Stockholm as a global forceThe significance of headquarters in the Nordics and the Stockholm region

Table of contents

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4 Executive Summary

5 Introduction

5 Why examine headquarters?5 Beneficial conditions

5 The more the merrier?

5 Connectivity

6 Headquarters and economic growth

7 Forbes Global 2000 – The top 2000 companies in the world

7 Valuable, but elusive information

8 Nordic headquarters

10 Stockholm holds more than half of the headquarters

11 Regional distribution of Nordic headquarters, based on business sectors

12 Headquarters located in stockholm

13 Most headquarters originate in the United States

14 Headquarters within ICT, finance and consumer services are common in Stockholm

15 Stockholm: significant from a European perspective

16 Reflections and concluding thoughts

17 Connectivity in the Stockholm region

18 China growing globally, except in the Nordics

18 The resilience of Stockholm

20 Headquarters in the Nordic region

27 References

This report was finalised before the global spread of the coronavirus (Covid-19). The pandemic has had 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 in our region is now more important than ever, not least with the development of closed borders and a more protectionist approach between countries in terms of production and research. As the situation develops, we hope that this report will show the strengths of our city and will be used to maintain and increase the value that headquarters provide to our region.

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IntroductionA 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?In essence, a headquarters can be seen as a command centre. However, not all of the employees at headquarters are executive decision makers. Instead, most of the staff within headquarters are engaged in support functions vital to the daily operations of the company, such as HR, IT, law, finance and marketing (Olshov et al, 2010). Many of these functions require both skills and higher education. It is also common to place strategic operations such as research and development (R&D) at, or in proximity to, the site of the headquarters. Thus, many positions at headquarters have distinct professional requirements. Also, the functions of headquarters often depend on external expertise.

This, in turn, requires a certain level of local knowledge. The aim of this study is to examine the headquarters of different Multinational Corporations located in Stockholm and other Nordic metropolitan regions. It also provides a European as well as a global outlook, looking at how the Nordics compare to Europe and the rest of the world when it comes to the presence of headquarters of Multinational Corporations (MNCs).

Beneficial conditionsHeadquarters are often placed in cities and metropolitan regions as they are able to meet the aforementioned universal requirements, although specific needs and priorities may vary from company to company. These conditions include proximity to sophisticated business services and a comprehensive talent pool where both highly qualified expertise as well as general skills tend to be more available, as well as robust institutional

conditions, good connectivity (international and regional) and a well-functioning local infrastructure. In addition, most industries are looking for proximity to an attractive local market of existing and potential clients, as well as a variety of relevant business partners.

The more the merrier?The location choices for headquarters are potentially self-reinforcing. In other words, the mere presence of a headquarters attracts not only new talent but additional business establishments to the region. The more headquarters, the more access to individuals with relevant competence and skills. A plethora of headquarters thus leads to greater access to a labour force with the right mix of competence, which in turn increases the chances of the local business community to be able to meet other needs in the region. Therefore, analysing the geographical distribution of headquarters offers a method for comparing the attractiveness of different regions, and shows an indication of the region’s competitive force or “pull”. For this kind of study, MNCs are of particular interest as they often have multiple headquarters on varying levels such as global, continental, regional (transnational) or national headquarters. Regardless of the level, these headquarters share similar requirements when choosing their location. From the perspective of attractiveness and competitive advantage between metropolitan regions, it is particularly interesting to look at headquarters on at least a regional (transnational) level, since competition plays a more distinct role on the regional level than on the national level. Additionally, the choice of location made by foreign companies implies an active choice of the most attractive region from an outside perspective.

PHOTO: HENRIK TRYGG

Executive Summary

The focus of this study is Global and Regional (Nordic) headquarters of Multinational Corporations (MNC’s) present in the Nordic.

When comparing Nordic metropolitan regions, Stockholm has the largest share of Nordic or Global headquarters, 54 per cent. This means that more than half of the companies present in the Nordics on the Forbes Global 2000 list have decided to locate their main Nordic contact-point in Stockholm.

85 per cent of the headquarters in Stockholm belong to foreign companies. This means that companies have actively chosen Stockholm as their Nordic hub, which is an indicator of comparative advantages. Stockholm’s overwhelming majority of foreign establishments is also a reflection of its highly internationalized economy.

Stockholm houses 22 Global MNC headquarters. This puts the region at a third place on the European list, only exceeded by London and Paris. Stockholm shares this place with the Amsterdam-Holland region, and is followed by Zürich in fourth place. This means that Stockholm houses more Global headquarters belonging to Multinational Corporations than major economic cities such as Madrid, Moscow, Munich and Dublin. Stockholm’s numbers are also higher than the merged areas of the Ruhr region in Germany, as well as Frankfurt.

In conclusion, the number of headquarters shows that the Stockholm region is a global force attractive to a wide array of businesses and competences.

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Table 1. Top 10 countries, and the Nordics, on the 2019 Forbes Global 2 000 list

Country No. of companies

Share ofcompanies

1 United States 576 29%

2 China 251 13%

3 Japan 223 11%

4 UK 83 4%

5 South Korea 62 3%

6 Hong Kong 58 3%

7 France 57 3%

8 India 57 3%

9 Canada 56 3%

10 Germany 52 3%

…..

15 Sweden 26 1,4%

23 Denmark 13 0,7%

29 Finland 10 0,5%

35 Norway 8 0,4%

Valuable, but elusive informationThis study of headquarters in the Nordics is based on the 2019 edition of Forbes Global 2000. Using the list as a starting point, we have analysed company structures and activities and trimmed down the list to include only companies active in the Nordics, resulting in a list of about 500 companies. The main focus of the study has been the existence and location of headquarters for these 500 companies.

The majority of companies on the Forbes Global 2000 are active in multiple countries, even multiple continents. These Multinational Corporations often have headquarters on numerous levels. Underneath the Global headquarters, HQ, there may be both continental and regional (transnational) offices such as a European HQ and a Nordic HQ. All levels, however, have similar needs regarding location, competence and market access. The study therefore includes all of the aforementioned levels.

Mapping the locations of “Nordic headquarters” might appear as an uncomplicated task at first glance. However, the intricate web of corporate divisions, ownership structures and market segmentations is a complicated landscape to navigate. The unique structure of each company must be taken into consideration and definitions vary from case to case. Even the definitions of the term “headquarters” and what it entails vary greatly. Because of this, there are limitations when using strictly quantitative methods for identifying and defining Nordic headquarters, potentially generating considerable gaps in the results. Therefore, the quantitative research has been complemented by qualitative assessments for over 500 Multinational Corporations present in the Nordics.

