No. 40 Kao

2008 Annual Sales (millions): $13,247
Sales CAGR (2004-2008): 11.16%
Value CAGR (2004-2008): 4.04%

The Japanese manufacturer of personal care and cleaning products and specialty chemicals has succeeded by focusing on premium cosmetics and personal/household care products. Kao, with 30% of its revenue from international sales, has operations in Asia, Australia, North America, Europe, and South Africa.