sign in sign up
<<
Home , Dublin

Stockholm as a global force The significance of headquarters in the Nordics and the region PHOTO: BJÖRN OLIN

2 3

Table of contents 4 Executive Summary 12 Headquarters located in stockholm 17 Connectivity in the Stockholm region 5 Introduction 13 Most headquarters originate 18 China growing globally, except in the Nordics in the United States 5 Why examine headquarters? 18 The resilience of Stockholm 5 Beneficial conditions 14 Headquarters within ICT, finance and consumer services are common in Stockholm 5 The more the merrier? 20 Headquarters in the Nordic region 5 Connectivity 15 Stockholm: significant 6 Headquarters and economic growth from a European perspective 27 References 7 – The top 2000 companies in the world 16 Reflections and concluding thoughts 7 Valuable, but elusive information This report was finalised before the global spread of the coronavirus (Covid-19). The pandemic has had 8 Nordic headquarters dramatic consequences for business and jobs in the region and there is already great uncertainty regarding its effects on business going forward. The importance of having companies and, especially, headquarters 10 Stockholm holds more than half in our region is now more important than ever, not least with the development of closed borders and a more of the headquarters protectionist approach between countries in terms of production and research. As the situation develops, we 11 Regional distribution of Nordic hope that this report will show the strengths of our city and will be used to maintain and increase the value headquarters, based on business sectors that headquarters provide to our region. 4 5

Introduction

A headquarters functions as a command centre where decisions of strategic importance are made that affect the entire company, regardless of geography. It also commonly becomes a node for building relationships on international, national, regional and local levels. The locations of headquarters of Multinational Corporations give us a glance at the global economic ecosystem. It also gives us insight into the characteristics, economic importance and international competitiveness of certain regions and cities.

Why examine headquarters? conditions, good connectivity (international and Executive Summary regional) and a well-functioning local infrastructure. In essence, a headquarters can be seen as In addition, most industries are looking for The focus of this study is Global and Regional (Nordic) headquarters of Multinational a command centre. However, not all of the proximity to an attractive local market of existing employees at headquarters are executive and potential clients, as well as a variety of relevant Corporations (MNC’s) present in the Nordic. decision makers. Instead, most of the staff within business partners. When comparing Nordic metropolitan regions, Stockholm has the largest share of Nordic headquarters are engaged in support functions or Global headquarters, 54 per cent. This means that more than half of the companies vital to the daily operations of the company, such The more the merrier? present in the Nordics on the Forbes Global 2000 list have decided to locate their main as HR, IT, law, finance and marketing (Olshov et The location choices for headquarters are Nordic contact-point in Stockholm. al, 2010). Many of these functions require both potentially self-reinforcing. In other words, the skills and higher education. It is also common to mere presence of a headquarters attracts not only 85 per cent of the headquarters in Stockholm belong to foreign companies. This means that place strategic operations such as research and new talent but additional business establishments companies have actively chosen Stockholm as their Nordic hub, which is an indicator of development (R&D) at, or in proximity to, the to the region. The more headquarters, the more comparative advantages. Stockholm’s overwhelming majority of foreign establishments is site of the headquarters. Thus, many positions access to individuals with relevant competence also a reflection of its highly internationalized economy. at headquarters have distinct professional and skills. A plethora of headquarters thus leads to requirements. Also, the functions of headquarters greater access to a labour force with the right mix Stockholm houses 22 Global MNC headquarters. This puts the region at a third place on often depend on external expertise. of competence, which in turn increases the chances the European list, only exceeded by and . Stockholm shares this place with of the local business community to be able to meet the -Holland region, and is followed by in fourth place. This means that This, in turn, requires a certain level of local other needs in the region. Therefore, analysing the Stockholm houses more Global headquarters belonging to Multinational Corporations than knowledge. The aim of this study is to examine geographical distribution of headquarters offers a major economic cities such as , , and . Stockholm’s numbers the headquarters of different Multinational method for comparing the attractiveness of different are also higher than the merged areas of the Ruhr region in , as well as Frankfurt. Corporations located in Stockholm and other regions, and shows an indication of the region’s Nordic metropolitan regions. It also provides a competitive force or “pull”. For this kind of study, In conclusion, the number of headquarters shows that the Stockholm region is a global force European as well as a global outlook, looking MNCs are of particular interest as they often have attractive to a wide array of businesses and competences. at how the Nordics compare to and the multiple headquarters on varying levels such as rest of the world when it comes to the presence global, continental, regional (transnational) or of headquarters of Multinational Corporations national headquarters. Regardless of the level, (MNCs). these headquarters share similar requirements when choosing their location. From the perspective Beneficial conditions of attractiveness and competitive advantage Headquarters are often placed in cities and between metropolitan regions, it is particularly metropolitan regions as they are able to meet the interesting to look at headquarters on at least a aforementioned universal requirements, although regional (transnational) level, since competition specific needs and priorities may vary from plays a more distinct role on the regional level than company to company. These conditions include on the national level. Additionally, the choice of proximity to sophisticated business services and location made by foreign companies implies an a comprehensive talent pool where both highly active choice of the most attractive region from an qualified expertise as well as general skills tend to outside perspective. be more available, as well as robust institutional

