Wesco Financial
From Wikipedia, the free encyclopedia
| Wesco Financial Corporation | |
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| Type | Public (AMEX: WSC) |
|---|---|
| Founded | 1959 |
| Headquarters | Pasadena, California |
| Key people | Charles T. Munger, Chairman of the Board Robert H. Bird, President Jeffrey L. Jacobson, VP & CFO |
| Industry | Insurance,Furniture Rental,Steel |
| Revenue |  $47.427 million USD |
| Employees | 2473 (17 at KBS, 2250 at CORT, 200 at Precision Steel, 6 at Wesco) (as of 2004) |
| Website | www.wescofinancial.com |
Wesco Financial Corporation AMEX: WSC is a diversified financial corporation headquartered in Pasadena, California.
Wesco was originally a savings and loan association. It is an 80.1%-owned subsidiary of Berkshire Hathaway, which is controlled by legendary investor Warren Buffett. Wesco is chaired by Charlie Munger, who is also vice-chairman of Berkshire Hathaway and the man that Buffett has often publicly referred to as his "partner". Munger, formerly a practicing attorney, is known for his straight-shooting style and his conduct at the annual Wesco shareholder meetings in Pasadena, where he often interacts with the outside investors at considerable length.
Wesco does business in three major categories; insurance, furniture rental, and steel service. The following wholly owned subsidiaries handle most of Wesco's business:
- Wesco-Financial Insurance
- Kansas Bankers Surety.
- CORT Business Services Corporation, furniture rental.
- Precision Steel Warehouse, Inc., a chain of steel service centers.
- MS Property Company, which owns commercial real estate in Pasadena.
Wesco is not a direct subsidiary of Berkshire Hathaway. Instead, it is 80.1% owned by Blue Chip Stamps, which is wholly owned by Berkshire Hathaway.
[edit] See also
- WESCO International Incorporated (no relation to Wesco Financial)
[edit] Data
| Insurance | Applied Underwriters Inc. • Central States Indemnity Company • GEICO • General Re • Kansas Bankers Surety Company • Medical Protective • National Indemnity Company • United States Liability Insurance Group • Wesco Financial |
| Materials and Construction | Acme Brick • Benjamin Moore & Co. • Clayton Homes • ISCAR Metalworking • Johns-Manville • MiTek • Precision Steel Warehouse, Inc. • Shaw Industries |
| Furniture | CORT Business Services • Jordan's Furniture • Larson-Juhl • Nebraska Furniture Mart • RC Willey Home Furnishings • Star Furniture |
| Apparel | Fruit of the Loom • Russell • Garan • Fechheimer Brothers • Acme Boots • H.H. Brown Shoe Group • Justin Brands |
| Transportation | NetJets • FlightSafety International • Forest River • McLane Company • XTRA Corporation |
| Food | Dairy Queen • The Pampered Chef • See's Candies |
| Other | Ben Bridge Jeweler • Blue Chip Stamps • Borsheim's Fine Jewelry • The Buffalo News • Business Wire • CTB Inc. • MidAmerican Energy Holdings Company • World Book Encyclopedia |
| Board of Directors | Warren Buffett • Charlie Munger • Howard Graham Buffett • Malcolm Chace • Bill Gates • David Gottesman • Charlotte Guyman • Donald Keough • Thomas S. Murphy • Ronald Olson • Walter Scott, Jr. |
| Annual Revenue: $81.663 billion USD • Employees: 180,000 • Stock Symbol: NYSE: BRKA • Web site: www.berkshirehathaway.com |
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