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KPMG PEAT MARWICK SURVEY REVEALS SOUTHERN CALIFORNIA CONCENTRATION OF FOREIGN-OWNED HEADQUARTERS

 KPMG PEAT MARWICK SURVEY REVEALS SOUTHERN CALIFORNIA
 CONCENTRATION OF FOREIGN-OWNED HEADQUARTERS
 LOS ANGELES, Feb. 18 /PRNewswire/ -- More than 20 percent of foreign companies with headquarters in Southern California plan to increase their number of employees in 1992, and 77 percent will either add a new product or expand into new markets, according to a KPMG Peat Marwick survey to be unveiled in Los Angeles, Feb. 26.
 The 1991 survey of 509 foreign-owned companies with headquarters in the United States, first in a planned annual series, was conducted by the Los Angeles, Orange County and San Diego offices of the Big 6 accounting firm. "We believe the survey's findings will prove particularly valuable to leaders of business, government and civic organizations," said Clarence T. Schmitz, managing partner of Peat Marwick's Los Angeles office. "Perhaps the most gratifying aspect of producing this survey at this time is that it reflects the progress of the region as a focal point for international business." The survey results will be officially announced in Los Angeles at an afternoon event at the Stouffer Concourse Hotel, Feb. 26.
 "Foreign-owned headquarters here mean jobs for Southern California residents," said Ronald L. Merriman, Peat Marwick's Southern California area managing partner. "The companies participating in our survey provide approximately 25,000 jobs in Southern California." Proximity to key industries, markets and suppliers were the most frequently cited reasons for selecting Southern California.
 Through 1990, survey participants had invested more than $800 million in Southern California, and those companies providing 1990 sales figures reported more than $16 billion in sales. Survey participants planned a total of $955 million in new investments in property, facilities and equipment for 1991.
 Headquarters of companies from 14 countries are represented in the 1991 survey, which uses data through the end of each company's 1990 fiscal year. Of the 321 companies who responded to the survey, Japan and the United Kingdom established the most headquartered companies in Southern California, with 44 percent based in Los Angeles County.
 In terms of representation of foreign-owned headquarters by industry, the sales and distribution sector accounts for the largest share with 42 percent, followed by the service sector with 35 percent, then manufacturing with 22 percent. Companies that participated in the survey were also questioned on acquisitions and other expansion plans, performance, trade activity and general issues of concern in relocating to Southern California. (See "1991 Survey Highlights.")
 KMPG Peat Marwick's international practice unit provides accounting, audit, tax and consulting services to many foreign-owned companies headquartered in Southern California. KPMG Peat Marwick, in the United States, is part of KPMG, an international accounting and consulting firm with 139 offices in the United States and more than 800 offices in 125 countries around the world.
 -0- 2/18/92
 /CONTACT: Raelene M. Arrington of KPMG Peat Marwick, 213-955-8639/ CO: KPMG Peat Marwick ST: California IN: SU:


SE-JL -- LA034 -- 0218 02/18/92 19:58 EST
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Publication:PR Newswire
Date:Feb 18, 1992
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