Berkshire Hathaway: Difference between revisions

* NRG (Nederlandse Reassurantie Groep) was acquired by Berkshire from [[ING Group]] in December 2007.<ref>{{Cite press release| url=https://www.ing.com/Newsroom/News/Press-releases/PR/ING-to-sell-NRG-to-Berkshire-Hathaway.htm |title=ING to sell NRG to Berkshire Hathaway | publisher=[[ING Group]] | date=December 28, 2007 |archive-url=https://web.archive.org/web/20170727163324/https://www.ing.com/Newsroom/All-news/Press-releases/PR/ING-to-sell-NRG-to-Berkshire-Hathaway.htm |archive-date=July 27, 2017 |url-status=live}}</ref><ref name=start>{{cite news | url=https://www.marketwatch.com/story/berkshire-hathaway-to-buy-reinsurer-start-bond-insurer |title=Berkshire Hathaway to buy reinsurer, start bond insurer | first1=Steve | last1=Goldstein | first2=Robert | last2=Schroeder | work=[[Marketwatch]] |date=December 28, 2007 | url-access=limited |archive-url=https://web.archive.org/web/20080106131811/http://www.marketwatch.com/news/story/berkshire-hathaway-buy-reinsurer-start/story.aspx?guid=%7B0CC68C49%2D6EED%2D4A85%2D8C8C%2D51ED714E6082%7D&dist=TQP_Mod_mktwN | archive-date=January 6, 2008 | url-status=live}}</ref>

* [[Berkshire Hathaway Assurance]] – In December 2007, during the [[2007-2008 financial crisis]], Berkshire created a government [[bond insurance]] company to insure [[municipal bond]]s, starting with [[New York State]] bonds.<ref>{{Cite news | url=https://www.latimes.com/archives/la-xpm-2007-dec-29-fi-buffett29-story.html | title=Buffett's firm moves to insure municipal bonds | work=Los Angeles Times | date=December 29, 2007 | url-access=limited}}</ref><ref>{{Cite news | url=https://www.nytimes.com/2007/12/29/business/29buffett.html | title=A Deal Maker With a Hot Hand Opens His Wallet | first=Vikas | last=Bajaj | work=The New York Times | date=December 29, 2007 | url-access=limited}}</ref><ref name=start/>

* In 2005, Berkshire acquired Applied Underwriters. In 2019, Applied Underwriters was to its founder for $920 million.<ref>{{cite news |title=Applied Underwriters Sold to Founder in $920M Deal | url=https://www.insurancejournal.com/news/national/2019/10/16/545668.htm | work=Insurance Journal | date=October 16, 2019 |archive-url=https://web.archive.org/web/20200123215521/https://www.insurancejournal.com/news/national/2019/10/16/545668.htm | archive-date=January 23, 2020 | url-status=live}}</ref>