The quantitative information about company structures and activities has thus been supplemented with information provided by the companies themselves on websites and other digital sources or information retrieved through telephone interviews.

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ConnectivityHeadquarters are drawn to locations that can provide a certain level of connectivity. Factors contributing to a high level of connectivity are well provided options for international travel, an extensive supply of advanced business services, and the presence of internationally well-reputed schools and universities. Metropolitan regions offering only one of these elements of connectivity will most likely not be in the competition for attracting establishments of a headquarters. Instead, a high level of combined connectivity is the key to success. Belderbos et al (2017) argue that regions must combine high levels of flow of people, services and knowledge.

Headquarters and economic growthThe need for a high level of competence and connectivity is not unique to the establishment of headquarters, but is also favourable for the entire economic performance of the metropolitan region. Several studies have also shown a correlation between an increasing number of headquarters establishments and an overall regional economic growth. Establishing new headquarters will likely attract new talent and new companies to the region. This includes companies that serve as subcontractors or offer other support functions. Also, regional headquarters investments often lead to further investments and expansions of the firm in close proximity to the regional headquarters (Belderbos et al, 2017). Therefore, attracting new headquarters to a metropolitan region is a way of potentially creating favourable long-term conditions for future investments as well as further increasing levels of competence and skill.

In conclusion, headquarters of MNCs can function as driving forces for economic development, magnets for additional businesses and locomotives for attracting more qualified people. The presence of these companies also contributes to a more innovative environment where entrepreneurial initiatives and ideas are able to grow and succeed. Thus, the ability of the region to attract establishments of a headquarters is a clear indication of international economic competitiveness.

Forbes global 2000 – the top 2000 companies in the world The Forbes Global 2000 is an annual list ranking the 2,000 largest corporations in the world. The list is compiled using a combined ranking based on four factors: sales, profit, assets and market value.

Sixty different countries are represented in the latest edition of the list, published in 2019. The largest percentage of corporations originate from the United States (29 per cent), followed by China and Japan (13 and 11 per cent, respectively). Thus, adding together these three countries, the group holds the majority of companies on the list, 52 percent. The United States has over time been the leader in this regard, and Japan a consistent runner-up. China has however tripled its share of companies on the list during the last decade and now holds a larger share than Japan.

The number of European companies on the list has decreased during the last decade, partly due to the rising percentage of Chinese companies. Despite this, it is still clear that Europe holds a considerable part of the global economy, making up almost a quarter (23 per cent) of the companies on the list. Fifty-seven of these companies are Nordic, which equates to three per cent of the list. Viewed as a collective region, the Nordics make up as many companies on the Forbes Global 2000 list as Hong Kong, France, India or Canada. Out of these Nordic companies, about half (26) are Swedish companies.

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When comparing the origins of foreign Nordic headquarters, roughly 40 per cent are European, 40 per cent North American and 20 per cent from Asia or Oceania. At a continental level, the percentage of foreign companies active in the Nordics correlates to their origins. European companies hold the greatest percentage; four out of ten European companies on the Forbes-list have a Nordic presence. Twenty-seven per cent of all North American companies on the Forbes Global 2000 are present in the Nordics, and 12 per cent of Asian and Oceanian companies.

Regardless of the continent of origin, roughly half of the companies with Nordic presence have also established Nordic headquarters. Thus, the biggest difference between continents is not the share of present companies establishing headquarters in a Nordic country, but the share of companies being present in the Nordics at all.

Behind these continental numbers, there is great variation from country to country. Looking at country of origin, European companies are most likely to have Nordic headquarters. Among the most frequent are companies from France, Germany, Switzerland and Belgium. However, there are also European countries with a much smaller rate, such as Italy with around 4 per cent. What causes these differences is beyond the scope of this study. A closer look at intercontinental differences could however make an interesting continuation in the future.

The Asian companies with Nordic headquarters are mainly Japanese; every fifth Japanese company on the Forbes Global 2000 has a Nordic headquarters. This can be compared with 5 per cent of South Korean companies. Few Chinese companies on the Forbes Global 2000 are present in the Nordics at all, and almost none have headquarters.

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.

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%

Nordic headquarters

One fourth of all 2019 Forbes Global 2000 companies are active in one or multiple Nordic countries. 288 of these have also established headquarters on at least a regional (Nordic) level. This means that 14 per cent of the world’s 2,000 largest companies have headquarters with at least a regional responsibility in the Nordics. One fifth of these headquarters (58 out of 288) have Nordic origin and are thus Global headquarters, situated in the Nordics 1).

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Stockholm is host to more than half of the headquarters Looking at the Nordics, an overwhelming majority of all Nordic or Global headquarters belonging to Multinational Corporations are located in one of the following five metropolitan regions:

• Stockholm, defined as Stockholm Business Alliance, consisting of Stockholm, Uppsala and Södermanland County together with a number of municipalities (56) in eastern Sweden.

• Greater Copenhagen, which is a transnational metropolitan region consisting of the Hovedstaden and Zeeland regions in Denmark and Skåne county in Sweden.

• Helsinki, defined as the Uusimaa (Nyland) region in Finland.

• Olso, consisting of Oslo municipality and Akershus county.

• Gothenburg, defined as the Västra Götaland region in western Sweden.

When comparing Nordic metropolitan regions, Stockholm has the largest share of Nordic or Global headquarters, 53 per cent. This means that more than half of the companies present in the Nordics on the Forbes Global 2000 list have decided to locate their main Nordic contact-point in Stockholm. The Greater Copenhagen area houses the second largest share of such headquarters, 24 per cent. After this, 8 per cent of headquarters are located in Helsinki, and 5 per cent each in Oslo and Gothenburg.

A noticeable difference is that Stockholm and the Greater Copenhagen area hold a considerably larger share of foreign headquarters, compared to the other Nordic regions. Eighty-five per cent of the headquarters in Stockholm are foreign, and 83 per cent in Greater Copenhagen. This reflects the noticeably more internationalized economies of Stockholm and Greater Copenhagen, which is also evident in the larger shares of native companies in other Nordic regions. Fifty-seven per cent of all foreign Multinational Corporation headquarters are located in Stockholm, and 25 per cent in the Greater Copenhagen area. This means that more than four out of five foreign Multinational Corporation headquarters in the Nordics are located in one of these two metropolitan areas.