PHOTO: HENRIK TRYGG 6 7

Table 1. Valuable, but elusive Connectivity In conclusion, headquarters of MNCs can Top 10 countries, and the Nordics, Headquarters are drawn to locations that can function as driving forces for economic on the 2019 Forbes Global 2 000 list information provide a certain level of connectivity. Factors development, magnets for additional businesses This study of headquarters in the Nordics is based on contributing to a high level of connectivity are and locomotives for attracting more qualified the 2019 edition of Forbes Global 2000. Using the Country No. of Share of well provided options for international travel, an people. The presence of these companies also companies companies list as a starting point, we have analysed company extensive supply of advanced business services, contributes to a more innovative environment 1 United States 576 29% structures and activities and trimmed down the list and the presence of internationally well-reputed where entrepreneurial initiatives and ideas are to include only companies active in the Nordics, 2 China 251 13% schools and universities. Metropolitan regions able to grow and succeed. Thus, the ability of the resulting in a list of about 500 companies. The offering only one of these elements of connectivity region to attract establishments of a headquarters 3 Japan 223 11% main focus of the study has been the existence and will most likely not be in the competition for is a clear indication of international economic 4 UK 83 4% location of headquarters for these 500 companies. attracting establishments of a headquarters. competitiveness. 5 South Korea 62 3% Instead, a high level of combined connectivity is the 6 Hong Kong 58 3% The majority of companies on the Forbes Global key to success. Belderbos et al (2017) argue that 2000 are active in multiple countries, even multiple 7 57 3% regions must combine high levels of flow of people, Forbes global 2000 – the top continents. These Multinational Corporations often 8 India 57 3% services and knowledge. 2000 companies in the world have headquarters on numerous levels. Underneath 9 Canada 56 3% the Global headquarters, HQ, there may be both Headquarters and economic growth The Forbes Global 2000 is an annual list ranking 10 Germany 52 3% continental and regional (transnational) offices such The need for a high level of competence and the 2,000 largest corporations in the world. The list ….. as a European HQ and a Nordic HQ. All levels, connectivity is not unique to the establishment of is compiled using a combined ranking based on however, have similar needs regarding location, 15 26 1,4% headquarters, but is also favourable for the entire four factors: sales, profit, assets and market value. competence and market access. The study therefore economic performance of the metropolitan region. 23 13 0,7% includes all of the aforementioned levels. Several studies have also shown a correlation Sixty different countries are represented in the 29 10 0,5% between an increasing number of headquarters latest edition of the list, published in 2019. The 35 8 0,4% Mapping the locations of “Nordic headquarters” establishments and an overall regional economic largest percentage of corporations originate from might appear as an uncomplicated task at first growth. Establishing new headquarters will likely the United States (29 per cent), followed by China glance. However, the intricate web of corporate attract new talent and new companies to the and Japan (13 and 11 per cent, respectively). divisions, ownership structures and market region. This includes companies that serve as Thus, adding together these three countries, the segmentations is a complicated landscape to subcontractors or offer other support functions. group holds the majority of companies on the list, navigate. The unique structure of each company Also, regional headquarters investments often lead 52 percent. The United States has over time been must be taken into consideration and definitions to further investments and expansions of the firm the leader in this regard, and Japan a consistent vary from case to case. Even the definitions of the in close proximity to the regional headquarters runner-up. China has however tripled its share of term “headquarters” and what it entails vary greatly. (Belderbos et al, 2017). Therefore, attracting new companies on the list during the last decade and Because of this, there are limitations when using headquarters to a metropolitan region is a way of now holds a larger share than Japan. strictly quantitative methods for identifying and potentially creating favourable long-term conditions defining Nordic headquarters, potentially generating for future investments as well as further increasing The number of European companies on the list has considerable gaps in the results. Therefore, the levels of competence and skill. decreased during the last decade, partly due to the quantitative research has been complemented by rising percentage of Chinese companies. Despite qualitative assessments for over 500 Multinational this, it is still clear that Europe holds a considerable Corporations present in the Nordics. part of the global economy, making up almost a quarter (23 per cent) of the companies on the list. The quantitative information about company Fifty-seven of these companies are Nordic, which structures and activities has thus been supplemented equates to three per cent of the list. Viewed as a with information provided by the companies collective region, the Nordics make up as many themselves on websites and other digital sources or companies on the Forbes Global 2000 list as information retrieved through telephone interviews. Hong Kong, France, India or Canada. Out of these Nordic companies, about half (26) are Swedish companies. 8 9

Nordic headquarters

One fourth of all 2019 Forbes Global 2000 companies are active in one or multiple When comparing the origins of foreign Nordic Behind these continental numbers, there is great Nordic countries. 288 of these have also established headquarters on at least a regional headquarters, roughly 40 per cent are European, variation from country to country. Looking at (Nordic) level. This means that 14 per cent of the world’s 2,000 largest companies have 40 per cent North American and 20 per cent country of origin, European companies are most headquarters with at least a regional responsibility in the Nordics. One fifth of these from Asia or Oceania. At a continental level, likely to have Nordic headquarters. Among headquarters (58 out of 288) have Nordic origin and are thus Global headquarters, the percentage of foreign companies active in the most frequent are companies from France, situated in the Nordics 1). the Nordics correlates to their origins. European Germany, Switzerland and . However, companies hold the greatest percentage; four out there are also European countries with a much of ten European companies on the Forbes-list have smaller rate, such as with around 4 per cent. a Nordic presence. Twenty-seven per cent of all What causes these differences is beyond the North American companies on the Forbes Global scope of this study. A closer look at intercontinental 2000 are present in the Nordics, and 12 per cent differences could however make an interesting of Asian and Oceanian companies. continuation in the future.

Regardless of the continent of origin, roughly half The Asian companies with Nordic headquarters of the companies with Nordic presence have also are mainly Japanese; every fifth Japanese established Nordic headquarters. Thus, the biggest company on the Forbes Global 2000 has a Nordic difference between continents is not the share of headquarters. This can be compared with 5 per present companies establishing headquarters in a cent of South Korean companies. Few Chinese Nordic country, but the share of companies being companies on the Forbes Global 2000 are present present in the Nordics at all. in the Nordics at all, and almost none have headquarters.

Table 2. Foreign Global 2000 companies active in Nordic countries, 2019

Europe, excluding the Nordics North America Asia and Oceania

Number of companies on Forbes Global 2000 400 649 837

Companies present in the Nordics 39 % 27 % 12 %

Companies with Nordic headquarters 22 % 14 % 6 %

Share of headquarters in the Nordics 31 % 31 % 18% PHOTO: MASKOT BILDBYRÅ / JOHNÉR

1) Here, Scania is considered its own Forbes 2000-company with a Global headquarters in Stockholm (Södertälje), even though Scania is owned by MAN that, in turn, is owned by Volkswagen. This is because Scania is organizationally distinguished from Volkswagen, which does not have a Nordic headquarters at all. Scania is also one of Stockholm’s biggest headquarters and is the region’s single largest private employer. 10 11