In 1977, Berkshire purchased the ''[[Buffalo Evening News]]'' and resumed publication of a Sunday edition of the paper that had ceased in 1914. After the morning newspaper ''[[Buffalo Courier-Express]]'' ceased operation in 1982, the ''Buffalo Evening News'' changed its name to ''The Buffalo News'' and began to print morning and evening editions. It now prints only a morning edition.<ref>{{cite news | url=https://www.poynter.org/business-work/2023/buffalo-news-owner-lee-enterprises-cuts-layoffs-outsourcing-berkshire-hathaway/ | title=The Buffalo News was the crown jewel of Warren Buffett's news empire. Now it's just another Lee paper. | first=Angela | last=Fu | work=[[Poynter Institute]] | date=April 20, 2023}}</ref> Berkshire formed BH Media Group with a purchase of the ''[[Omaha World-Herald]]'' in December 2011,<ref>{{cite news | url=https://omaha.com/special_sections/world-herald-at-150-latest-milestone-marks-great-change/article_28454cf7-ba10-5b96-b673-98e7c8ab9c74.html | title=World-Herald at 150: Latest milestone marks great change | first=David | last=Hendee | work=[[Omaha World-Herald]] | date=November 15, 2015 | url-access=subscription}}</ref> which included six other daily newspapers and several weeklies across Nebraska and southwest Iowa.<ref>{{cite news | url=https://www.bloomberg.com/news/2011-11-30/buffett-s-berkshire-agrees-to-buy-hometown-newspaper-omaha-world-herald.html |title=Berkshire Hathaway to Buy Omaha World-Herald Newspaper | first=Andrew | last=Frye | work=[[Bloomberg News]] |date=November 30, 2011 | url-access=subscription |archive-url=https://web.archive.org/web/20130822203042/http://www.bloomberg.com/news/2011-11-30/buffett-s-berkshire-agrees-to-buy-hometown-newspaper-omaha-world-herald.html|archive-date=August 22, 2013|url-status=live}}</ref> In June 2012, Berkshire purchased 63 newspapers from [[Media General]], including the ''[[Richmond Times-Dispatch]]'' and ''[[Winston-Salem Journal]]'', for $142 million in cash.<ref>{{cite news | url=https://deadline.com/2012/05/media-general-shares-soar-after-warren-buffett-agrees-to-buy-its-newspapers-273958/ |title=Media General Shares Soar After Warren Buffett Agrees To Buy Its Newspaper | first=David | last=Lieberman | work=[[Deadline Hollywood]] |date=May 17, 2012 |archive-url=https://web.archive.org/web/20170730014530/http://deadline.com/2012/05/media-general-shares-soar-after-warren-buffett-agrees-to-buy-its-newspapers-273958/ |archive-date=July 30, 2017|url-status=live}}</ref> In 2012, Berkshire Hathaway bought Texas dailies ''[[The Bryan-College Station Eagle]]'' and the ''[[Waco Tribune-Herald]]''.<ref>{{cite news |url=https://www.bloomberg.com/news/articles/2012-06-22/berkshire-adds-waco-newspaper-expanding-media-wager |title=Berkshire Adds Waco Newspaper, Expanding Media Wager |author1=Noah Buhayar |author2=Steven Norton | work=[[Bloomberg News]] |date=June 22, 2012 | url-access=subscription}}</ref> In 2013, the company purchased the ''[[Tulsa World]]'', the [[Greensboro, North Carolina]]-based ''[[News & Record]]'', Virginia's ''[[Roanoke Times]]'', and ''[[Press of Atlantic City]]''.<ref>{{cite news |url=https://tulsaworld.com/news/local/govt-and-politics/article_295d41f3-2c1d-5625-9862-bb784f429006.html |title=Buffett: Local papers have healthy future | first=Wayne | last=Greene | work=[[Tulsa World]] | date=March 17, 2013 |url-status=live |archive-url=https://web.archive.org/web/20130811025239/https://www.tulsaworld.com/article.aspx/buffett_local_papers_have_healthy_future/20130317_16_a1_cutlin795785/|archive-date=August 11, 2013}}</ref> In 2014, [[Graham Holdings Company]] sold its Miami television station, [[American Broadcasting Company|ABC]] affiliate [[WPLG]] to BH Media in a cash and stock deal.<ref>{{cite news | url=https://www.adweek.com/tvspy/warren-buffetts-berkshire-hathaway-wplg-graham-holdings/ | title=Warren Buffett's Berkshire Hathaway to Acquire WPLG From Graham Holdings | first=merrill | last=knox | work=[[AdWeek]] | date=March 12, 2014}}</ref><ref>{{Cite news | url=https://www.miamiherald.com/news/business/article1961273.html | title=Warren Buffett's Berkshire Hathaway to buy WPLG-Channel 10 | first=Nancy | last=Dahlberg | date=March 13, 2014}}</ref> In June, 2018, Lee Enterprises and Berkshire Hathaway reached a five-year agreement to allow Lee Enterprises to manage Berkshire Hathaway's newspaper and digital operations.<ref>{{cite news | url=https://www.cnbc.com/2018/06/26/warren-buffett-hatches-deal-with-lee-enterprises-for-newspapers.html | title=Warren Buffett loves his newspapers, he just wants someone else to manage them for him | first=Liz | last=Moyer | work=[[CNBC]] | date=June 26, 2018}}</ref> In 2020, [[Lee Enterprises]] acquired BH Media Group's publications and ''[[The Buffalo News]]'' for $140 million in cash, retaining [[WPLG]].<ref>{{cite press release | url=https://www.globenewswire.com/news-release/2020/03/16/2001071/0/en/Lee-Enterprises-completes-acquisition-of-Berkshire-Hathaway-newspaper-operations.html | title=Lee Enterprises completes acquisition of Berkshire Hathaway newspaper operations | publisher=[[GlobeNewswire]] | date=March 16, 2020}}</ref><ref>{{Cite news |url=https://www.nytimes.com/2020/01/29/business/media/warren-buffett-newspapers.html | last=Merced | first=Michael J. de la |title=Warren Buffett Will Sell His Newspaper Empire | work=The New York Times | issn=0362-4331 | date=January 29, 2020 | url-access=limited |archive-url=https://web.archive.org/web/20200129141017/https://www.nytimes.com/2020/01/29/business/media/warren-buffett-newspapers.html | archive-date=2020-01-29 | url-status=live}}</ref> In conjunction with the sale, Berkshire lent $576 million to Lee.<ref>{{cite press release | url=https://www.globenewswire.com/news-release/2020/03/16/2001071/0/en/Lee-Enterprises-completes-acquisition-of-Berkshire-Hathaway-newspaper-operations.html | title=Lee Enterprises completes acquisition of Berkshire Hathaway newspaper operations | publisher=[[GlobeNewswire]] | date=March 16, 2020}}</ref>

In 1986, Berkshire acquired [[Scott Fetzer Company]], a diversified group of 32 brands that manufactures and distributes products for residential, industrial, and institutional use. It included [[Kirby Company]], which was sold in 2021, Wayne Water Systems, and [[Campbell Hausfeld]] products.<ref>{{Cite news | url=https://link.cnbc.com/public/24542134 | title=Berkshire unit quietly sells door-to-door vacuum cleaner company | work=[[CNBC]] | date=July 23, 2021}}</ref> Campbell Hausfeld was transferred to Marmon, also a Berkshire subsidiary, in 2015. Scott Fetzer also manufactures [[Ginsu]] knives and [[World Book Encyclopedia]].

