Misunderstanding Keeps $5.9 Billion Business Off List
COLUMBUS, Ohio (AP) _ Borden Inc., which had $5.9 billion in sales last year, was missing from the Fortune 500 rankings, but officials said it was just a misunderstanding.
Borden said it was late in providing financial information Fortune magazine needed to compile the annual ranking of the nation’s 500 biggest publicly-held companies that was released Monday.
Moreover, Fortune said it was confused by the status of food-and-packaging company, which was taken private last year when it was acquired by Kohlberg Kravis Roberts & Co. of New York.
But the Columbus-based company still was eligible for the list because it has publicly owned debt and must file its financial results in a 10-K form with the Securities and Exchange Commission.
Borden spokeswoman Lynn Anderson said Tuesday the company did not file its yearend report until April 1 _ the last day possible for reporting results for the period ended Dec. 31.
``It basically boils down to some confusion,″ Anderson said. ``If they would have called they would have known we were going to file.″
Catherine Haight, statistics editor for Fortune, did not immediately return a telephone call Tuesday seeking comment. But she told The Columbus Dispatch the magazine thought Borden was not going to file a 10-K, thus making it ineligible for the listing.
Haight said the magazine would have used the last four quarters of financial results available for Borden if it had known the 10-K would be filed.
Borden would have been 219th on the list, down from 177 last year.
``There’s certainly some merit to being on the list,″ said Lynn Anderson, a spokeswoman for Borden. ``But it’s not really significant now since we’re a private company.″