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Berkshire Hathaway: Difference between revisions
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Berkshire Hathaway traces its roots to [[Valley Falls Company]], a [[textile manufacturing]] company established by [[Oliver Chace]] in 1839 in [[Valley Falls, Rhode Island]].<ref>{{Cite book | last=Sloane | first=Paul | title=Lateral Thinking for Every Day: Extraordinary Solutions to Ordinary Problems | publisher=[[Kogan Page]] | isbn=978-1-3986-0797-2 | location=[[London]] | pages=31 | year=2023}}</ref> Chace, who was a carpenter, started working for [[Samuel Slater]], the founder of the first successful textile mill in America.<ref name=Making>{{Cite book | last=Lowenstein | first=Roger | authorlink=Roger Lowenstein | title=Buffett: The Making of an American Capitalist | publisher=[[Random House]] | isbn=978-0-8041-5060-6 | pages=123 | year=2013}}</ref> Chace founded his first textile mill in 1806.<ref name=Making/> In 1929, the Valley Falls Company merged with the Berkshire Cotton Manufacturing Company established in 1889, in [[Adams, Massachusetts]].<ref>{{Cite book | last=Mead | first=Adam J. | title=The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece | publisher=Harriman House Limited |year=2021 |isbn=978-0-85719-913-3 |language=en}}</ref> The combined company was known as [[Berkshire Fine Spinning Associates]].<ref>{{cite web | url=https://www.tti.com/content/ttiinc/en/about/company/about-berkshire-hathaway.html | title=Berkshire Hathaway Company Information | work=[[TTI, Inc.]]}}</ref> | Berkshire Hathaway traces its roots to [[Valley Falls Company]], a [[textile manufacturing]] company established by [[Oliver Chace]] in 1839 in [[Valley Falls, Rhode Island]].<ref>{{Cite book | last=Sloane | first=Paul | title=Lateral Thinking for Every Day: Extraordinary Solutions to Ordinary Problems | publisher=[[Kogan Page]] | isbn=978-1-3986-0797-2 | location=[[London]] | pages=31 | year=2023}}</ref> Chace, who was a carpenter, started working for [[Samuel Slater]], the founder of the first successful textile mill in America.<ref name=Making>{{Cite book | last=Lowenstein | first=Roger | authorlink=Roger Lowenstein | title=Buffett: The Making of an American Capitalist | publisher=[[Random House]] | isbn=978-0-8041-5060-6 | pages=123 | year=2013}}</ref> Chace founded his first textile mill in 1806.<ref name=Making/> In 1929, the Valley Falls Company merged with the Berkshire Cotton Manufacturing Company established in 1889, in [[Adams, Massachusetts]].<ref>{{Cite book | last=Mead | first=Adam J. | title=The Complete Financial History of Berkshire Hathaway: A Chronological Analysis of Warren Buffett and Charlie Munger's Conglomerate Masterpiece | publisher=Harriman House Limited |year=2021 |isbn=978-0-85719-913-3 |language=en}}</ref> The combined company was known as [[Berkshire Fine Spinning Associates]].<ref>{{cite web | url=https://www.tti.com/content/ttiinc/en/about/company/about-berkshire-hathaway.html | title=Berkshire Hathaway Company Information | work=[[TTI, Inc.]]}}</ref> | ||
In 1955, Berkshire Fine Spinning Associates merged with [[Hathaway Mills]] which had been founded in 1888 in [[New Bedford, Massachusetts]], by [[Horatio Hathaway]] with profits from [[whaling]] and the [[China Trade]].<ref name=Grow>{{Cite book | last=Kenny | first=Graham | title=Diversification Strategy: How to Grow a Business by Diversifying Successfully | publisher=[[Kogan Page]] | isbn=978-0-7494-5664-1 | location=[[London]] | pages=160 | year=2009}}</ref> Hathaway had been successful in its first decades, but it suffered during a general decline in the [[textile industry]] after | In 1955, Berkshire Fine Spinning Associates merged with [[Hathaway Mills]] which had been founded in 1888 in [[New Bedford, Massachusetts]], by [[Horatio Hathaway]] with profits from [[whaling]] and the [[China Trade]].<ref name=Grow>{{Cite book | last=Kenny | first=Graham | title=Diversification Strategy: How to Grow a Business by Diversifying Successfully | publisher=[[Kogan Page]] | isbn=978-0-7494-5664-1 | location=[[London]] | pages=160 | year=2009}}</ref> Hathaway had been successful in its first decades, but it suffered during a general decline in the [[textile industry]] after World War I. At this time, Hathaway was run by [[Seabury Stanton]], whose investment efforts were rewarded with renewed profitability after the [[Great Depression]]. 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, Massachusetts|New Bedford]].<ref name=Grow/> However, seven of those locations were closed by the end of the decade, accompanied by large layoffs. | ||
=== 1965–present: Berkshire under Buffett === | === 1965–present: Berkshire under Buffett === | ||