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70-514: The original "Russell Manufacturing Company", founded by Benjamin Russell in Alexander City, Alabama , in 1902, became "Russell Corporation" in 1973, under the presidency of Eugene C. Gwaltney, Jr., who had taken over in 1968. By 1990, the company owned and operated 13 sewing plants outside Alexander City and employed 15,000 workers. Since 1976, sales revenues had increased by 13 percent annually. With

140-647: A bench trial , the mayor was convicted of misdemeanor third-degree assault, but his wife was acquitted . The mayor was given a suspended sentence of 30 days in jail and one year of unsupervised probation. Alexander City Public Schools are part of the Alexander City Schools district. Schools in the district include Jim Pearson Elementary School, Nathaniel H. Stephens Elementary School, William L. Radney Elementary School, Alexander City Middle School and Benjamin Russell High School. J. Darrell Cooper

210-487: A compound annual growth rate (CAGR) of 19.8% compared to a 10.2% CAGR for the S&;P 500 . However, in the 10 years ending in 2023, Berkshire Hathaway produced a CAGR of 11.8% for shareholders, compared to a 12.0% CAGR for the S&P 500 . From 1965 to 2023, the stock price had negative performance in only eleven years (1966, 1970, 1973, 1974, 1984, 1990, 1999, 2002, 2008, 2011, 2015). In August 2024, Berkshire Hathaway became

280-1146: A chain of jewelry stores based in Kansas City that began in 1915, was acquired Berkshire in 1995 after a chance run in between Buffett and Barnett Helzberg on a street in New York City. In June 2000, the company acquired Justin Brands, the parent company of Justin Boots , Acme Boots , and Acme Brick for $ 600 million in cash. Headquartered in Fort Worth, Texas , Acme manufactures and distributes clay bricks (Acme Brick), concrete block (Featherlite), and cut limestone (Texas Quarries). Justin Brands also owns Chippewa Boots , Nocona Boots , and Tony Lama Boots . 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

350-563: 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. Campbell Hausfeld was transferred to Marmon, also a Berkshire subsidiary, in 2015. Scott Fetzer also manufactures Ginsu knives and World Book Encyclopedia . In January 1986, Berkshire acquired Fechheimer Brothers. Fechheimer Brothers owns Flying Cross and Vertx. Flying Cross manufactures public safety uniforms and Vertx

420-511: A five-year agreement to allow Lee Enterprises to manage Berkshire Hathaway's newspaper and digital operations. In 2020, Lee Enterprises acquired BH Media Group's publications and The Buffalo News for $ 140 million in cash, retaining WPLG . In conjunction with the sale, Berkshire lent $ 576 million to Lee. In 1983, Berkshire acquired Nebraska Furniture Mart for $ 60 million. In 2000, Nebraska Furniture Mart purchased Homemakers Furniture. In 1986, Berkshire acquired Scott Fetzer Company ,

490-535: 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 . However, seven of those locations were closed by

560-417: A general reorganization of counties. Alexander City uses a mayor-council government. The government consists of a mayor who is elected at large. The city council consists of six members who are elected from one of six districts. The city has a police department. In 2016, Mayor Charles Shaw and his wife were charged with assault following a council meeting brawl with a member of the city council. Following

630-519: A major interest in a declining textile business. While Buffett maintained Berkshire's core business of textiles, he gradually moved capital to other industries, beginning with the March 1967 acquisition of the National Indemnity group of companies, which include National Indemnity Company, National Liability & Fire Insurance Company, and National Fire & Marine Insurance company, among others. It

700-649: A morning edition. Berkshire formed BH Media Group with a purchase of the Omaha World-Herald in December 2011, which included six other daily newspapers and several weeklies across Nebraska and southwest Iowa. In June 2012, Berkshire purchased 63 newspapers from Media General , including the Richmond Times-Dispatch and Winston-Salem Journal , for $ 142 million in cash. In 2012, Berkshire Hathaway bought Texas dailies The Bryan-College Station Eagle and

770-528: A per-share value originally kept (by specific management rules) close to 1 ⁄ 30 of that of the original shares (now Class A) and 1 ⁄ 200 of the per-share voting rights, and after the January 2010 split, at 1 ⁄ 1,500 the price and 1 ⁄ 10,000 the voting rights of the Class-A shares. Holders of class A stock are allowed to convert their stock to Class B, though not vice versa. Buffett