Figure 1. When comparing Nordic metropolitan regions, Regional distribution of Stockholm is host to more Origin of Forbes Global 2000 Stockholm has the largest share of Nordic or than half of the headquarters companies with Nordic activity. Nordic headquarters, based Global headquarters, 53 per cent. This means on business sectors Looking at the Nordics, an overwhelming majority that more than half of the companies present in of all Nordic or Global headquarters belonging to the Nordics on the Forbes Global 2000 list have Stockholm To allow a comparison between the Nordic Multinational Corporations are located in one of decided to locate their main Nordic contact-point in metropolitan regions, individual industries have Greater the following five metropolitan regions: Stockholm. The Greater area houses Copenhagen been sorted into three major economic sectors; the second largest share of such headquarters, 24 primary, secondary, tertiary. Out of these three, • Stockholm, defined as Stockholm Business per cent. After this, 8 per cent of headquarters are the secondary economic sector holds the largest Alliance, consisting of Stockholm, Uppsala and located in Helsinki, and 5 per cent each in share of headquarters in the Nordics. Fifty-eight Södermanland together with a number of and Gothenburg. Oslo per cent of headquarters identified by this study municipalities (56) in eastern Sweden. operate primarily within the secondary sector. • Greater Copenhagen, which is a transnational A noticeable difference is that Stockholm and the Gothenburg Four out of five Nordic metropolitan regions metropolitan region consisting of the Greater Copenhagen area hold a considerably have the secondary sector as the predominant Hovedstaden and Zeeland regions in Denmark larger share of foreign headquarters, compared 0% 20% 40% 60% 80% 100% one. The only exception is Oslo, where over and Skåne county in Sweden. to the other Nordic regions. Eighty-five per cent of n Native n Europe n North America n Asia and Oceania half of the headquarters are part of the tertiary • Helsinki, defined as the Uusimaa (Nyland) the headquarters in Stockholm are foreign, and 83 sector. Compared to other Nordic metropolitan region in Finland. per cent in Greater Copenhagen. This reflects the regions, Oslo and Stockholm have a large share • Olso, consisting of Oslo municipality and noticeably more internationalized economies of of headquarters within the metropolitan region in Akershus county. Stockholm and Greater Copenhagen, which is also Figure 2. the area of Business Services. Forty-seven percent • Gothenburg, defined as the Västra Götaland evident in the larger shares of native companies Share of each business sector in in Oslo and one third of the headquarters in region in western Sweden. in other Nordic regions. Fifty-seven per cent of all Nordic metropolitan regions based on Stockholm belong to this sector. foreign Multinational Corporation headquarters headquarters are located in Stockholm, and 25 per cent in the Greater Copenhagen area. This means that Stockholm more than four out of five foreign Multinational Economic sectors and industries Greater Corporation headquarters in the Nordics are Copenhagen located in one of these two metropolitan areas. The primary sector consists of industries Helsinki primarily occupied with extracting or harvesting Table 3. resources. This includes industries such as Headquarters in the Nordics that belong to companies Oslo agriculture, mining, forestry and oil production. on the Forbes Global 2000 list in the year 2019 The secondary sector produces finished goods Native share Gothenburg Number of Share of Share of of HQs in from the raw materials extracted by the primary 2) Metropolitan region HQs overall Global HQs overall HQs Global HQs the region 0% 20% 40% 60% 80% 100% sector. This includes all manufacturing, processing

Stockholm 156 23 54% 40% 15% n Primary sector n Secondary sector and construction industries, as well as utilities such n Consumer services n Business services n Inter mediary services as water and energy. Greater Copenhagen 70 11 24% 19% 17%

Helsinki 22 10 8% 17% 45% The tertiary sector is also known as the service industry. This sector sells the goods produced by Oslo 15 6 5% 10% 40% the primary and secondary sectors, and provides Gothenburg 13 3 5% 5% 23% Most Nordic and Global headquarters in the public and commercial services to both the general Nordics belong to either the secondary sector or population and to businesses. Other Nordic areas 12 5 4% 9% 33% Business Services, an industry within the tertiary Nordics 288 58 100% 100% 20% sector. Together, these two make up 85 per cent The service industry can also be divided into of all headquarters in this study, which means three major subdivisions, based on the primary

2) Both Swedish and Danish companies are counted as native for the Greater Copenhagen area, and all Nordic countries are counted Consumer and Intermediary services together with customers of each industry. Consumer services, as native when looking at the Nordics. the primary economic sector make up 15 per cent. Business Services and Intermediary Services. Notably, the Consumer Services headquarters are Intermediary Services consist of Transportation and highly geographically concentrated in Stockholm, Storage industries (including postal services) and where 82 per cent are located. wholesale trading. 12 13

Headquarters located in Stockholm

What is the origin of the companies that choose to establish themselves in Stockholm? Most headquarters originate Interestingly, the Stockholm region completely In this chapter, the geographical origin and the industry sector of these companies in the united states lacks Chinese headquarters investments -- with the will be presented. This will illustrate which sectors consider the region as particularly exception of one company from Hong Kong -- as attractive and give an overview of international connections given by Multinational An overwhelming majority of headquarters do the Nordics as a whole. Out of all the Chinese Corporations present in Stockholm. in Stockholm, 85 per cent, belong to foreign companies on the Forbes Global 2000 list, only companies. The most highly represented country a handful are even active in the Nordic countries. of origin is the United States. One third of foreign The lack of Chinese Multinational Corporations headquarters are of American origin. Other present in the Nordics is particularly interesting countries with a substantial percentage of foreign since the number of Chinese companies on the headquarters in Stockholm are Japan (15 per Forbes list has grown exponentially in recent cent), France (10 per cent) and Switzerland, years to over 300 Chinese companies (58 being Great Britain, and Germany (5 per cent each). from Hong Kong). In comparison, there are 223 European companies make up for 30 per cent of Japanese companies on the Forbes list, 66 of them all headquarters in the Stockholm region, including are active in the Nordic countries. Out of these 66 the native ones. there are 41 with Nordic headquarters.

The United States, Japan and France are three economic “heavy-weights” with strong connections Figure 3. to the Stockholm metropolitan region. Fifty-six to 65 Country of origin for foreign Multinational per cent of Nordic headquarters from each of these Corporation Headquarters in Stockholm three countries are located in Stockholm. PHOTO: LISA WIKSTRAND / JOHNÉR 14 15

Headquarters within ICT, One of few industries in which Stockholm is Stockholm: significant from other European major cities and regions. The 22 Global finance and consumer services underperforming, comparing to the metropolitan a European perspective headquarters located in Stockholm puts the region at are common in Stockholm region’s overall share of headquarters, is a third place on the European list. Stockholm shares Transportation and storage. Headquarters in this The fact that Europe has several obvious economic this place with the Amsterdam-Holland region, and is Certain individual industries are to a larger industry are instead concentrated to a high degree gravitational centres is reflected also in the localization followed by Zurich in fourth place. extent than others concentrated in particular in the Greater Copenhagen area, with 71 per cent patterns of Global headquarters of European companies Nordic metropolitan regions. For Stockholm, this of Nordic and Global headquarters. on the Forbes Global 2000 list. A majority of these This means that Stockholm houses more Global holds true for companies within the Information, companies situate themselves in the north-western part headquarters belonging to Multinational Corporations Communication and Technology (ICT) industries, The economy of Stockholm is, to a large extent, of Europe, and more than a quarter of the 457 Global than major economic cities such as Madrid, Moscow, as well as the Finance and Insurance industry. specialized in the service industry, currently headquarters in Europe are located in London or Paris. Munich and Dublin. Stockholm’s numbers are also higher Stockholm houses more than two thirds of Nordic employing almost 90 per cent of the labour force Stockholm houses a relatively large number of the than the merged areas of the Ruhr region in Germany, as and Global headquarters within each of these in Stockholm County (Statistics Sweden, 2017). European Global headquarters too, compared to most well as Frankfurt. industries. It is also notable that over 80 per cent Despite this, more than half of Nordic and Global of Consumer services headquarters in the Nordics headquarters in the Nordics belonging to the are located in Stockholm. When comparing primary and secondary economic sectors, are Figure 4. to Stockholm’s overall share of headquarters located in Stockholm. This is not a contradiction. The geographical distribution of Global headquarters in Europe, 2019 in the Nordics, 54 per cent, one conclusion is Instead, it illustrates a common separation made by that companies belonging to these industries companies, where headquarters and production choose Stockholm as a headquarters location to sites are located separately. Stockholm has been a higher extent than other industries. Taking into successful in attracting headquarters from all consideration that these three industries make up economic sectors, and the fact that a certain for more than one fourth of all headquarters in company has established a headquarters does the Nordics, this points out three industries where not necessarily mean that it also has a production Stockholm plays a particularly important role in the facility in close proximity. region.

