Exxon Stuns N.Y., Will Move to Dallas
NEW YORK — Exxon Corp. will move its headquarters from New York City to Dallas next fall, the world’s largest oil company announced today in a move that amounted to a stunning blow for the nation’s corporate capital.
Chairman Lawrence Rawl said the company had considered moving its headquarters for some time and had evaluated a number of locations.
“We concluded that, on balance, the Dallas area offered the best combination of factors from the standpoint of our employees’ personal and professional lives and from an overall business standpoint,” he said.
At least 300 headquarters employees will be affected by the relocation.
Exxon is the biggest energy company in the world and the third-largest U.S. industrial company, with sales of more than $87.5 billion in 1988.
Its announced departure from New York comes at a time when the city already is feeling squeezed economically, and reflects a broader trend by large companies to relocate in areas that are more affordable.
There was no immediate comment on Exxon’s decision from New York Mayor Edward I. Koch.
More than 100 of the nation’s largest industrial and service companies make their corporate home in New York, more than any other single U.S. city. But many have left or expressed interest in leaving because of the high costs.
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