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840-548: A second headquarters in Atlanta in February 1999. Restructuring charges led Russell to post a net loss for fiscal year 1998 of $ 10.4 million on revenues of $ 1.18 billion. Results for the first half of 1999 also showed a net loss of $ 12.9 million but the restructuring had resulted in a decrease in selling, general and administration costs of 13 percent. Russell had also increased its offshore apparel assembly to 55 percent of total capacity,

910-619: A slight by an individual), it would have paid off several hundredfold. On March 16, 1980, Berkshire became a public company via an initial public offering , selling Class A shares for $ 290 each. Buffett has had a long relationship with Jeff Bezos ; he turned down an opportunity to invest in Amazon.com in 1994 as he was unable to predict the company's future growth and it was losing money. Berkshire Hathaway purchased shares in Amazon in 2019 currently worth $ 2 billion. Shares closed over $ 100,000 for

980-444: A substantial increase from the 17 percent level before the restructuring was launched. Russell had far to go before it could be considered fully turned around, but it appeared that the company was well on its way. The company completed its restructuring process in 2001. Nearly all of its retail outlets had been closed, over 6,000 jobs had been cut, and most of its manufacturing operations had moved abroad. In 2000, Russell Corp. acquired

1050-555: A total of 2,300 jobs. Conglomerate Berkshire Hathaway Inc . acquired Russell Corporation for $ 600 million in early 2006. Berkshire, led by the billionaire Warren Buffett , believed Russell would be a good fit with its Fruit of the Loom Inc . subsidiary. The Russell Corporation was made up of the following brands and their products: Since January 2009, Russell faced the largest collegiate boycott of an apparel company in history over labor violations in its Honduran factories. The boycott

1120-669: A union. The report also stated that death threats were allegedly made against some members of the union, though not by senior management. In response, over eighty universities have canceled their contracts with Russell, including Duke University , Georgetown University , Columbia University , University of Michigan , University of Miami , University of Maryland , University of Washington , University of Houston , Penn State University , Rutgers University , University of Minnesota-Twin Cities , University of Wisconsin–Madison , Purdue University , Cornell University , University of Florida , and

1190-547: Is a civilian tactical clothing company. In 1991, Berkshire acquired H.H. Brown Shoe Group . In May 1995, Berkshire acquired RC Willey Home Furnishings . In June 1997, Berkshire acquired Star Furniture Company. In February 1997, Berkshire acquired FlightSafety International (FSI), a pilot training company founded in 1951 by Albert Lee Ueltschi and headquartered at LaGuardia Airport in Flushing, New York . It supplies high technology pilot training to aircraft operators in

1260-404: Is a major area of operations and the retained premiums (float) serves as an important source of capital. As of September 30, 2024, the company had $ 325 billion in cash and cash equivalents, more than any other U.S.-based public company . The company is focused on shareholder returns; between 1965, when Buffett gained control of the company, and 2023, the company's shareholder returns amounted to

1330-573: Is a major source of capital for Berkshire Hathaway's other investments. In 1985, the last textile operations were shut down. Buffett has described purchasing the Berkshire Hathaway textile company as the biggest investment mistake he had ever made, denying him compounded investment returns of about $ 200 billion over the subsequent 45 years. He has estimated that had he invested the same money directly in insurance businesses instead of indirectly via Berkshire Hathaway (due to what he perceived as

1400-500: Is an American multinational conglomerate holding company headquartered in Omaha, Nebraska . Founded in 1839 as a textile manufacturer, it transitioned into a major conglomerate starting in 1965 under the management of chairman and CEO Warren Buffett and vice chairman Charlie Munger (1924–2023). Greg Abel now oversees most of the company's investments and has been named as the successor to Buffett. Buffett personally owns 38.4% of

1470-539: Is known for Lake Martin with its 750 miles (1,210 km) of wooded shoreline and 44,000 acres (18,000 ha) of water. Lake Martin stands on the Tallapoosa River and offers boating, swimming, fishing, golfing, and camping. Many neighborhoods and luxury homes are located on the lake. The city's economy was traditionally based on the textile industry, but in recent times its economic base has become more diversified as textile jobs have gone to India. Alexander City

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1540-399: Is land and 0.2 square miles (0.5 km ) (0.44%) is water. Alexander City is located on U.S. Route 280 . Birmingham is 60 miles (97 km) to the north, Auburn is 40 miles (64 km) southeast and Montgomery is 50 miles (80 km) south-southwest of Alexander City. The climate in this area is characterized by hot, humid summers and generally mild to cool winters. According to