Table 4. Headquarters in the Nordic countries and the Stockholm region, divided by their line of business

HQs in the HQ in Percentage in Industry Nordics Stockholm Stockholm Health and social work activities 1 1 100% Retail, including trade and repair of vehicles 6 3 50% Arts, entertainment and recreation 2 2 100% Accommodation and food service activities 3 3 100% Business services 10 5 50% Information, communication and technology 31 22 71% Finance and insurance activities 37 24 65% Real estate activities 1 0 0% Construction 4 3 75% Manufacturing; Mining and quarrying 156 83 53% Energy and water supply; Environmental services 20 4 20% Agriculture, forestry and fishing 1 0 0% Wholesale 9 5 56% Transportation and storage 7 1 14% Sum 288 156 53% 16 17

Reflections and concluding thoughts

Stockholm has not only attracted a large share of These numbers should therefore primarily be all Nordic headquarters, the metropolitan region understood as a low frequency of foreign More than half of all MNCs with a Nordic presence have chosen also holds a great deal of Global headquarters headquarters in other Nordic metropolitan regions Stockholm as their global or Nordic hub. Thus, Stockholm holds a strong situated in Europe. Stockholm, alongside rather than a difficulty to produce new MNCs in Nordic position when it comes to attracting foreign headquarters. Amsterdam and Zurich, is behind only London and Stockholm. Paris on the list of European HQ centres. Stockholm houses more Global headquarters on the Forbes More than half of the foreign companies on the list than Munich, Madrid, or the combined Forbes list present in the Nordics also have a regions of Ruhr. Nordic headquarters, regardless if the company is controlled from Europe, North America or Apparently, Stockholm is very competitive in a Asia. This relatively even distribution between European context. Headquarters, although different continents of origin is an interesting observation. In in terms of sectors and orientation, share similar contrast to this, different industries show a greater needs and requirements, and therefore tend to variance in number of establishments. Energy, establish where conditions are favourable – often Finance and Insurance, Business services, along in proximity to each other. Stockholm’s large with Accommodation and Food services are four European share therefore bodes well. The more examples of industries with a high frequency of Nordic and European headquarters, the more headquarters establishments. In these industries, likely that new companies will be drawn to the 63 to 73 per cent of foreign companies with metropolitan region. Nordic presence have also established Nordic headquarters. Three sectors with below average Stockholm has a particularly high concentration establishment numbers are Construction, Retail, of headquarters within two industry sectors that and Transport and Storage. In comparison, these are both significant and specialized in Sweden: industries have a headquarters frequency of Information, Communication and Technology (ICT), between 33 and 42 per cent. This indicates that and Finance and Insurance. This indicates that industry plays a larger role than geographical for these industries, Stockholm not only serves as origin, when it comes to the likelihood of a global gateway into Sweden, the metropolitan establishing a Nordic headquarters. region also plays a corresponding role in the Nordics, providing Nordic actors with a global interface. Connectivity in the Stockholm region It is also worth highlighting that the share of foreign headquarters in Stockholm is large when As mentioned before, a number of factors have comparing to other Nordic metropolitan regions. been shown to impact the choice of location This means that headquarters in Stockholm, to when establishing a headquarters location, and a great extent, have actively chosen the city as Stockholm seems to meet many requirements for their Nordic hub – an indication of comparative headquarters establishment. This is not to say that advantages. Other Nordic metropolitan regions there is no room for improvement. In Stockholm, have a more domestic character, with headquarters the most apparent areas of reform reflect the to a greater degree belonging to locally founded challenges of the metropolitan region over all, such companies. At the same time, Stockholm holds 40 as housing (to facilitate new talent moving into the per cent of Global headquarters in the Nordics. region), transport infrastructure and measures to offset effects of the region’s relatively peripheral location.

PHOTO: HENRIK TRYGG 18 19

Connectivity is an important factor in localization The flow of knowledge is another aspect of China growing globally, The resilience of Stockholm decisions; the flow of people, services and connectivity in which Stockholm appears attractive. except in the Nordics knowledge within the metropolitan region and The metropolitan region contains a considerable A study similar to this was conducted in 2015. between the region and the world. This flow of number of universities and colleges, and the In recent years, there has been a significant increase Although direct comparisons should be made with people is often measured in international travel labour force is generally well educated. Karolinska in the number of Chinese companies among the caution due to differences in method, an interesting connections. It is difficult for other metropolitan Institutet, in particular, stands out in global world’s largest. As this study shows no Nordic observation is that the Forbes lists of 2015 and 2019 regions in the Nordics to compete with the university rankings. In descending order Helsinki, headquarters investments from mainland China, share only 269 companies active in the Nordics. geographical location of the Greater Copenhagen Stockholm, and Copenhagen were recently ranked attracting more headquarters from this fast-growing About half of the companies have changed in four area, which is physically closer to continental as the three most innovative regions in the EU by part of the global economy could be a potentially years. Despite this, Stockholm remains the premier Europe. Copenhagen is also a substantially the European Commission (2019). This highlights important policy focus resulting from this study. choice for the establishment of headquarters in the bigger hub for air transport than other Nordic the ability to create, disseminate and apply new Nordics. This is a clear strong point and an indication metropolitan regions. In terms of intercontinental knowledge in Stockholm, as well as the Nordics. that Stockholm’s attractiveness remains both high accessibility, Copenhagen offers direct flights and continuous. A resilient business climate, solid to ten North American cities, Oslo to six, and The large local presence and variety of business and stable institutional, knowledge and connectivity Helsinki to five – compared to four from Stockholm sectors are contributing factors to the high conditions, a wide variety of industry sectors and a (Flightconnections, 2020). Stockholm is the only connectivity of Stockholm – not the least as the multitude of functions all contribute to the attractiveness Nordic city that does not offer a direct large share of Global headquarters increases the of Stockholm as a place for headquarters localisation. flight to California, which is the North American probability of current and future establishments and region with the largest number of headquarters of finding the relevant expertise. establishments in the Nordics (19, 13 of which are located in Stockholm). Despite this relative inaccessibility, Stockholm seems to be able to, at least for now, compete for headquarters localisations. PHOTO: ANNA HUGOSSON 20 21