Table 3. Headquarters in the Nordics that belong to companies on the Forbes Global 2000 list in the year 2019

Metropolitan regionNumber of

HQs overall Global HQsShare of

overall HQsShare of

Global HQs

Native share of HQs in

the region 2)

Stockholm 156 23 54% 40% 15%

Greater Copenhagen 70 11 24% 19% 17%

Helsinki 22 10 8% 17% 45%

Oslo 15 6 5% 10% 40%

Gothenburg 13 3 5% 5% 23%

Other Nordic areas 12 5 4% 9% 33%

Nordics 288 58 100% 100% 20%

2) Both Swedish and Danish companies are counted as native for the Greater Copenhagen area, and all Nordic countries are counted as native when looking at the Nordics.

Figure 1. Origin of Forbes Global 2000 companies with Nordic activity.

Regional distribution of Nordic headquarters, based on business sectorsTo allow a comparison between the Nordic metropolitan regions, individual industries have been sorted into three major economic sectors; primary, secondary, tertiary. Out of these three, the secondary economic sector holds the largest share of headquarters in the Nordics. Fifty-eight per cent of headquarters identified by this study operate primarily within the secondary sector. Four out of five Nordic metropolitan regions have the secondary sector as the predominant one. The only exception is Oslo, where over half of the headquarters are part of the tertiary sector. Compared to other Nordic metropolitan regions, Oslo and Stockholm have a large share of headquarters within the metropolitan region in the area of Business Services. Forty-seven percent in Oslo and one third of the headquarters in Stockholm belong to this sector.

Economic sectors and industries

The primary sector consists of industries primarily occupied with extracting or harvesting resources. This includes industries such as agriculture, mining, forestry and oil production.

The secondary sector produces finished goods from the raw materials extracted by the primary sector. This includes all manufacturing, processing and construction industries, as well as utilities such as water and energy.

The tertiary sector is also known as the service industry. This sector sells the goods produced by the primary and secondary sectors, and provides public and commercial services to both the general population and to businesses.

The service industry can also be divided into three major subdivisions, based on the primary customers of each industry. Consumer services, Business Services and Intermediary Services. Intermediary Services consist of Transportation and Storage industries (including postal services) and wholesale trading.

Figure 2.Share of each business sector in Nordic metropolitan regions based on headquarters

Most Nordic and Global headquarters in the Nordics belong to either the secondary sector or Business Services, an industry within the tertiary sector. Together, these two make up 85 per cent of all headquarters in this study, which means Consumer and Intermediary services together with the primary economic sector make up 15 per cent. Notably, the Consumer Services headquarters are highly geographically concentrated in Stockholm, where 82 per cent are located.

Stockholm

Greater Copenhagen

Helsinki

Oslo

Gothenburg

Stockholm

Greater Copenhagen

Helsinki

Oslo

Gothenburg

n Native n Europe n North America n Asia and Oceania

n Primary sector n Secondary sector n Consumer services n Business services n Inter mediary services

0% 20% 40% 60% 80% 100%

0% 20% 40% 60% 80% 100%

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Headquarters located in Stockholm

What is the origin of the companies that choose to establish themselves in Stockholm? In this chapter, the geographical origin and the industry sector of these companies will be presented. This will illustrate which sectors consider the region as particularly attractive and give an overview of international connections given by Multinational Corporations present in Stockholm.

Most headquarters originate in the united states An overwhelming majority of headquarters in Stockholm, 85 per cent, belong to foreign companies. The most highly represented country of origin is the United States. One third of foreign headquarters are of American origin. Other countries with a substantial percentage of foreign headquarters in Stockholm are Japan (15 per cent), France (10 per cent) and Switzerland, Great Britain, and Germany (5 per cent each). European companies make up for 30 per cent of all headquarters in the Stockholm region, including the native ones.

Interestingly, the Stockholm region completely lacks Chinese headquarters investments -- with the exception of one company from Hong Kong -- as do the Nordics as a whole. Out of all the Chinese companies on the Forbes Global 2000 list, only a handful are even active in the Nordic countries. The lack of Chinese Multinational Corporations present in the Nordics is particularly interesting since the number of Chinese companies on the Forbes list has grown exponentially in recent years to over 300 Chinese companies (58 being from Hong Kong). In comparison, there are 223 Japanese companies on the Forbes list, 66 of them are active in the Nordic countries. Out of these 66 there are 41 with Nordic headquarters.

The United States, Japan and France are three economic “heavy-weights” with strong connections to the Stockholm metropolitan region. Fifty-six to 65 per cent of Nordic headquarters from each of these three countries are located in Stockholm.

Figure 3. Country of origin for foreign Multinational Corporation Headquarters in Stockholm

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Headquarters within ICT, finance and consumer services are common in StockholmCertain individual industries are to a larger extent than others concentrated in particular Nordic metropolitan regions. For Stockholm, this holds true for companies within the Information, Communication and Technology (ICT) industries, as well as the Finance and Insurance industry. Stockholm houses more than two thirds of Nordic and Global headquarters within each of these industries. It is also notable that over 80 per cent of Consumer services headquarters in the Nordics are located in Stockholm. When comparing to Stockholm’s overall share of headquarters in the Nordics, 54 per cent, one conclusion is that companies belonging to these industries choose Stockholm as a headquarters location to a higher extent than other industries. Taking into consideration that these three industries make up for more than one fourth of all headquarters in the Nordics, this points out three industries where Stockholm plays a particularly important role in the region.

One of few industries in which Stockholm is underperforming, comparing to the metropolitan region’s overall share of headquarters, is Transportation and storage. Headquarters in this industry are instead concentrated to a high degree in the Greater Copenhagen area, with 71 per cent of Nordic and Global headquarters.

The economy of Stockholm is, to a large extent, specialized in the service industry, currently employing almost 90 per cent of the labour force in Stockholm County (Statistics Sweden, 2017). Despite this, more than half of Nordic and Global headquarters in the Nordics belonging to the primary and secondary economic sectors, are located in Stockholm. This is not a contradiction. Instead, it illustrates a common separation made by companies, where headquarters and production sites are located separately. Stockholm has been successful in attracting headquarters from all economic sectors, and the fact that a certain company has established a headquarters does not necessarily mean that it also has a production facility in close proximity.

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

IndustryHQs in the

NordicsHQ in

Stockholm Percentage in

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%

Figure 4. The geographical distribution of Global headquarters in Europe, 2019

Stockholm: significant from a European perspectiveThe fact that Europe has several obvious economic gravitational centres is reflected also in the localization patterns of Global headquarters of European companies on the Forbes Global 2000 list. A majority of these companies situate themselves in the north-western part of Europe, and more than a quarter of the 457 Global headquarters in Europe are located in London or Paris. Stockholm houses a relatively large number of the European Global headquarters too, compared to most

other European major cities and regions. The 22 Global headquarters located in Stockholm puts the region at a third place on the European list. Stockholm shares this place with the Amsterdam-Holland region, and is followed by Zurich in fourth place.