1610-617: Is ranked 5th on the Fortune 500 rankings of the largest United States corporations by total revenue and 9th on the Fortune Global 500 . Berkshire is one of the ten largest components of the S&P 500 and is on the list of largest employers in the United States . Its class A shares have the highest per-share price of any public company in the world, reaching $ 700,000 in August 2024, because

1680-481: Is served daily by Amtrak's The Crescent to Washington DC, Baltimore, Philadelphia and New York. Alexander City has no scheduled intercity bus service. There is a service provided by Arise Transportation that schedules one stop rides with a 24-hour advance notice. 32°55′59″N 85°56′10″W  /  32.933157°N 85.936008°W  / 32.933157; -85.936008 Berkshire Hathaway Berkshire Hathaway Inc. ( / ˈ b ɜːr k ʃ ər / )

1750-730: Is the Superintendent of Schools. Russell Corporation , maker of Russell Athletic, Cross Creek, Jerzees, and Country Cottons apparel, was founded in 1902 and was the largest employer in the city until around 2012. On April 17, 2006, the Russell Corporation was bought by Berkshire Hathaway for an estimated $ 600 million and merged into Fruit of the Loom . The number of workers employed by Russell Corporation in Alexander City has steadily declined since its peak of 7,000 in 1996; by 2012, most of

1820-565: The Waco Tribune-Herald . In 2013, the company purchased the Tulsa World , the Greensboro, North Carolina -based News & Record , Virginia's Roanoke Times , and Press of Atlantic City . In 2014, Graham Holdings Company sold its Miami television station, ABC affiliate WPLG to BH Media in a cash and stock deal. In June, 2018, Lee Enterprises and Berkshire Hathaway reached

1890-946: The CHI Health Center Omaha in Omaha, Nebraska. Attendance generally totals over 40,000 people and the meetings last for 6 to 8 hours, with Buffett himself, as well as Abel and Jain, answering questions from shareholders. Known for their humor and light-heartedness, the meetings typically start with a cartoon made for Berkshire shareholders. Current members of the board of directors of Berkshire Hathaway are Warren Buffett (chairman), Greg Abel (vice chairman of non-insurance business operations), Ajit Jain (vice chairman of insurance operations), Chris Davis, Susan Alice Buffett (Buffett's daughter), Howard Graham Buffett (Buffett's son), Ronald Olson , Kenneth Chenault , Steve Burke , Susan Decker , Meryl Witmer, Charlotte Guyman, Esteban Rodriguez Jr. Charlie Munger served as vice chairman of

1960-470: The Köppen Climate Classification system, Alexander City has a humid subtropical climate , abbreviated "Cfa" on climate maps. Alexander City first appeared on the 1880 U.S. Census as an incorporated city. At that time, it was the largest community in the county (though would lose the distinction to Dadeville for 1890–1900, reclaiming the title and holding it since 1910). Alexander City

2030-678: The NBA (through its subsidiary Spalding ), and the production of official footballs for the AFL (under the Sherrin Brand). Alexander City, Alabama Alexander City , known to locals as "Alex City", is the largest city in Tallapoosa County , Alabama , United States , with a population of 14,843 as of the 2020 census . It has been the largest community in Tallapoosa County since 1910. It

2100-642: The Public Utility Holding Company Act of 1935 was repealed in 2005. It owns Northern Powergrid , which operates in the UK. In 2005, it acquired PacifiCorp for $ 5.1 billion in cash, and assumed $ 4.3 billion in PacificCorp debt and preferred stock. MidAmerican was rebranded as Berkshire Hathaway Energy (BHE) in April 2014. The division owns a residential real estate brokerage business, which, in March 2013,

2170-589: The University of Aberdeen in Scotland. On May 13, 2009, sixty-five members of Congress wrote to Russell CEO John Holland to express their concern over the labor violations. On June 25, 2009, Russell became the first collegiate licensee to be placed on probation by the Fair Labor Association . At first, Russell said it was being unfairly targeted by the garment workers' union and student activists, and that

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2240-532: The board of directors has historically been opposed to stock splits . Berkshire Hathaway traces its roots to Valley Falls Company , a textile manufacturing company established by Oliver Chace in 1839 in Valley Falls, Rhode Island . Chace, who was a carpenter, started working for Samuel Slater , the founder of the first successful textile mill in America. Chace founded his first textile mill in 1806. In 1929,