Corporation Nordic HQ Global HQ Industry Stockholm Nordic HQ’s Headquarters AMGEN INCORPORATED Stockholm Thousand Oaks, CA, USA Manufacturing AMPHENOL CORP Vallentuna Wallingford, CT, USA Manufacturing in the Nordic region ANHEUSER-BUSCH INBEV SA/NV Stockholm Leuven, Belgium Manufacturing

ANSYS INC Stockholm Canonsberg, PA, USA ICT

AON PUBLIC LIMITED COMPANY Stockholm London, Finance and insurance

APPLE INC. Stockholm Cupertino, CA, USA Retail Corporation Nordic HQ Global HQ Industry ASSICURAZIONI GENERALI SPA (Europ assistance) Stockholm , Italy Finance and insurance Stockholm Global HQ’s AB ELECTROLUX Stockholm Stockholm, Sweden Manufacturing ASTRAZENECA PLC Södertälje Cambridge, United Kingdom Manufacturing ASSA ABLOY AB Stockholm Stockholm, Sweden Manufacturing PLC Stockholm London, United Kingdom Finance and insurance ATLAS COPCO AB Stockholm Nacka, Sweden Manufacturing AVNET INC Sundbyberg Phoenix, AZ, USA Business services AUTOLIV AKTIEBOLAG Stockholm Stockholm, Sweden Manufacturing AXA SA Stockholm Paris, France Finance and insurance BOLIDEN AB Stockholm Stockholm, Sweden Mining and quarrying BANDAI NAMCO HOLDINGS INC. Stockholm Tokyo, Japan ICT EPIROC AB Nacka Nacka, Sweden Manufacturing BANK OF AMERICA CORPORATION Stockholm Charlotte, NC, USA Finance and insurance ERICSSON Stockholm Stockholm, Sweden Manufacturing BANK OF NEW YORK MELLON CORPORATION Stockholm New York, NY, USA Finance and insurance ESSITY AKTIEBOLAG (PUBL) Stockholm Stockholm, Sweden Manufacturing BAXTER INTERNATIONAL INC Stockholm Deerfield, IL, USA Manufacturing HENNES & MAURITZ AB Stockholm Stockholm, Sweden Retail BAYERISCHE MOTOREN WERKE Sollentuna Munich, Germany Manufacturing HEXAGON AB Stockholm Stockholm, Sweden Manufacturing AKTIENGESELLSCHAFT

ICA GRUPPEN Solna Solna, Sweden Retail BIOGEN INC. Upplands Väsby Cambridge, MA, USA Manufacturing

INDUSTRIVARDEN AB Stockholm Stockholm, Sweden Finance and insurance BNP PARIBAS SA Stockholm Paris, France Finance and insurance

INVESTOR AB Stockholm Stockholm, Sweden Finance and insurance BOMBARDIER INC Västerås , Canada Manufacturing

SANDVIK AB Stockholm Stockholm, Sweden Manufacturing BP PLC Stockholm London, United Kingdom Mining and quarrying

SCANIA Södertälje Södertälje, Sweden Manufacturing BT GROUP PLC Stockholm London, United Kingdom ICT

SEB AB Solna Solna, Sweden Finance and insurance CAPGEMINI SE Stockholm Paris, France ICT

SECURITAS AB Stockholm Stockholm, Sweden Business services CARDINAL HEALTH INC Stockholm Dublin, Ohio, OH, USA Wholesale

SKANSKA AB Stockholm Stockholm, Sweden Construction CATERPILLAR INC (Caterpillar Financial) Danderyd Deerfield, IL, USA Manufacturing

SPOTIFY TECHNOLOGY S.A. Stockholm Stockholm, Sweden Consumer services CELGENE CORP Stockholm Summit, NJ, USA Manufacturing

SWEDBANK AB Sundbyberg Sundbyberg, Sweden Finance and insurance CERNER CORP Stockholm North Kansas City, KS, USA ICT

SVENSKA HANDELSBANKEN AB Stockholm Stockholm, Sweden Finance and insurance CGI INC. Stockholm Montreal, Canada ICT

TELIA Solna Solna, Sweden ICT CHOCOLADEFABRIKEN LINDT & SPRUNGLI AG Solna Zurich, Switzerland Manufacturing Nordic HQ’s 3M COMPANY Stockholm Maplewood, MN, USA Manufacturing CISCO SYSTEMS INC Stockholm San Jose, CA, USA Business services

AAREAL BANK AG Stockholm , Germany Finance and insurance COMPAGNIE GENERALE DES ETABLISSEMENTS Stockholm Clermont-Ferrand, France Manufacturing MICHELIN (C.G.E.M.) SCA ABB LTD Västerås Zurich, Switzerland Manufacturing CSL LIMITED (CSL Behring) Danderyd Melbourne, Australia Manufacturing ABBVIE INC. Solna Chicago, Illinois, IL, USA Manufacturing DAIKIN INDUSTRIES LIMITED Solna Osaka, Japan Manufacturing ACCENTURE PLC Stockholm Dublin, ICT DANONE S.A. Stockholm Paris, France Manufacturing ACCOR SA (Accor AHS Scandinavia) Stockholm Issy-les-Moulineaux, France Accommodation and food service DENTSU INC Stockholm Tokyo, Japan ICT

ADIDAS AG Solna Herzogenaurach, Germany Manufacturing DEUTSCHE BANK AG Stockholm Frankfurt, Germany Finance and insurance

ADOBE INC Stockholm San Jose, CA, USA ICT DEUTSCHE POST AG (DHL) Solna Bonn, Germany Transportation and storage

ALEXION PHARMACEUTICALS INC Stockholm New Haven, CT, USA Manufacturing ECOLAB INC Stockholm Saint Paul, MN, USA Manufacturing

ALLERGAN PLC Stockholm Dublin, Ireland Manufacturing EISAI CO LTD Stockholm Tokyo, Japan Manufacturing

ALSTOM S.A. Stockholm Saint Ouen, France Construction EQUINIX INC Stockholm Redwood City, CA, USA ICT

AMERISOURCEBERGEN (Word courier) Stockholm Chesterbrook, PA, USA Wholesale ESSILORLUXOTTICA (luxottica) Stockholm Paris, France Manufacturing

AMETEK INC Stockholm Berwyn, IL, USA Manufacturing FUJIFILM HOLDINGS CORP. Stockholm Tokyo, Japan Manufacturing 22 23

Corporation Nordic HQ Global HQ Industry Corporation Nordic HQ Global HQ Industry Stockholm Nordic HQ’s Stockholm Nordic HQ’s FUJITSU LIMITED Stockholm Tokyo, Japan ICT RANDSTAD NV Stockholm Amsterdam, Business services