This means that Stockholm houses more Global headquarters belonging to Multinational Corporations than major economic cities such as Madrid, Moscow, Munich and Dublin. Stockholm’s numbers are also higher than the merged areas of the Ruhr region in Germany, as well as Frankfurt.

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Reflections and concluding thoughts

More than half of all MNCs with a Nordic presence have chosen Stockholm as their global or Nordic hub. Thus, Stockholm holds a strong Nordic position when it comes to attracting foreign headquarters.

Stockholm has not only attracted a large share of all Nordic headquarters, the metropolitan region also holds a great deal of Global headquarters situated in Europe. Stockholm, alongside Amsterdam and Zurich, is behind only London and Paris on the list of European HQ centres. Stockholm houses more Global headquarters on the Forbes list than Munich, Madrid, Milan or the combined regions of Ruhr.

Apparently, Stockholm is very competitive in a European context. Headquarters, although different in terms of sectors and orientation, share similar needs and requirements, and therefore tend to establish where conditions are favourable – often in proximity to each other. Stockholm’s large European share therefore bodes well. The more Nordic and European headquarters, the more likely that new companies will be drawn to the metropolitan region.

Stockholm has a particularly high concentration of headquarters within two industry sectors that are both significant and specialized in Sweden: Information, Communication and Technology (ICT), and Finance and Insurance. This indicates that for these industries, Stockholm not only serves as a global gateway into Sweden, the metropolitan region also plays a corresponding role in the Nordics, providing Nordic actors with a global interface.

It is also worth highlighting that the share of foreign headquarters in Stockholm is large when comparing to other Nordic metropolitan regions. This means that headquarters in Stockholm, to a great extent, have actively chosen the city as their Nordic hub – an indication of comparative advantages. Other Nordic metropolitan regions have a more domestic character, with headquarters to a greater degree belonging to locally founded companies. At the same time, Stockholm holds 40 per cent of Global headquarters in the Nordics.

These numbers should therefore primarily be understood as a low frequency of foreign headquarters in other Nordic metropolitan regions rather than a difficulty to produce new MNCs in Stockholm.

More than half of the foreign companies on the Forbes list present in the Nordics also have a Nordic headquarters, regardless if the company is controlled from Europe, North America or Asia. This relatively even distribution between continents of origin is an interesting observation. In contrast to this, different industries show a greater variance in number of establishments. Energy, Finance and Insurance, Business services, along with Accommodation and Food services are four examples of industries with a high frequency of headquarters establishments. In these industries, 63 to 73 per cent of foreign companies with Nordic presence have also established Nordic headquarters. Three sectors with below average establishment numbers are Construction, Retail, and Transport and Storage. In comparison, these industries have a headquarters frequency of between 33 and 42 per cent. This indicates that industry plays a larger role than geographical origin, when it comes to the likelihood of establishing a Nordic headquarters.

Connectivity in the Stockholm regionAs mentioned before, a number of factors have been shown to impact the choice of location when establishing a headquarters location, and Stockholm seems to meet many requirements for headquarters establishment. This is not to say that there is no room for improvement. In Stockholm, the most apparent areas of reform reflect the challenges of the metropolitan region over all, such as housing (to facilitate new talent moving into the region), transport infrastructure and measures to offset effects of the region’s relatively peripheral location.

PHOTO: HENRIK TRYGG

1918

Connectivity is an important factor in localization decisions; the flow of people, services and knowledge within the metropolitan region and between the region and the world. This flow of people is often measured in international travel connections. It is difficult for other metropolitan regions in the Nordics to compete with the geographical location of the Greater Copenhagen area, which is physically closer to continental Europe. Copenhagen is also a substantially bigger hub for air transport than other Nordic metropolitan regions. In terms of intercontinental accessibility, Copenhagen offers direct flights to ten North American cities, Oslo to six, and Helsinki to five – compared to four from Stockholm (Flightconnections, 2020). Stockholm is the only Nordic capital city that does not offer a direct flight to California, which is the North American region with the largest number of headquarters 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.

The flow of knowledge is another aspect of connectivity in which Stockholm appears attractive. The metropolitan region contains a considerable number of universities and colleges, and the labour force is generally well educated. Karolinska Institutet, in particular, stands out in global university rankings. In descending order Helsinki, Stockholm, and Copenhagen were recently ranked as the three most innovative regions in the EU by the European Commission (2019). This highlights the ability to create, disseminate and apply new knowledge in Stockholm, as well as the Nordics.

The large local presence and variety of business sectors are contributing factors to the high connectivity of Stockholm – not the least as the large share of Global headquarters increases the probability of current and future establishments and of finding the relevant expertise.

China growing globally, except in the NordicsIn recent years, there has been a significant increase in the number of Chinese companies among the world’s largest. As this study shows no Nordic headquarters investments from mainland China, attracting more headquarters from this fast-growing part of the global economy could be a potentially important policy focus resulting from this study.

The resilience of Stockholm

A study similar to this was conducted in 2015. Although direct comparisons should be made with caution due to differences in method, an interesting observation is that the Forbes lists of 2015 and 2019 share only 269 companies active in the Nordics. About half of the companies have changed in four years. Despite this, Stockholm remains the premier choice for the establishment of headquarters in the Nordics. This is a clear strong point and an indication that Stockholm’s attractiveness remains both high and continuous. A resilient business climate, solid and stable institutional, knowledge and connectivity conditions, a wide variety of industry sectors and a multitude of functions all contribute to the attractiveness of Stockholm as a place for headquarters localisation.