2310-557: The hedge fund Castle Point Capital, would join as an investment manager . In early 2012, 50-year-old Ted Weschler , founder of Peninsula Capital Advisors, joined Berkshire as a second investment manager. In the 2015 letter to shareholders, Buffett described hiring them both as "one of my best moves". In the 2016 letter to shareholders, Buffett revealed that each of them independently manages over $ 10 billion on behalf of Berkshire. In January 2018, Berkshire Hathaway appointed Ajit Jain and Greg Abel to vice-chairman roles. Abel

2380-399: The 6,064 households 27.5% had children under the age of 18 living with them, 42.2% were married couples living together, 20.1% had a female householder with no husband present, and 33.2% were non-families. 29.7% of households were one person and 13.2% were one person aged 65 or older. The average household size was 2.40 and the average family size was 2.95. The age distribution was 23.5% under

2450-2175: The Class A voting shares of Berkshire Hathaway, representing a 15.1% overall economic interest in the company. Notable companies wholly-owned by Berkshire include GEICO , Gen Re , BNSF Railway , Precision Castparts Corp. , Lubrizol , Dairy Queen , Duracell , Benjamin Moore & Co. , Pilot Flying J , Clayton Homes , Fruit of the Loom , Business Wire , NetJets , Oriental Trading Company , Pampered Chef , Ben Bridge Jeweler , CTB International , Central States Indemnity , Johns Manville , Scott Fetzer Company , McLane Company , See's Candies , WPLG , Berkshire Hathaway Energy , Berkshire Hathaway Assurance , and HomeServices of America . Notable stakes in public companies owned by Berkshire as of September 30, 2024, in order of value as of that date, include 2.0% of Apple Inc. ($ 69.8 billion), 21.5% of American Express ($ 46.2 billion), 9.99% of Bank of America ($ 36.4 billion), 9.3% of The Coca-Cola Company ($ 25.7 billion), 6.6% of Chevron Corporation ($ 19.0 billion), 27.2% of Occidental Petroleum ($ 12.8 billion), 13.6% of Moody's Ratings ($ 12.1 billion), 26.9% of Kraft Heinz ($ 10.4 billion), 6.7% of Chubb Limited ($ 7.7 billion), 44.0% of DaVita ($ 6.0 billion), 8.9% of Mitsubishi ($ 5.9 billion), 7.5% of Itochu ($ 5.7 billion), 8.4% of Mitsui ($ 5.2 billion), 2.9% of Citigroup ($ 3.9 billion), 6.9% of Kroger ($ 3.0 billion), 32.5% of Sirius XM ($ 3.0 billion), 8.6% of Visa Inc. ($ 2.6 billion), 1.2% of Verisign ($ 2.3 billion), 8.5% of Marubeni ($ 2.1 billion), 9.5% of Sumitomo Group ($ 2.1 billion), 0.4% of Mastercard ($ 2.1 billion), 0.1% of Amazon.com ($ 2.0 billion), 4.9% of BYD Auto ($ 1.8 billion), 2.4% of Capital One ($ 1.7 billion), 1.9% of Aon ($ 1.6 billion), 1.8% of Nubank ($ 1.2 billion), 9.5% of Ally Financial ($ 1.1 billion), 0.4% of T-Mobile US ($ 1.1 billion), 2.0% of Charter Communications ($ 1.1 billion), 8.6% of Louisiana-Pacific ($ 0.7 billion), 3.7% of Domino's ($ 0.6 billion), 1.3% of HEICO ($ 0.2 billion), 1.1% of Pool Corporation ($ 0.2 billion), and 0.4% of NVR, Inc. ($ 0.1 billion). Insurance

2520-552: The National Basketball Association. The company faced challenges in 2005 due to rising costs and falling sales. During Hurricanes Rita and Katrina, over 40 containers of Russell products were lost or destroyed and nearly 70 percent of the ports it used for shipping were closed. Amid intense competition and faltering profits, the company launched a restructuring plan much like the effort of the late 1990s. Russell continued shifting its manufacturing base overseas and cut

2590-732: 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 Hathaway Mills which had been founded in 1888 in New Bedford, Massachusetts , by Horatio Hathaway with profits from whaling and the China Trade . Hathaway had been successful in its first decades, but it suffered during