GILEAD SCIENCES INC Solna Foster city, CA, USA Manufacturing RENAULT Stockholm Boulogne-Billancourt, France Manufacturing

GOLDMAN SACHS GROUP, INC Stockholm New York, NY, USA Finance and insurance RESMED INC Stockholm San Diego, CA, USA Manufacturing

GRIFOLS, S.A. Stockholm , Manufacturing RICOH CO LTD Stockholm Tokyo, Japan Manufacturing

HCL TECHNOLOGIES LIMITED Stockholm Noida, India ICT ROCHE HOLDING AG (Roche Diagnostics) Solna , Switzerland Consumer services

HSBC HOLDINGS PLC Stockholm London, United Kingdom Finance and insurance ROPER TECHNOLOGIES (Deltek) Stockholm Sarasota, FL, USA Manufacturing

IDEXX LABORATORIES INC Stockholm Westbrook, ME, USA Manufacturing RSA INSURANCE GROUP PLC (Trygg Hansa) Stockholm London, United Kingdom Finance and insurance

INTERNATIONAL BUSINESS MACHINES CORP Stockholm Armonk, NY, USA ICT .COM, INC. Stockholm San Francisco, CA, USA ICT

JAPAN TOBACCO INC Stockholm Tokyo, Japan Manufacturing SAMSUNG ELECTRONICS CO.,LTD. Stockholm Suwon, South Korea Manufacturing

JOHNSON & JOHNSON Solna New Brunswick, NJ, USA Manufacturing SAMSUNG SDS CO.,LTD. Stockholm Seoul, South Korea ICT

JTEKT CORP. (Koyo kullager) Upplands Väsby Osaka, Japan Manufacturing SCHNEIDER ELECTRIC SE Stockholm Rueil-Malmaison, France Manufacturing

KAO CORPORATION Stockholm Tokyo, Japan Manufacturing SHARP CORPORATION Stockholm Tokyo, Japan Manufacturing

KEYSIGHT TECHNOLOGIES, INC. Stockholm Santa Rosa, CA, USA Manufacturing SHIMANO INC Uppsala Osaka, Japan Manufacturing

KYOCERA CORPORATION Stockholm Kyoto, Japan Manufacturing SIEMENS AG Solna Munich, Germany Manufacturing

LARSEN AND TOUBRO LIMITED Stockholm Mumbai, India Manufacturing SIKA AG Stockholm Baar, Switzerland Manufacturing

LENOVO GROUP LIMITED Stockholm Quarry Bay, Hong Kong Manufacturing SOFTBANK GROUP CORP (Exeger) Stockholm Tokyo, Japan Energy

LG ELECTRONICS INC. Stockholm Seoul, South Korea Manufacturing SONOVA HOLDING AG Solna Stäfa, Switzerland Manufacturing

LIVE NATION ENTERTAINMENT, INC. Stockholm Beverly Hills, CA, USA Consumer services SPLUNK INC. Stockholm San Francisco, CA, USA ICT

MACQUARIE GROUP LTD Stockholm Sydney, Australia Finance and insurance SYMANTEC CORP Stockholm Mountain View, CA, USA ICT

MANPOWERGROUP INC. Stockholm Milwaukee, WI, USA Business services TDK CORPORATION Stockholm Tokyo, Japan Manufacturing

MARUBENI CORPORATION Stockholm Chuo, Japan Wholesale TE CONNECTIVITY LTD. Stockholm , Switzerland Manufacturing

MASTERCARD Stockholm Purchase, NY, USA Finance and insurance TECH DATA CORP Stockholm Clearwater, FL, USA Wholesale

MCDONALD’S CORPORATION (Food folk) Stockholm Chicago, IL, USA Accommodation and food THE SWATCH GROUP LTD. Stockholm Biel / Bienne, Switzerland Manufacturing service THERMO FISHER SCIENTIFIC INC. Stockholm Waltham, MA, USA Manufacturing MELROSE INDUSTRIES (GKN driveline service) Botkyrka London, United Kingdom Manufacturing TOSHIBA CORPORATION Stockholm Tokyo, Japan Manufacturing METTLER TOLEDO INTERNATIONAL INC Stockholm Columbus, OH, USA Manufacturing TUI AG (TUI Fly Nordic) Stockholm Hannover, Germany Accommodation and food MITSUBISHI ELECTRIC CORPORATION Sollentuna Tokyo, Japan Manufacturing service

MITSUI & CO LTD Stockholm Tokyo, Japan Wholesale UNILEVER NV Stockholm London, United Kingdom Manufacturing

MONDELEZ INTERNATIONAL, INC. Stockholm Deerfield, IL, USA Manufacturing VALEO SA Stockholm Paris, France Manufacturing

MOODY’S CORPORATION Stockholm New York, NY, USA Finance and insurance VEOLIA ENVIRONNEMENT Stockholm Aubervilliers, France Energy

MORGAN STANLEY Stockholm New York, NY, USA Finance and insurance INC Stockholm New York, NY, USA ICT

N.V. UMICORE (Umicore Technical Materials AG & Co) Stockholm , Belgium Manufacturing VERTEX PHARMACEUTICALS INCORPORATED Stockholm Boston, MA, USA Manufacturing

NASDAQ, INC. Stockholm New York, NY, USA Finance and insurance WESTERN DIGITAL CORP (SanDisk) Stockholm San Jose, CA, USA Manufacturing

NEC CORPORATION Stockholm Tokyo, Japan Manufacturing WHIRLPOOL CORP Stockholm Benton Harbor, MI, USA Manufacturing

NEWS CORPORATION (Unruly) Stockholm New York, NY, USA ICT VINCI (Eitech international) Stockholm Paris, France Construction

NIPPON STEEL CORPORATION (Ovako) Stockholm Tokyo, Japan Manufacturing WIPRO LIMITED Stockholm Bengaluru, India ICT

OLYMPUS CORP. Solna Tokyo, Japan Manufacturing YAMAHA MOTOR CO LTD Stockholm Iwata, Japan Manufacturing

ORANGE Stockholm Paris, France ICT ZEBRA TECHNOLOGIES CORP Stockholm Lincolnshire, IL, USA Manufacturing Copenhagen area The Greater Global HQ’s OTSUKA HOLDINGS CO., LTD. (Otsuka pharma Stockholm Tokyo, Japan Manufacturing ALFA LAVAL AB Lund Lund, Sweden Manufacturing Scandinavia) CARLSBERG Copenhagen Copenhagen, Denmark Manufacturing PERNOD RICARD SA Stockholm Paris, France Manufacturing COLOPLAST A/S Fredensborg Fredensborg, Denmark Manufacturing PHILIP MORRIS INTERNATIONAL INC. Stockholm Neuchatel, Switzerland Manufacturing A/S Copenhagen Copenhagen, Denmark Finance and insurance PUBLIC JOINT STOCK COMPANY OIL COMPANY Nacka Moscow, Mining and quarrying LUKOIL DRILLING COMPANY OF 1972 A/S Copenhagen Copenhagen, Denmark Mining and quarrying