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Corporation Nordic HQ Global HQ Industry

Stock

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Nordic H

Q’s

AMGEN INCORPORATED Stockholm Thousand Oaks, CA, USA Manufacturing

AMPHENOL CORP Vallentuna Wallingford, CT, USA Manufacturing

ANHEUSER-BUSCH INBEV SA/NV Stockholm Leuven, Belgium Manufacturing

ANSYS INC Stockholm Canonsberg, PA, USA ICT

AON PUBLIC LIMITED COMPANY Stockholm London, United Kingdom Finance and insurance

APPLE INC. Stockholm Cupertino, CA, USA Retail

ASSICURAZIONI GENERALI SPA (Europ assistance) Stockholm Trieste, Italy Finance and insurance

ASTRAZENECA PLC Södertälje Cambridge, United Kingdom Manufacturing

AVIVA PLC Stockholm London, United Kingdom Finance and insurance

AVNET INC Sundbyberg Phoenix, AZ, USA Business services

AXA SA Stockholm Paris, France Finance and insurance

BANDAI NAMCO HOLDINGS INC. Stockholm Tokyo, Japan ICT

BANK OF AMERICA CORPORATION Stockholm Charlotte, NC, USA Finance and insurance

BANK OF NEW YORK MELLON CORPORATION Stockholm New York, NY, USA Finance and insurance

BAXTER INTERNATIONAL INC Stockholm Deerfield, IL, USA Manufacturing

BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT

Sollentuna Munich, Germany Manufacturing

BIOGEN INC. Upplands Väsby Cambridge, MA, USA Manufacturing

BNP PARIBAS SA Stockholm Paris, France Finance and insurance

BOMBARDIER INC Västerås Montreal, Canada Manufacturing

BP PLC Stockholm London, United Kingdom Mining and quarrying

BT GROUP PLC Stockholm London, United Kingdom ICT

CAPGEMINI SE Stockholm Paris, France ICT

CARDINAL HEALTH INC Stockholm Dublin, Ohio, OH, USA Wholesale

CATERPILLAR INC (Caterpillar Financial) Danderyd Deerfield, IL, USA Manufacturing

CELGENE CORP Stockholm Summit, NJ, USA Manufacturing

CERNER CORP Stockholm North Kansas City, KS, USA ICT

CGI INC. Stockholm Montreal, Canada ICT

CHOCOLADEFABRIKEN LINDT & SPRUNGLI AG Solna Zurich, Switzerland Manufacturing

CISCO SYSTEMS INC Stockholm San Jose, CA, USA Business services

COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN (C.G.E.M.) SCA

Stockholm Clermont-Ferrand, France Manufacturing

CSL LIMITED (CSL Behring) Danderyd Melbourne, Australia Manufacturing

DAIKIN INDUSTRIES LIMITED Solna Osaka, Japan Manufacturing

DANONE S.A. Stockholm Paris, France Manufacturing

DENTSU INC Stockholm Tokyo, Japan ICT

DEUTSCHE BANK AG Stockholm Frankfurt, Germany Finance and insurance

DEUTSCHE POST AG (DHL) Solna Bonn, Germany Transportation and storage

ECOLAB INC Stockholm Saint Paul, MN, USA Manufacturing

EISAI CO LTD Stockholm Tokyo, Japan Manufacturing

EQUINIX INC Stockholm Redwood City, CA, USA ICT

ESSILORLUXOTTICA (luxottica) Stockholm Paris, France Manufacturing

FUJIFILM HOLDINGS CORP. Stockholm Tokyo, Japan Manufacturing

Headquarters in the Nordic region

Corporation Nordic HQ Global HQ Industry

Stock

holm

Global H

Q’s

AB ELECTROLUX Stockholm Stockholm, Sweden Manufacturing

ASSA ABLOY AB Stockholm Stockholm, Sweden Manufacturing

ATLAS COPCO AB Stockholm Nacka, Sweden Manufacturing

AUTOLIV AKTIEBOLAG Stockholm Stockholm, Sweden Manufacturing

BOLIDEN AB Stockholm Stockholm, Sweden Mining and quarrying

EPIROC AB Nacka Nacka, Sweden Manufacturing

ERICSSON Stockholm Stockholm, Sweden Manufacturing

ESSITY AKTIEBOLAG (PUBL) Stockholm Stockholm, Sweden Manufacturing

HENNES & MAURITZ AB Stockholm Stockholm, Sweden Retail

HEXAGON AB Stockholm Stockholm, Sweden Manufacturing

ICA GRUPPEN Solna Solna, Sweden Retail

INDUSTRIVARDEN AB Stockholm Stockholm, Sweden Finance and insurance

INVESTOR AB Stockholm Stockholm, Sweden Finance and insurance

SANDVIK AB Stockholm Stockholm, Sweden Manufacturing

SCANIA Södertälje Södertälje, Sweden Manufacturing

SEB AB Solna Solna, Sweden Finance and insurance

SECURITAS AB Stockholm Stockholm, Sweden Business services

SKANSKA AB Stockholm Stockholm, Sweden Construction

SPOTIFY TECHNOLOGY S.A. Stockholm Stockholm, Sweden Consumer services

SWEDBANK AB Sundbyberg Sundbyberg, Sweden Finance and insurance

SVENSKA HANDELSBANKEN AB Stockholm Stockholm, Sweden Finance and insurance

TELIA Solna Solna, Sweden ICT

Nordic H

Q’s

3M COMPANY Stockholm Maplewood, MN, USA Manufacturing

AAREAL BANK AG Stockholm Wiesbaden, Germany Finance and insurance

ABB LTD Västerås Zurich, Switzerland Manufacturing

ABBVIE INC. Solna Chicago, Illinois, IL, USA Manufacturing

ACCENTURE PLC Stockholm Dublin, Ireland ICT

ACCOR SA (Accor AHS Scandinavia) Stockholm Issy-les-Moulineaux, France Accommodation and food service

ADIDAS AG Solna Herzogenaurach, Germany Manufacturing

ADOBE INC Stockholm San Jose, CA, USA ICT

ALEXION PHARMACEUTICALS INC Stockholm New Haven, CT, USA Manufacturing

ALLERGAN PLC Stockholm Dublin, Ireland Manufacturing

ALSTOM S.A. Stockholm Saint Ouen, France Construction

AMERISOURCEBERGEN (Word courier) Stockholm Chesterbrook, PA, USA Wholesale

AMETEK INC Stockholm Berwyn, IL, USA Manufacturing

2322

Corporation Nordic HQ Global HQ Industry

Stock

holm

Nordic H

Q’s

RANDSTAD NV Stockholm Amsterdam, Netherlands Business services

RENAULT Stockholm Boulogne-Billancourt, France Manufacturing

RESMED INC Stockholm San Diego, CA, USA Manufacturing

RICOH CO LTD Stockholm Tokyo, Japan Manufacturing

ROCHE HOLDING AG (Roche Diagnostics) Solna Basel, Switzerland Consumer services

ROPER TECHNOLOGIES (Deltek) Stockholm Sarasota, FL, USA Manufacturing

RSA INSURANCE GROUP PLC (Trygg Hansa) Stockholm London, United Kingdom Finance and insurance