[[File:HomeServices of America in Gillette, Wyoming.jpg|thumb|right|A HomeServices of America in [[Gillette, Wyoming]]]]

In October 1999, Berkshire acquired [[Jordan's Furniture]] for an estimated $200 million to $300 million.<ref>{{Cite news | url=https://www.bizjournals.com/boston/stories/1999/10/11/daily1.html | title=Berkshire Hathaway unit to acquire Jordan's Furniture | work=[[American City Business Journals]] | date=October 11, 1999}}</ref>

In December 2000, Berkshire acquired [[Benjamin Moore & Co.]], headquartered in [[Montvale, New Jersey]]. Moore formulates, manufactures, and sells [[architectural coatings]] that are available primarily in the United States and Canada. Buffett agreed not to sell the products through major retail chains.<ref>{{Cite news | url=https://fortune.com/2014/09/17/warren-buffett-benjamin-moore/ | title=The wrath of Warren Buffett: How Benjamin Moore almost broke his promise | first=Colleen | last=Leahey | work=[[Fortune (magazine)|Fortune]] | date=September 17, 2014}}</ref>

In February 2001, Berkshire acquired [[Johns Manville]], established in 1858 and a manufacturer of fiberglass wool insulation products for homes and commercial buildings, as well as pipe, duct, and equipment insulation products.<ref>{{Cite news | url=https://money.cnn.com/2000/12/20/deals/johnsmanville/ | title=Buffett to buy Manville | work=CNN | date=December 20, 2000}}</ref>

In July 2005, Berkshire Hathaway acquired [[Forest River (company)|Forest River]], the world's largest seller of [[recreational vehicle]]s, from Pete Liegl for $800 million.<ref>{{Cite news | url=https://www.forbes.com/2005/07/22/buffett-berkshire-rv-0722autofacescan02.html | title=Buffett's Berkshire Hathaway Picks Up RV Maker | work=[[Forbes]] | date=July 22, 2005 | url-access=limited}}</ref>

In March 2007, Berkshire Hathaway acquired [[TTI, Inc.]] Headquartered in [[Fort Worth, Texas]], TTI is the largest distributor specialist of passive, interconnect, and electromechanical components. TTI's extensive product line includes; resistors, capacitors, connectors, potentiometers, trimmers, magnetic and circuit protection components, wire and cable, identification products, application tools, and electromechanical devices.<ref>{{Cite press release | url=https://www.tti.com/content/ttiinc/en/about/press-releases/2007/March/pr_berkshire_official.html | title=TTI Announces its Acquisition by Berkshire Hathaway | publisher=[[TTI, Inc.]] | date=March 30, 2007}}</ref>

In February 2010, Berkshire acquired the remaining portion of [[BNSF Railway]] that it did not already own for stock and cash totaling $26&nbsp;billion.<ref>{{cite news |url=https://www.nytimes.com/2009/11/04/business/04deal.html | title=Buffett Bets Big on Railroads' Future | first1=Michael J. | last1=de la Merced | first2=Andrew | last2=Ross Sorkin | authorlink2=Andrew Ross Sorkin | work=The New York Times | date=November 3, 2009 | archive-url=https://web.archive.org/web/20170322204522/http://www.nytimes.com/2009/11/04/business/04deal.html | archive-date=March 22, 2017 | url-status=live}}</ref> This was the largest acquisition to date in Berkshire's history.<ref>{{cite news | url=https://www.reuters.com/article/business/buffett-buying-burlington-rail-in-his-biggest-deal-idUSTRE5A22A7/ | title=Buffett buying Burlington rail in his biggest deal | first=Nick | last=Zieminski | work=Reuters | date=November 3, 2009}}</ref>

In March 2011, Berkshire Hathaway made its first foray into the Indian insurance sector with its non-direct subsidiary BerkshireInsurance.com.<ref>{{Cite news | url=https://www.reuters.com/article/markets/funds/warren-buffett-to-visit-india-next-week-for-insurance-launch-idUSSGE72F019/ | title=Warren Buffett to visit India next week for insurance launch | first=Prashant | last=Mehra | work=Reuters | location=[[Mumbai]] | date=March 16, 2011}}</ref><ref>{{cite news |url=https://economictimes.indiatimes.com/news/company/corporate-trends/warren-buffett-to-meet-policyholders-in-india/articleshow/7700947.cms |title=Warren Buffett to meet policyholders in India | agency=[[Press Trust of India]] | work=[[The Economic Times]] |date=March 14, 2011 |archive-url=https://web.archive.org/web/20151001135438/http://articles.economictimes.indiatimes.com/2011-03-14/news/28688137_1_motor-insurance-warren-buffett-insurance-policies |archive-date=October 1, 2015 | url-status=live}}</ref>