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Location: Nashville, Tennessee, United States

5/27/2003

Another Corporate HQ Moves to Nashville
Nashville Business Journal is reporting that Caremark Rx Inc., a large pharmaceutical services firm, plans to relocate its corporate headquarters from Birmingham, Ala., to Nashville. It will become Nashville's second-largest publicly traded company after Hospital Corporation of America, with $6.8 billion in annual revenue and 4,800 employees. Third is Dollar General, with $6.1 billion in revenue. Caremark is traded on the NYSE under the ticker symbol CMX. The company provides drug benefits services to corporate health plans, managed care organizations and insurance companies through its national retail pharmacy network. A recent announced corporate HQ move to Nashville by Asurion, of San Mateo, Calif., appears to be a small deal hyped large, but Caremark's move looks to be a truly big deal. Here's the early Birmingham perspective. The AP even picked up the story.

UPDATE: The Tennessean put news of Caremark's move on its website, and says Caremark's relocation to Nashville involves the top management, "about 40 to 50 mostly high-paid employees." It's not going to mean a lot of new job openings for Nashvillians, but by any measure landing a company with a $5.8 billion market cap, 6,800 U.S. employees and $6.8 billion in revenues last year - yes, that's $1 million in revenue per employee - is a big story.