[WORLDKINGS] Top 100 companies over 100-years and still in business – P89 - Berkshire Hathaway (United States): 181 years of developing journey of the World’s largest financial services company (1839)

16-10-2020

(WorldKings.org) Berkshire Hathaway is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. As of 2020, Berkshire Hathaway is the largest financial services company by revenue in the world, with a revenue of USD 247.5 billion last fiscal year, according to bizvibe.com.

Berkshire Hathaway traces its roots to a textile manufacturing company established by Oliver Chace in 1839 as the Valley Falls Company in Valley Falls, Rhode Island. In 1929, the Valley Falls Company merged with the Berkshire Cotton Manufacturing Company established in 1889, in Adams, Massachusetts. The combined company was known as Berkshire Fine Spinning Associates.

 

 

In 1955, Berkshire Fine Spinning Associates merged with the Hathaway Manufacturing Company which had been founded in 1888 in New Bedford, Massachusetts by Horatio Hathaway with profits from whaling and the China Trade. After the merger, Berkshire Hathaway had 15 plants employing over 12,000 workers with over $120 million in revenue and was headquartered in New Bedford.

In 1965, Warren Buffett and his investment firm came in to purchase and take full control of the struggling company. Under his leadership, Berkshire Hathaway became one of the world's biggest holding companies.

 

 

Buffett initially maintained Berkshire's core business of textiles, but by 1967, he was expanding into the insurance industry and other investments. Buffett officially made Berkshire Hathaway a conglomerate, purchasing National Indemnity—the first of what would become many insurance acquisitions for the company—while distancing itself from the textile industry by liquidating those assets completely.

The company expanded its holdings to include other insurance companies as well as those in the financial, clothing, entertainment, food and beverage, utilities, furniture, household products, media, and materials and construction industries.

 

 

Today, the company wholly owns GEICO, Duracell, Dairy Queen, BNSF, Lubrizol, Fruit of the Loom, Helzberg Diamonds, Long & Foster, FlightSafety International, Pampered Chef, Forest River and NetJets, and also owns 38.6% of Pilot Flying J; and significant minority holdings in public companies Kraft Heinz Company (26.7%), American Express (17.6%), Wells Fargo (9.9%), The Coca-Cola Company (9.32%), Bank of America (11.5%), Apple (5.4%) and Barrick Gold.

As of 2020, Berkshire Hathaway is the largest financial services company by revenue in the world, with a revenue of USD 247.5 billion last fiscal year, according to bizvibe.com.

According to en.wikipedia; investopedia.com and bizvibe.com


Bee (Collect) - WORLDKINGS (Source of photos: Internet)

 

towerWorldKings journeys
islandvilalage
WCSA
ASEAN BOOK OF RECORDSASIA BOOK OF RECORDS
CAMBODIA BOOK OF RECORDSWorld Records University