South San Francisco-based distributor is planning to move its headquarters to Westlake, the company said during a conference call earlier this month.
“Recently we have finalized plans to relocate Core-Mark’s corporate headquarters to the Dallas Fort Worth area,” said Scott McPherson, president and CEO of the company in an earnings conference call. “The move will take place during the first half of 2019. The cost of operating out of the San Francisco Bay Area is high and while San Francisco is our long time home, the business has expanded dramatically over the years.” The conference call transcript is courtesy of Seeking Alpha.
According to Westlake officials, the company will lease space in the Solana business park for about 100 workers, about half of whom will be hired locally.
One of Core-Mark’s largest customers in Irving-based 7-Eleven. On the conference call, McPherson said the North Texas area offers a better operating cost, lower taxes and offers a central location for the company’s nationwide business.
Core-Mark has over 8,000 employees and reported a profit of $33.5 million, or 72 cents per share, on revenues of $15.69 billion in 2017. The company’s shares trade on the NASDAQ under the symbol: CORE.