Berkshire Hathaway Company Information
History of Berkshire Hathaway
The history of Berkshire Hathaway dates back to1888, with The Hathaway Manufacturing Company, a thriving cotton milling business, located in New Bedford, Massachusetts. Hathaway was successful for several decades but after World War I the textile industry suffered a significant decline.
In 1955, The Hathaway Company took a historic turn and merged with Berkshire Fine Spinning Associates, another cotton milling company. The new company thrived for some time but by the 1950s the company had fallen on hard times. In 1962, Warren Buffett became involved with the company and eventually took control of Berkshire Hathaway. For some time the company stayed true to its core business but soon fell vulnerable to increasing foreign competition and discontinued its role in the textile business.
In the late 1960s, Buffett ventured into the insurance business and purchased two Nebraska companies, National Indemnity and National Fire and Marine Insurance. This first investment in the insurance industry gave rise to the super legend of today. In 1996, Buffett acquired GEICO General Insurance Company and the GEICO gecko soon became a national icon.
Today, Buffett's holdings include insurance and finance subsidiaries and a host of almost fifty businesses ranging from jewelry and furniture to manufactured homes.
Berkshire Hathaway Companies
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