RAIFFEISEN BANK INTERNATIONAL AG Stockholm , Finance and insurance DSV A/S Höje-Tåstrup Höje-Tåstrup, Denmark Transportation and storage 24 25

Corporation Nordic HQ Global HQ Industry Corporation Nordic HQ Global HQ Industry The Greater Copenhagen area Global HQ’s The Greater Copenhagen area Nordic HQ’s H LUNDBECK Copenhagen Copenhagen, Denmark Manufacturing MOL MAGYAR OLAJ-ES GAZIPARI Gentofte , Transportation and storage (MOL Nordic tankers) ISS A/S Copenhagen Copenhagen, Denmark Business services MOTOROLA SOLUTIONS, INC. Copenhagen Chicago, IL, USA Manufacturing JYSKE BANK A/S Copenhagen Silkeborg, Denmark Finance and insurance NESTLE S.A. Copenhagen Vevey, Switzerland Manufacturing Møller-Maersk Copenhagen Copenhagen, Denmark Transportation and storage PAYCHEX INC (Lessor group) Alleröd Rochester, NY, USA ICT NOVO NORDISK Copenhagen Copenhagen, Denmark Manufacturing PVH CORPORATION Copenhagen New York, NY, USA Manufacturing NOVOZYMES Copenhagen Copenhagen, Denmark Manufacturing

Nordic HQ’s RECKITT BENCKISER GROUP PLC Gladsaxe Slough, United Kingdom Manufacturing ADVANZ PHARMA CORP Helsingborg Mississauga, Canada Manufacturing ROCKWELL AUTOMATION, INC. Copenhagen Milwaukee, WI, USA Manufacturing AGC INC. (AGC biologics) Copenhagen Chidoya, Japan Manufacturing SAP SE Copenhagen Walldorf, Germany ICT ASTELLAS PHARMA INC. Copenhagen Tokyo, Japan Manufacturing SEB S.A. Vallensbaek Ecully, France Manufacturing AVERY DENNISON CORPORATION Lund Glendale, CA, USA Manufacturing SOLVAY SA Copenhagen Brussels, Belgium Manufacturing BASF SE Copenhagen Ludwigshafen, Germany Manufacturing SONY CORPORATION Copenhagen Tokyo, Japan Manufacturing BAYWA AG Malmö Munich, Germany Business services STRYKER CORPORATION Malmö Kalamazoo, MI, USA Manufacturing BLACKROCK, INC Copenhagen New York, NY, USA Finance and insurance SWISS RE AG Copenhagen Zurich, Switzerland Finance and insurance BOSTON SCIENTIFIC CORP Helsingborg Marlborough, MA, USA Manufacturing TECHTRONIC INDUSTRIES COMPANY LIMITED Copenhagen Hong Kong, Hong Kong Manufacturing BRENNTAG AG Malmö , Germany Business services THALES SA Gladsaxe Paris, France Manufacturing BRITISH AMERICAN TOBACCO P.L.C. Copenhagen London, United Kingdom Manufacturing TOTAL S.A. Copenhagen Courbevoie, France Mining and quarrying CBRE GROUP, INC. Copenhagen Los Angeles, CA, USA ICT TP ICAP PLC Copenhagen London, United Kingdom Finance and insurance COMPAGNIE DE SAINT GOBAIN SA Copenhagen Courbevoie, France Construction UCB S.A. Copenhagen Brussels, Belgium Manufacturing DAI NIPPON PRINTING CO LTD Copenhagen Tokyo, Japan Manufacturing V. F. CORPORATION Copenhagen Greensboro, NC, USA Manufacturing DAIICHI SANKYO CO., LTD. Copenhagen Tokyo, Japan Manufacturing ZOETIS INC. (Scandinavian Micro Biodevices) Furesö Parsippany-Troy Hills, NJ, USA Manufacturing DCC PUBLIC LIMITED COMPANY Helsingborg Dublin, Ireland Transportation and storage Helsinki Global HQ’s FORTUM Espoo Espoo, Finland Energy DEUTSCHE TELEKOM AG Copenhagen Bonn, Germany ICT KESKO OYJ Helsinki Helsinki, Finland Retail DUKE ENERGY CORPORATION Copenhagen Charlotte, NC, USA Finance and insurance KONE Helsinki Helsinki, Finland Manufacturing DUPONT DE NEMOURS, INC. (Corian/Dupont) Copenhagen Midland, MI, USA Manufacturing NESTE OYJ Espoo Espoo, Finland Mining and quarrying E.ON SE Malmö Essen, Germany Energy OYJ Helsinki Espoo, Finland Manufacturing EDWARDS LIFESCIENCES CORP Malmö Irvine, CA, USA Manufacturing NORDEA BANK Helsinki Helsinki, Finland Finance and insurance FANUC CORPORATION Malmö Oshino, Japan Manufacturing SAMPO OYJ Helsinki Helsinki, Finland Finance and insurance FEDEX CORP Malmö Memphis, TN, USA Transportation and storage STORA ENSO OYJ Helsinki Helsinki, Finland Manufacturing FMC CORP Copenhagen Philadelphia, PA, USA Manufacturing UPM-KYMMENE OYJ Helsinki Helsinki, Finland Manufacturing GARMIN LTD. Copenhagen Olathe, KS, USA Manufacturing WARTSILA OYJ Helsinki Helsinki, Finland Manufacturing GEBERIT AG (Ifö sanitär) Bromölla Rapperwil-Jona, Switzerland Manufacturing Nordic HQ’s AGILENT TECHNOLOGIES INC Helsinki Santa Clara, CA, USA Manufacturing GIVAUDAN SA Lund Vernier, Switzerland Manufacturing ATOS SE Helsinki Bezons, France ICT HESS CORPORATION Copenhagen New York, NY, USA Mining and quarrying BAYER AG Helsinki Leverkusen, Germany Manufacturing HONEYWELL INTERNATIONAL INC Helsingborg Charlotte, NC, USA Manufacturing COPART INC (Nordic salvage auto action company) Espoo Dallas, TX, USA Retail INTERNATIONAL FLAVORS & FRAGRANCES INC Malmö New York, NY, USA Manufacturing COVESTRO AG (Bayer material science) Espoo Leverkusen, Germany Manufacturing KIMBERLY CLARK CORP Copenhagen Irving, TX, USA Manufacturing INFOSYS LIMITED (Fluido) Espoo Bengaluru, India ICT KONINKLIJKE DSM N.V. Åstorp Heerlen, Netherlands Manufacturing MAKITA CORPORATION (Makita Nordic & Baltic) Vantaa Anjo, Japan Manufacturing L3HARRIS TECHNOLOGIES, INC. (Harris) Gentofte Melbourne, FL, USA Manufacturing NISSAN MOTOR CO LTD Espoo Yokohama, Japan Manufacturing LEGRAND SA Hvidovre Limoges, France Manufacturing OWENS CORNING (Paroc) Helsinki Toledo, OH, USA Manufacturing L’OREAL SA Copenhagen Clichy, France Manufacturing PUBLIC JOINT STOCK COMPANY INTER RAO UES Helsinki Moscow, Russia Energy LYONDELLBASELL INDUSTRIES (A. Schulman) Åstorp , Netherlands Manufacturing (RAO Nordic)