2660-604: The acquisition of two subsidiaries, Quality Mills in North Carolina and Cloathbond Ltd. in Scotland, in 1988 and 1989 respectively, the company had become a global contender in the sportswear industry. Under president and CEO John C. Adams, Russell Corporation had become the top manufacturer of athletic uniforms in the US. In 1992, the company was awarded a five-year contract to be the exclusive producer and marketer of athletic uniforms for most MLB teams. The contract also stipulated that

2730-610: The acquisition. The salary for Buffett is $ 100,000 per year with no stock options, which is among the lowest salaries for CEOs of large companies in the United States. Buffett's salary has not changed in 35 years. Buffett also receives approximately $ 300,000 worth home security services from the company annually. Abel and Jain each receive a salary of $ 20 million per year, with a possible $ 3 million annual bonus approved by Buffett. Buffett's letters to shareholders are published annually. Berkshire's annual shareholders' meetings, nicknamed " Woodstock for Capitalists", take place at

2800-410: The age of 18, 8.7% from 18 to 24, 24.2% from 25 to 44, 26.0% from 45 to 64, and 17.5% 65 or older. The median age was 39.8 years. For every 100 females, there were 89.8 males. For every 100 women age 18 and over, there were 90.9 men. The median household income was $ 34,782 and the median family income was $ 44,455. Males had a median income of $ 34,515 versus $ 31,250 for females. The per capita income for

2870-546: The apparel operations for Haas Outdoors, Inc.. This later became the Mossy Oak Apparel Company. In 2002, the company added the Bike Athletic Company and Spalding to its holding. Russell continued its acquisition spree in 2004 by purchasing American Athletic Inc. (AAI), Huffy Corp. 's sports division and Brooks Sports . It also secured an extended contract to provide Spalding and Huffy branded products to

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2940-439: The city reached a settlement, in which the city and its insurer agreed to pay $ 680,000 to persons illegally jailed. Alexander City is located at 32°55′59″N 85°56′10″W  /  32.93306°N 85.93611°W  / 32.93306; -85.93611 (32.933157, -85.936008). According to the U.S. Census Bureau , the city has a total area of 39.0 square miles (101.0 km ), of which 38.8 square miles (100.5 km )

3010-445: The city was $ 20,097. About 17.0% of families and 20.5% of the population were below the poverty line , including 30.7% of those under age 18 and 14.3% of those age 65 or over. As of the 2020 United States Census , there were 14,843 people, 5,710 households, and 3,872 families residing in the city. The beat (precinct) containing Alexander City first appeared on the 1870 U.S. Census as "Youngville" (2nd beat of Tallapoosa County), which

3080-430: The city. The population density was 383.4 inhabitants per square mile (148.0/km ). There were 6,834 housing units at an average density of 176.1 per square mile (68/km ). The racial makeup of the city was 62.2% White, 32.0% Black or African American, 0.2% Native American, 0.9% Asian, 0.0% Pacific Islander, 3.8% from other races, and 0.9% from two or more races. 4.8% of the population were Hispanic or Latino of any race. Of

3150-415: The company admitted wrongdoing, although the violations are yet to be resolved., Throughout its history, Russell Corporation was involved in the manufacturing and selling of equipment for many professional, collegiate and high school sports teams. Most notable of these are its stint of manufacturing uniforms for MLB (through its flagship brand, Russell Athletic ), the production of official basketballs for

3220-451: The company for $ 11.50 per share. Buffett agreed to the deal. A few weeks later, Warren Buffett received the tender offer in writing, but the tender offer was for only $ 11.375. Buffett later admitted that this lower, undercutting offer made him angry. Instead of selling at the slightly lower price, Buffett decided to buy more of the stock to take control of the company and fire Stanton, which in 1965 he did. However, this left Buffett's fund with

3290-707: The company from 1978 until his death on November 28, 2023. With some exceptions, Berkshire Hathaway usually does not invest in real property due to precise pricing, lack of competitive advantage, complex management, and corporation tax disadvantages. Insurance and reinsurance business activities are conducted through approximately 70 domestic and foreign-based insurance companies. Berkshire acquired See's Candies in 1972 for $ 25 million. It produces boxed chocolates and other confectionery products in two large kitchens in California. See's revenues are highly seasonal with approximately 50% of total annual revenues being earned in

3360-423: The company held the exclusive right to manufacture and market replicas of major league uniforms, T-shirts and shorts. This put the company in an advantageous position in relation to its main rival, Champion, Inc. , the supplier of uniforms to the NBA teams. In 1992 alone, Russell's international sales increased by 40 percent over 1991. Although sales and net income reached record levels in 1996, in part because of

