounds. However, the sector is characterized by many small dynamic firms even though we also have some major companies which we will take a look at later. Further, wages paid in the sector are quite high compared to other sectors and there is a lot of potential for the growth of the sector too. 8.5% of the total number of employed Americans belong to the manufacturing sector, and even though employment in the sector has reduce by a third since the 1980s, it has also increased production by at least 2.5 times through automation, technology and greater efficiencies. The industry is also responsible for providing employment indirectly to many other people as well. In fact, in 2013 17.1 million jobs were directly linked to manufacturing.
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Also, there is little doubt that the industrial sector has a lot of growth in store, with at least 1.1 million jobs already being added since 2008. And while there may be some stagnation in the biggest cities such as Houston, Chicago or Los Angeles, there is significant growth being observed in smaller cities which are witnessing more and more manufacturers being established. By 2025, there are estimates that more than 2 million more jobs may be established in the industrial sector as well as adding $530 billion, with electronics, automation and aerospace driving this growth.
Of course, in 2020, there has been little to cheer about in most sectors and industries and the industrial sector did not escape the wrath of the Covid-19 pandemic, which has seen nearly 95 million cases and over 2 million deaths, and the worst part is, both figures are expected to be severely understated. Since the industrial sector is dependent on many different industries which have all been affected by the lockdowns and the recessions and depressions that followed the lockdowns not just in the US, but across the globe. And as cases and deaths continue to soar in the US, so does the uncertainty and the exact impact of the pandemic on the industry will only be ascertained later on.
However, if anyone can survive the effects of the pandemic, it will be the biggest industrial companies in the US, which are absolute giants in their industry. The combined revenues of these companies exceed $380 billion, while their profits are a massive $26 billion, despite just one company making a loss of nearly $5 billion. They also have assets worth more than $676 billion and provide direct employment to close to a million people. The market cap of these companies at March 2020 was more than $480 billion. To rank these companies, we have used their assets, revenues, profits, market cap and employees, with all the information being taken from the Fortune 500 list for industrial companies in the US. So without further ado, let's take a look at some of the giants in this industry, starting with number 15:
15. Rockwell Automation (NYSE:ROK)
Total revenue of the company in 2019 (in millions of dollars): 6,695
Total profit of the company in 2019 (in millions of dollars): 696
Total assets of the company in 2019 (in millions of dollars): 6,113
Market value as of March 31, 2020 (in millions of dollars): 17,533
Total employees of the company in 2019: 23,000
The company is responsible for providing industrial automation as well as information technology, and has a presence in at least 100 countries globally.
Pixabay/Public Domain
14. Dover (NYSE:DOV)
Total revenue of the company in 2019 (in millions of dollars): 7,136
Total profit of the company in 2019 (in millions of dollars): 678
Total assets of the company in 2019 (in millions of dollars): 8,670
Market value as of March 31, 2020 (in millions of dollars): 12,094
Total employees of the company in 2019: 24,000
Dover is engaged in producing various industrial products including engineering products, pump and refrigeration and food products.
Pixabay/Public Domain
13. Westinghouse Air Brake (NYSE:WAB)
Total revenue of the company in 2019 (in millions of dollars): 8,200
Total profit of the company in 2019 (in millions of dollars): 327
Total assets of the company in 2019 (in millions of dollars): 18,944
Market value as of March 31, 2020 (in millions of dollars): 9,227
Total employees of the company in 2019: 27,500
The company is more than 150 years old and its owner was responsible for the invention of the railway air brake.
Pixabay/Public Domain
12. Fortive (NYSE:FTV)
Total revenue of the company in 2019 (in millions of dollars): 7,326
Total profit of the company in 2019 (in millions of dollars): 739
Total assets of the company in 2019 (in millions of dollars): 17,439
Market value as of March 31, 2020 (in millions of dollars): 18,567
Total employees of the company in 2019: 25,000
Fortive is a technology conglomerate which is the most recent company in our list, having been established just 5 years ago in 2016, which was spin off from Danaher and is considered one of the most admired companies in the world by Forbes.
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11. Corning (NYSE:GLW)
Total revenue of the company in 2019 (in millions of dollars): 11,503
Total profit of the company in 2019 (in millions of dollars): 960
Total assets of the company in 2019 (in millions of dollars): 28,898
Market value as of March 31, 2020 (in millions of dollars): 15,664
Total employees of the company in 2019: 49,500
Corning is a glass and ceramics manufacturer, which was founded 170 years ago in 1851 and produces Gorilla Glass, which is used by many top smartphone manufacturers, including Apple.
Pixabay/Public Domain
10. Parker-Hannifin (NYSE:PH)
Total revenue of the company in 2019 (in millions of dollars): 14,320
Total profit of the company in 2019 (in millions of dollars): 1,512
Total assets of the company in 2019 (in millions of dollars): 17,577
Market value as of March 31, 2020 (in millions of dollars): 16,653
Total employees of the company in 2019: 55,610
The company produces motion and control technologies, and is headquartered in Ohio and is one of the biggest companies in the world in this industry.
9. Whirlpool (NYSE:WHR)
Total revenue of the company in 2019 (in millions of dollars): 20,419
Total profit of the company in 2019 (in millions of dollars): 1,184
Total assets of the company in 2019 (in millions of dollars): 18,881
Market value as of March 31, 2020 (in millions of dollars): 5,378
Total employees of the company in 2019: 77,000
Whirlpool, like most companies in this list of the biggest industrial companies in the US, was founded over a century ago, having been established in 1911. It is headquartered in Michigan and has at least 70 research and technology centers across the globe. It is truly a global company considering that just 10% of its employees are based in the US.
8. Illinois Tool Works (NYSE:ITW)
Total revenue of the company in 2019 (in millions of dollars): 14,109
Total profit of the company in 2019 (in millions of dollars): 2,521
Total assets of the company in 2019 (in millions of dollars): 15,068
Market value as of March 31, 2020 (in millions of dollars): 45,126
Total employees of the company in 2019: 45,000
Founded in 1912, the company has a presence in at least 53 countries, and is mainly engaged in producing engineered fasteners and other specialty products.
7. Cummins (NYSE:CMI)
Total revenue of the company in 2019 (in millions of dollars): 23,571
Total profit of the company in 2019 (in millions of dollars): 2,260
Total assets of the company in 2019 (in millions of dollars): 19,737
Market value as of March 31, 2020 (in millions of dollars): 20,044
Total employees of the company in 2019: 61,615
Cummins produces and distributes power generation products, filtration and engines as well as servicing these products too. The company has a presence in at least 190 countries and at least 6,000 dealers.
Pixabay/Public Domain
6. Paccar (NASDAQ:PCAR)
Total revenue of the company in 2019 (in millions of dollars): 25,600
Total profit of the company in 2019 (in millions of dollars): 2,388
Total assets of the company in 2019 (in millions of dollars): 28,361
Market value as of March 31, 2020 (in millions of dollars): 21,175
Total employees of the company in 2019: 27,000
The company is engaged in the manufacture of large and medium sized trucks and is one of the biggest companies in this industry in the entire world. The company was established 116 years ago in 1905.
Please continue to see the 5 largest industrial companies in the world.
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Disclosure: No position. 15 largest industrial companies in the US heading into 2021 is originally published at Insider Monkey.