MEDTRONIC PUBLIC LIMITED COMPANY Copenhagen Dublin, Ireland Manufacturing RECRUIT HOLDINGS CO.,LTD. (Quandoo) Helsinki Tokyo, Japan Business services

MICROCHIP TECHNOLOGY INC Ballerup Chandler, AZ, USA Manufacturing TOYOTA TSUSHO CORPORATION Vantaa Nagoya, Japan Wholesale

MOHAWK INDUSTRIES INC Malmö Calhoun, GA, USA Manufacturing 26 27

Corporation Nordic HQ Global HQ Industry Oslo Global HQ’s DNB ASA Oslo Oslo, Norway Finance and insurance GJENSIDIGE FORSIKRING Oslo Oslo, Norway Finance and insurance References NORSK HYDRO ASA Oslo Oslo, Norway Energy

STOREBRAND GROUP Baerum Baerum, Norway Finance and insurance and further readings

TELENOR Baerum Baerum, Norway ICT

YARA INTERNATIONAL ASA Oslo Oslo, Norway Manufacturing Nordic HQ’s ADECCO GROUP AG Oslo Zurich, Switzerland Business services

BANCO SANTANDER SA Baerum Boadilla del Monte, Spain Finance and insurance Belderbos, R.; Du, H. och Goerzen, A. (2017). Global Cities, Connectivity and the Location Choice of BUNZL PUBLIC LIMITED COMPANY Oslo London, United Kingdom Transportation and storage MNC Regional Headquarters. SSRN Electronic Journal

CHEVRON CORPORATION Oslo San Ramon, CA, USA Mining and quarrying European Commission (2019). Regional Innovation Scoreboard 2019. Luxemburg: Publications office of DIXONS CARPHONE (Elkjop/Elgiganten) Oslo London, United Kingdom Retail the . HITACHI, LTD. Oslo Tokyo, Japan Manufacturing

MERCK & CO., INC. Oslo Kenilworth, IL, USA Manufacturing Holt, J.; Purcell, W.; Gray, S. och Pedersen, T. (2006). Decision Factors Influencing MNEs Regional Headquarters Location Selection Strategies. SMG Working Paper 12/2006. Center for Strategic SOCIETE GENERALE Baerum Paris, France Finance and insurance Management and Globalization, Copenhagen Business School. TECHNIPFMC PLC Baerum London, United Kingdom Mining and quarrying Gothenburg HQ’s Global AB VOLVO Gothenburg Gothenburg, Sweden Manufacturing Mori, T. (2002). The role and function of European Regional Headquarters in Japanese MNCs. Working FASTIGHETS AB BALDER Gothenburg Gothenburg, Sweden Real estate Paper 141. European Institute of Japanese Studies, Stockholm School of Economics.

AB SKF Gothenburg Gothenburg, Sweden Manufacturing Olshov, A.; Lindqvist, E, and Wichmann Matthiessen, C. (2010). The Location of Nordic and Global Nordic HQ’s AUTODESK INC Gothenburg San Rafael, CA, USA ICT Headquarters 2010. Øresundsinstituttet, Malmö. DENSO CORPORATION Gothenburg Kariya, Japan Manufacturing Statistics Sweden (2017). Labour statistics based on administrative sources. Online database, retrieved EXXON MOBIL CORP Gothenburg Irving, TX, USA Mining and quarrying 2020-02-12. GENERAL MILLS INC Gothenburg Minneapolis, MN, USA Manufacturing IMPERIAL BRANDS PLC (Habanos Nordic) Gothenburg Bristol, United Kingdom Manufacturing Stockholm Business Region & Øresundsinstituttet (2015). Global companies with offices in the Nordic NITTO DENKO CORPORATION Mölndal Osaka, Japan Manufacturing Region – a study of global and regional headquarters.

PARKER HANNIFIN CORP Borås Cleveland, OH, USA Manufacturing

TERUMO CORPORATION Gothenburg Tokyo, Japan Manufacturing

WOLTERS KLUWER NV Gothenburg Alphen aan den Rijn, ICT Netherlands

WORLD FUEL SERVICES CORP (Avinode) Gothenburg Miami, FL, USA Wholesale Other Nordic areas Global HQ’s EQUINOR Stavanger, Norway Mining and quarrying

MOWI ASA Bergen, Norway Agriculture, forestry and fishing

ORSTED Fredericia Fredericia, Denmark Mining and quarrying

VESTAS WIND SYSTEMS A/S Aarhus, Denmark Manufacturing Nordic HQ’s ARAMARK Esbjerg Philadelphia, PA, USA Wholesale

ARCELORMITTAL S.A. Karlstad Manufacturing

CONOCOPHILLIPS Stavanger Houston, TX, USA Mining and quarrying

ENBW ENERGIE BADEN-WURTTEMBERG Syddjur Karlsruhe, Germany Energy (Connected Wind Services)

KOMATSU LTD (Komatsu forest) Umeå Tokyo, Japan Manufacturing

NIDEC CORPORATION Odense Kyoto, Japan Manufacturing (Control Techniques and Leroy-Somer )

OSAKA GAS CO LTD (Jacobi Carbons AB) Kalmar Osaka, Japan Energy

UGI CORP (Kosan Gas) Aarhus King of Prussia, PA, USA Wholesale COVER PHOTO: HENRIK TRYGG Invest Stockholm Box 16282 P.O. SE-103 25 Stockholm, Sweden Phone + 46 8 508 280 00 [email protected] www.investstockholm.com SE-103 25 Stockholm, Sweden Phone + 46 8 508 280 00 Address Invest Stockholm Box 16282 P.O. Linkedin: Invest Stockholm : InvestStockholm Connect with Invest Stockholm on social media Connect with Invest Stockholm on social @investstockholm : Contact us [email protected] www.investstockholm.com Scandinavia. Invest Stockholm is a subsidiaryScandinavia. Invest Region, of Stockholm Business Stockholm. owned by the city of Invest Stockholm is the official investment promotion agency of Stockholm. official investment promotion agency Invest Stockholm is the of the Stockholm regionwork with the marketing and development We Capital of under the brand Stockholm – The as a business destination Invest Stockholm