(Atlanta Journal-Constitution, The (KRT) Via Thomson Dialog NewsEdge) Jan. 4--Change is inevitable. Change is constant.

And so it is with the landscape of the roughly 180 publicly held companies based in Georgia.

One big change occurred last month. Georgia-Pacific, the state's eighth-largest public company as measured by market value, was taken private. The Atlanta-based forest products company was acquired by Kansas-based Koch Industries in a deal valued at $13.2 billion.

With the new year, more changes are on the way. Scientific-Atlanta, now the state's 11th most valuable public company, agreed last November to be acquired by Cisco Systems for $6.9 billion. California-based Cisco, whose equipment routes two-thirds of Internet traffic, is buying the Lawrenceville-based maker of cable TV set-top boxes to tap into the growing market for Internet television.

In the banking sector, Atlanta-based Main Street Banks agreed last month to be bought by North Carolina-based BB&T in a deal valued at about $623 million. The acquisition, expected to be completed in the second quarter, would make BB&T the fifth-largest bank in Georgia, as measured by deposits. It currently ranks sixth.

Deal-making has resulted in significant changes in the ranking of Georgia's most valuable companies over the past half decade. So have other factors.

Coca-Cola and Home Depot still rank Nos. 1 and 2, respectively, though their market values have fallen substantially over the past five years, despite efforts to rejuvenate their businesses.

United Parcel Service has displaced BellSouth for the third spot. BellSouth has lost more than a third of its market value in five years because of stiffer competition and technological advances, such as wireless phone service and Internet-based calling. And that competitive pressure has shown up in both the top and bottom lines.

For example, while United Parcel Service's total revenue and earnings from continuing operations rose at a compounded annual rate of 6.7 percent and 5.1 percent, respectively, over the past five years through September, they fell at a compounded annual rate of 5.2 percent and 7.9 percent, respectively, at BellSouth, according to Standard & Poor's Capital IQ, an online database and analytical tool.

In response, BellSouth has slashed costs, including jobs. The company, which peaked at more than 100,000 employees in the late 1990s, now has a payroll of 63,000. But more cuts are on the way. It announced last month that it will eliminate 1,500 management jobs by May.

BellSouth also has been trying to remake its business, focusing on growth sectors such as high-speed Internet service and wireless. It owns 40 percent of Atlanta-based Cingular Wireless, now the nation's largest wireless provider in terms of customers.

Companies that have substantially expanded their businesses, organically and through acquisitions, have vaulted in value.

Calhoun-based Mohawk Industries has transformed itself into a leading maker and marketer of all types of floor coverings, not just carpeting. Two months ago, it completed a $2.6 billion acquisition of Belgium-based Unilin Holding, which makes laminate flooring. The deal significantly expands Mohawk's presence in a flooring segment that is growing more than twice as fast as carpeting, the company's chief stock in trade.

In 2002, Mohawk bought Dal-Tile International, the nation's largest ceramic tile maker, for $1.66 billion. Since then, Dal-Tile's sales have grown at a 15.4 percent compounded rate, thanks in part to a broadened product line and improved merchandising.

Those key developments boosted Mohawk's stock price. The company now is Georgia's 13th most valuable company. It was 27th five years ago.

Duluth-based Roper Industries underwent a metamorphosis as well. The maker of industrial pumps and fluid-handling equipment has used cash generated from those businesses to branch into noncyclical sectors, such as medical and security, with expanding profit margins and strong cash flows.

Not surprisingly, it's now Georgia's 19th most valuable company, up from 34th five years earlier.

Some companies dropped off the list because they were acquired. Cable TV provider Cox Communications was acquired in December 2004 by its controlling stockholder, Cox Enterprises, which owns The Atlanta Journal-Constitution.

Some companies also fell off the list because they moved, such as payments processor First Data, now domiciled in Colorado.

Newell Rubbermaid came on board after moving here in 2003 from Illinois.

Power producer Mirant, ranked 10th in 2000, and Delta Air Lines, ranked 14th, tumbled into bankruptcy. Mirant sought protection from creditors in 2003. Delta did so last September.

The number of publicly held companies in Georgia has shrunk about 22 percent in five years to roughly 180 from 230. Among the casualties: Internet-related companies, which vanished after the technology bubble burst in March 2000.

Many of those companies had market values of more than $1 billion. But by year's end, some were worth less than $100 million.

Even so, some Georgia-based technology companies continue to thrive, as evidenced by their market values. One of them is CheckFree, now ranked 15th, up from 20th five years ago. It has prospered with the popularity -- and ubiquity -- of electronic payments.

Georgia's publicly held companies, which collectively employ about 1.5 million workers worldwide, now have a combined market value of about $530 billion, according to Capital IQ.

The top 41 companies, with market values of $1 billion or more, accounted for 93 percent of the total.

It was a lackluster year for Georgia stocks, which eked out an average gain of 1.7 percent. That compared with 17.6 percent in 2004.

Losers outpaced winners by about 10 to 6. About 52 percent of the losers dropped by 20 percent or more, including bankrupt Delta Air Lines, whose shares lost 90 percent of their value.

The strongest performers also had some of the best earnings. For example, Atlanta-based RPC's shares more than doubled, along with its earnings. Business is good because energy companies are boosting exploration and production, spurred by record prices for oil and natural gas. Strong demand also allowed RPC to raise prices for its oil field services and equipment.

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