SALESFORCE.COM, INC. Stockholm San Francisco, CA, USA ICT

SAMSUNG ELECTRONICS CO.,LTD. Stockholm Suwon, South Korea Manufacturing

SAMSUNG SDS CO.,LTD. Stockholm Seoul, South Korea ICT

SCHNEIDER ELECTRIC SE Stockholm Rueil-Malmaison, France Manufacturing

SHARP CORPORATION Stockholm Tokyo, Japan Manufacturing

SHIMANO INC Uppsala Osaka, Japan Manufacturing

SIEMENS AG Solna Munich, Germany Manufacturing

SIKA AG Stockholm Baar, Switzerland Manufacturing

SOFTBANK GROUP CORP (Exeger) Stockholm Tokyo, Japan Energy

SONOVA HOLDING AG Solna Stäfa, Switzerland Manufacturing

SPLUNK INC. Stockholm San Francisco, CA, USA ICT

SYMANTEC CORP Stockholm Mountain View, CA, USA ICT

TDK CORPORATION Stockholm Tokyo, Japan Manufacturing

TE CONNECTIVITY LTD. Stockholm Schaffhausen, Switzerland Manufacturing

TECH DATA CORP Stockholm Clearwater, FL, USA Wholesale

THE SWATCH GROUP LTD. Stockholm Biel / Bienne, Switzerland Manufacturing

THERMO FISHER SCIENTIFIC INC. Stockholm Waltham, MA, USA Manufacturing

TOSHIBA CORPORATION Stockholm Tokyo, Japan Manufacturing

TUI AG (TUI Fly Nordic) Stockholm Hannover, Germany Accommodation and food service

UNILEVER NV Stockholm London, United Kingdom Manufacturing

VALEO SA Stockholm Paris, France Manufacturing

VEOLIA ENVIRONNEMENT Stockholm Aubervilliers, France Energy

VERIZON COMMUNICATIONS INC Stockholm New York, NY, USA ICT

VERTEX PHARMACEUTICALS INCORPORATED Stockholm Boston, MA, USA Manufacturing

WESTERN DIGITAL CORP (SanDisk) Stockholm San Jose, CA, USA Manufacturing

WHIRLPOOL CORP Stockholm Benton Harbor, MI, USA Manufacturing

VINCI (Eitech international) Stockholm Paris, France Construction

WIPRO LIMITED Stockholm Bengaluru, India ICT

YAMAHA MOTOR CO LTD Stockholm Iwata, Japan Manufacturing

ZEBRA TECHNOLOGIES CORP Stockholm Lincolnshire, IL, USA Manufacturing

The G

reater

Copen

hagen

area

Global H

Q’s

ALFA LAVAL AB Lund Lund, Sweden Manufacturing

CARLSBERG Copenhagen Copenhagen, Denmark Manufacturing

COLOPLAST A/S Fredensborg Fredensborg, Denmark Manufacturing

DANSKE BANK A/S Copenhagen Copenhagen, Denmark Finance and insurance

DRILLING COMPANY OF 1972 A/S Copenhagen Copenhagen, Denmark Mining and quarrying

DSV A/S Höje-Tåstrup Höje-Tåstrup, Denmark Transportation and storage

Corporation Nordic HQ Global HQ Industry

Stock

holm

Nordic H

Q’s

FUJITSU LIMITED Stockholm Tokyo, Japan ICT

GILEAD SCIENCES INC Solna Foster city, CA, USA Manufacturing

GOLDMAN SACHS GROUP, INC Stockholm New York, NY, USA Finance and insurance

GRIFOLS, S.A. Stockholm Barcelona, Spain Manufacturing

HCL TECHNOLOGIES LIMITED Stockholm Noida, India ICT

HSBC HOLDINGS PLC Stockholm London, United Kingdom Finance and insurance

IDEXX LABORATORIES INC Stockholm Westbrook, ME, USA Manufacturing

INTERNATIONAL BUSINESS MACHINES CORP Stockholm Armonk, NY, USA ICT

JAPAN TOBACCO INC Stockholm Tokyo, Japan Manufacturing

JOHNSON & JOHNSON Solna New Brunswick, NJ, USA Manufacturing

JTEKT CORP. (Koyo kullager) Upplands Väsby Osaka, Japan Manufacturing

KAO CORPORATION Stockholm Tokyo, Japan Manufacturing

KEYSIGHT TECHNOLOGIES, INC. Stockholm Santa Rosa, CA, USA Manufacturing

KYOCERA CORPORATION Stockholm Kyoto, Japan Manufacturing

LARSEN AND TOUBRO LIMITED Stockholm Mumbai, India Manufacturing

LENOVO GROUP LIMITED Stockholm Quarry Bay, Hong Kong Manufacturing

LG ELECTRONICS INC. Stockholm Seoul, South Korea Manufacturing

LIVE NATION ENTERTAINMENT, INC. Stockholm Beverly Hills, CA, USA Consumer services

MACQUARIE GROUP LTD Stockholm Sydney, Australia Finance and insurance

MANPOWERGROUP INC. Stockholm Milwaukee, WI, USA Business services

MARUBENI CORPORATION Stockholm Chuo, Japan Wholesale

MASTERCARD Stockholm Purchase, NY, USA Finance and insurance

MCDONALD’S CORPORATION (Food folk) Stockholm Chicago, IL, USA Accommodation and food service

MELROSE INDUSTRIES (GKN driveline service) Botkyrka London, United Kingdom Manufacturing

METTLER TOLEDO INTERNATIONAL INC Stockholm Columbus, OH, USA Manufacturing

MITSUBISHI ELECTRIC CORPORATION Sollentuna Tokyo, Japan Manufacturing

MITSUI & CO LTD Stockholm Tokyo, Japan Wholesale

MONDELEZ INTERNATIONAL, INC. Stockholm Deerfield, IL, USA Manufacturing

MOODY’S CORPORATION Stockholm New York, NY, USA Finance and insurance

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

N.V. UMICORE (Umicore Technical Materials AG & Co) Stockholm Brussels, Belgium Manufacturing

NASDAQ, INC. Stockholm New York, NY, USA Finance and insurance

NEC CORPORATION Stockholm Tokyo, Japan Manufacturing

NEWS CORPORATION (Unruly) Stockholm New York, NY, USA ICT

NIPPON STEEL CORPORATION (Ovako) Stockholm Tokyo, Japan Manufacturing

OLYMPUS CORP. Solna Tokyo, Japan Manufacturing

ORANGE Stockholm Paris, France ICT

OTSUKA HOLDINGS CO., LTD. (Otsuka pharma Scandinavia)

Stockholm Tokyo, Japan Manufacturing

PERNOD RICARD SA Stockholm Paris, France Manufacturing

PHILIP MORRIS INTERNATIONAL INC. Stockholm Neuchatel, Switzerland Manufacturing

PUBLIC JOINT STOCK COMPANY OIL COMPANY LUKOIL

Nacka Moscow, Russia Mining and quarrying

RAIFFEISEN BANK INTERNATIONAL AG Stockholm Vienna, Austria Finance and insurance

2524

Corporation Nordic HQ Global HQ Industry

The G

reater C

open

hagen

area

Nordic H

Q’s

MOL MAGYAR OLAJ-ES GAZIPARI (MOL Nordic tankers)

Gentofte Budapest, Hungary Transportation and storage

MOTOROLA SOLUTIONS, INC. Copenhagen Chicago, IL, USA Manufacturing

NESTLE S.A. Copenhagen Vevey, Switzerland Manufacturing

PAYCHEX INC (Lessor group) Alleröd Rochester, NY, USA ICT

PVH CORPORATION Copenhagen New York, NY, USA Manufacturing

RECKITT BENCKISER GROUP PLC Gladsaxe Slough, United Kingdom Manufacturing

ROCKWELL AUTOMATION, INC. Copenhagen Milwaukee, WI, USA Manufacturing

SAP SE Copenhagen Walldorf, Germany ICT

SEB S.A. Vallensbaek Ecully, France Manufacturing

SOLVAY SA Copenhagen Brussels, Belgium Manufacturing

SONY CORPORATION Copenhagen Tokyo, Japan Manufacturing

STRYKER CORPORATION Malmö Kalamazoo, MI, USA Manufacturing

SWISS RE AG Copenhagen Zurich, Switzerland Finance and insurance

TECHTRONIC INDUSTRIES COMPANY LIMITED Copenhagen Hong Kong, Hong Kong Manufacturing

THALES SA Gladsaxe Paris, France Manufacturing

TOTAL S.A. Copenhagen Courbevoie, France Mining and quarrying

TP ICAP PLC Copenhagen London, United Kingdom Finance and insurance

UCB S.A. Copenhagen Brussels, Belgium Manufacturing

V. F. CORPORATION Copenhagen Greensboro, NC, USA Manufacturing

ZOETIS INC. (Scandinavian Micro Biodevices) Furesö Parsippany-Troy Hills, NJ, USA Manufacturing

Helsin

ki

Global H

Q’s

FORTUM Espoo Espoo, Finland Energy

KESKO OYJ Helsinki Helsinki, Finland Retail

KONE Helsinki Helsinki, Finland Manufacturing

NESTE OYJ Espoo Espoo, Finland Mining and quarrying

NOKIA OYJ Helsinki Espoo, Finland Manufacturing

NORDEA BANK Helsinki Helsinki, Finland Finance and insurance

SAMPO OYJ Helsinki Helsinki, Finland Finance and insurance

STORA ENSO OYJ Helsinki Helsinki, Finland Manufacturing

UPM-KYMMENE OYJ Helsinki Helsinki, Finland Manufacturing

WARTSILA OYJ Helsinki Helsinki, Finland Manufacturing

Nordic H

Q’s

AGILENT TECHNOLOGIES INC Helsinki Santa Clara, CA, USA Manufacturing

ATOS SE Helsinki Bezons, France ICT

BAYER AG Helsinki Leverkusen, Germany Manufacturing

COPART INC (Nordic salvage auto action company) Espoo Dallas, TX, USA Retail

COVESTRO AG (Bayer material science) Espoo Leverkusen, Germany Manufacturing

INFOSYS LIMITED (Fluido) Espoo Bengaluru, India ICT

MAKITA CORPORATION (Makita Nordic & Baltic) Vantaa Anjo, Japan Manufacturing

NISSAN MOTOR CO LTD Espoo Yokohama, Japan Manufacturing

OWENS CORNING (Paroc) Helsinki Toledo, OH, USA Manufacturing

PUBLIC JOINT STOCK COMPANY INTER RAO UES (RAO Nordic)

Helsinki Moscow, Russia Energy

RECRUIT HOLDINGS CO.,LTD. (Quandoo) Helsinki Tokyo, Japan Business services

TOYOTA TSUSHO CORPORATION Vantaa Nagoya, Japan Wholesale

Corporation Nordic HQ Global HQ Industry

The G

reater C

open

hagen

area

Global H

Q’s

H LUNDBECK Copenhagen Copenhagen, Denmark Manufacturing

ISS A/S Copenhagen Copenhagen, Denmark Business services

JYSKE BANK A/S Copenhagen Silkeborg, Denmark Finance and insurance

Møller-Maersk Copenhagen Copenhagen, Denmark Transportation and storage

NOVO NORDISK Copenhagen Copenhagen, Denmark Manufacturing

NOVOZYMES Copenhagen Copenhagen, Denmark Manufacturing

Nordic H

Q’s

ADVANZ PHARMA CORP Helsingborg Mississauga, Canada Manufacturing

AGC INC. (AGC biologics) Copenhagen Chidoya, Japan Manufacturing

ASTELLAS PHARMA INC. Copenhagen Tokyo, Japan Manufacturing

AVERY DENNISON CORPORATION Lund Glendale, CA, USA Manufacturing

BASF SE Copenhagen Ludwigshafen, Germany Manufacturing

BAYWA AG Malmö Munich, Germany Business services

BLACKROCK, INC Copenhagen New York, NY, USA Finance and insurance

BOSTON SCIENTIFIC CORP Helsingborg Marlborough, MA, USA Manufacturing

BRENNTAG AG Malmö Essen, Germany Business services

BRITISH AMERICAN TOBACCO P.L.C. Copenhagen London, United Kingdom Manufacturing

CBRE GROUP, INC. Copenhagen Los Angeles, CA, USA ICT

COMPAGNIE DE SAINT GOBAIN SA Copenhagen Courbevoie, France Construction

DAI NIPPON PRINTING CO LTD Copenhagen Tokyo, Japan Manufacturing

DAIICHI SANKYO CO., LTD. Copenhagen Tokyo, Japan Manufacturing

DCC PUBLIC LIMITED COMPANY Helsingborg Dublin, Ireland Transportation and storage

DEUTSCHE TELEKOM AG Copenhagen Bonn, Germany ICT

DUKE ENERGY CORPORATION Copenhagen Charlotte, NC, USA Finance and insurance

DUPONT DE NEMOURS, INC. (Corian/Dupont) Copenhagen Midland, MI, USA Manufacturing

E.ON SE Malmö Essen, Germany Energy

EDWARDS LIFESCIENCES CORP Malmö Irvine, CA, USA Manufacturing

FANUC CORPORATION Malmö Oshino, Japan Manufacturing

FEDEX CORP Malmö Memphis, TN, USA Transportation and storage

FMC CORP Copenhagen Philadelphia, PA, USA Manufacturing

GARMIN LTD. Copenhagen Olathe, KS, USA Manufacturing

GEBERIT AG (Ifö sanitär) Bromölla Rapperwil-Jona, Switzerland Manufacturing

GIVAUDAN SA Lund Vernier, Switzerland Manufacturing

HESS CORPORATION Copenhagen New York, NY, USA Mining and quarrying

HONEYWELL INTERNATIONAL INC Helsingborg Charlotte, NC, USA Manufacturing

INTERNATIONAL FLAVORS & FRAGRANCES INC Malmö New York, NY, USA Manufacturing

KIMBERLY CLARK CORP Copenhagen Irving, TX, USA Manufacturing

KONINKLIJKE DSM N.V. Åstorp Heerlen, Netherlands Manufacturing

L3HARRIS TECHNOLOGIES, INC. (Harris) Gentofte Melbourne, FL, USA Manufacturing

LEGRAND SA Hvidovre Limoges, France Manufacturing

L’OREAL SA Copenhagen Clichy, France Manufacturing

LYONDELLBASELL INDUSTRIES (A. Schulman) Åstorp Rotterdam, Netherlands Manufacturing

MEDTRONIC PUBLIC LIMITED COMPANY Copenhagen Dublin, Ireland Manufacturing

MICROCHIP TECHNOLOGY INC Ballerup Chandler, AZ, USA Manufacturing

MOHAWK INDUSTRIES INC Malmö Calhoun, GA, USA Manufacturing

2726

Belderbos, R.; Du, H. och Goerzen, A. (2017). Global Cities, Connectivity and the Location Choice of MNC Regional Headquarters. SSRN Electronic Journal

European Commission (2019). Regional Innovation Scoreboard 2019. Luxemburg: Publications office of the European Union.

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 Management and Globalization, Copenhagen Business School.

Mori, T. (2002). The role and function of European Regional Headquarters in Japanese MNCs. Working Paper 141. European Institute of Japanese Studies, Stockholm School of Economics.

Olshov, A.; Lindqvist, E, and Wichmann Matthiessen, C. (2010). The Location of Nordic and Global Headquarters 2010. Øresundsinstituttet, Malmö.

Statistics Sweden (2017). Labour statistics based on administrative sources. Online database, retrieved 2020-02-12.

Stockholm Business Region & Øresundsinstituttet (2015). Global companies with offices in the Nordic Region – a study of global and regional headquarters.

References and further readings

Corporation Nordic HQ Global HQ Industry

Oslo

Global H

Q’s

DNB ASA Oslo Oslo, Norway Finance and insurance

GJENSIDIGE FORSIKRING Oslo Oslo, Norway Finance and insurance

NORSK HYDRO ASA Oslo Oslo, Norway Energy

STOREBRAND GROUP Baerum Baerum, Norway Finance and insurance

TELENOR Baerum Baerum, Norway ICT

YARA INTERNATIONAL ASA Oslo Oslo, Norway Manufacturing

Nordic H

Q’s

ADECCO GROUP AG Oslo Zurich, Switzerland Business services

BANCO SANTANDER SA Baerum Boadilla del Monte, Spain Finance and insurance

BUNZL PUBLIC LIMITED COMPANY Oslo London, United Kingdom Transportation and storage

CHEVRON CORPORATION Oslo San Ramon, CA, USA Mining and quarrying

DIXONS CARPHONE (Elkjop/Elgiganten) Oslo London, United Kingdom Retail

HITACHI, LTD. Oslo Tokyo, Japan Manufacturing

MERCK & CO., INC. Oslo Kenilworth, IL, USA Manufacturing

SOCIETE GENERALE Baerum Paris, France Finance and insurance

TECHNIPFMC PLC Baerum London, United Kingdom Mining and quarrying

Goth

enburg

Global

HQ

’s

AB VOLVO Gothenburg Gothenburg, Sweden Manufacturing

FASTIGHETS AB BALDER Gothenburg Gothenburg, Sweden Real estate

AB SKF Gothenburg Gothenburg, Sweden Manufacturing

Nordic H

Q’s

AUTODESK INC Gothenburg San Rafael, CA, USA ICT

DENSO CORPORATION Gothenburg Kariya, Japan Manufacturing

EXXON MOBIL CORP Gothenburg Irving, TX, USA Mining and quarrying

GENERAL MILLS INC Gothenburg Minneapolis, MN, USA Manufacturing

IMPERIAL BRANDS PLC (Habanos Nordic) Gothenburg Bristol, United Kingdom Manufacturing

NITTO DENKO CORPORATION Mölndal Osaka, Japan Manufacturing

PARKER HANNIFIN CORP Borås Cleveland, OH, USA Manufacturing

TERUMO CORPORATION Gothenburg Tokyo, Japan Manufacturing

WOLTERS KLUWER NV Gothenburg Alphen aan den Rijn, Netherlands

ICT

WORLD FUEL SERVICES CORP (Avinode) Gothenburg Miami, FL, USA Wholesale

Oth

er Nord

ic area

s

Global H

Q’s

EQUINOR Stavanger Stavanger, Norway Mining and quarrying

MOWI ASA Bergen Bergen, Norway Agriculture, forestry and fishing

ORSTED Fredericia Fredericia, Denmark Mining and quarrying

VESTAS WIND SYSTEMS A/S Aarhus Aarhus, Denmark Manufacturing

Nordic H

Q’s

ARAMARK Esbjerg Philadelphia, PA, USA Wholesale

ARCELORMITTAL S.A. Karlstad Luxembourg Manufacturing

CONOCOPHILLIPS Stavanger Houston, TX, USA Mining and quarrying

ENBW ENERGIE BADEN-WURTTEMBERG (Connected Wind Services)

Syddjur Karlsruhe, Germany Energy

KOMATSU LTD (Komatsu forest) Umeå Tokyo, Japan Manufacturing

NIDEC CORPORATION (Control Techniques and Leroy-Somer )

Odense Kyoto, Japan Manufacturing

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

UGI CORP (Kosan Gas) Aarhus King of Prussia, PA, USA Wholesale

CO

VER PHO

TO: H

ENRIK TRYG

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Invest StockholmP.O. Box 16282SE-103 25 Stockholm, SwedenPhone + 46 8 508 280 00invest@stockholm.sewww.investstockholm.com

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