3430-510: The eighth U.S. public company and the first non-technology company to be valued at over $ 1 trillion on the list of public corporations by market capitalization . The company has generally avoided investing in the technology industry ; Buffett has said he prefers evergreen businesses that generate predictable long-term returns, that he doesn't invest in companies that he doesn't understand, and that he does not like to invest in companies that may undergo significant change. Berkshire Hathaway

3500-460: The end of the decade, accompanied by large layoffs. In 1962, Warren Buffett began buying Berkshire Hathaway stock for his fund, anticipating that as the company liquidated textile mills there would come a tender offer when he could sell the shares at a profit. A year later, Buffet and his associates became the largest shareholder of the company, eventually securing a 49% stake. In 1964, Stanton made an oral tender offer to buy back Buffett's stake in

3570-541: The fields of military, governmental, corporate, and regional or mainline flying. FlightSafety is the largest provider of professional aviation training services, with 1,800 instructors and offers more than 4,000 individual courses for 135 aircraft types, using more than 320 flight simulators to serve customers from 167 countries. In October 1997, Berkshire acquired Dairy Queen , based in Edina, Minnesota, for $ 585 million. It franchises approximately 6,000 stores operating under

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3640-518: The final assembly of garments abroad, to Mexico , Honduras and elsewhere in the Caribbean basin. The company expected to take charges of $ 100 to $ 125 million during the restructuring period. Russell hoped these efforts would result in annual savings of $ 50–$ 70 million. Part of these funds would then be used to bolster the marketing and advertising of Russell's brands, including tripling the advertising budget to $ 25 million per year. Russell also established

3710-417: The first time on October 23, 2006. David L. Sokol , CEO of Berkshire Hathaway Energy until early 2008, was a top lieutenant for Buffett. Sokol, who was paid $ 24 million per year, resigned from Berkshire in 2011 after it was disclosed that he personally made a $ 3 million profit from Berkshire Hathaway's purchase of Lubrizol . In October 2010, Berkshire announced that 39-year old Todd Combs , manager of

3780-470: The fractional ownership of aircraft concept and introduced its NetJets program in the United States with one aircraft type. In 2019, the NetJets program operated more than 10 aircraft types with a fleet size of greater than 750. In 1999, Berkshire acquired MidAmerican Energy Holdings. At the time of purchase, Berkshire's voting interest was limited to 10% of the company's shares, but this restriction ended when

3850-638: The impact of the Summer Olympics which were held in Atlanta that year, Russell's fortunes turned down in 1997 when both sales and net income fell. The decline was caused by intensifying competition as industry-wide over-capacity and price-cutting by rivals forced Russell to lower its own prices, all of which hurt the company's results. Particularly troubled was the Licensed Products Division, which Russell dissolved in 1997, dividing its operations among

3920-666: The manufacturing had been closed in Alexander City and management is now headquartered in Bowling Green, Kentucky . T.C. Russell Field Airport (KALX), off U.S. Highway 280 adjacent to the Airport Industrial Park, is owned and maintained by the City of Alexander City. KALX does not provide scheduled passenger services. The nearest major airports are Birmingham and Montgomery . Alexander City has no railway station. The nearest rail passenger services are provided at Anniston , which

3990-619: The months of November and December. By 2019, the $ 25 million investment had returned over $ 2 billion, or an 8000% return, to Berkshire. 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

4060-431: The names Dairy Queen, Orange Julius , and Karmelkorn . The stores offer various dairy desserts, beverages, prepared foods, blended fruit drinks, popcorn, and other snack foods. In July 1998, Berkshire Hathaway acquired NetJets , formerly Executive Jet Aviation, for $ 725 million in cash. NetJets is the world's largest provider of fractional ownership programs for general aviation aircraft. In 1986, NetJets created

4130-533: The other divisions. In 1997, Russell also ended its licensing deals with the professional football, basketball and hockey leagues. In early 1998, as the company's troubles continued, Adams retired. John "Jack" Ward stepped in as chairman, president and CEO. Within months of his arrival, Russell announced a major restructuring. Over a three-year period, the company planned to eliminate about 4,000 jobs, or 23 percent of its workforce; close about 25 of its 90 plants, distribution centers and other facilities; and move most of

4200-469: The plant closure was due to the general downturn in the world economy. Five schools announced they planned to continue doing business with Russell. However, at least one of those, the University of Florida , has since terminated its licensing deal with Russell. The company had issued a statement noting that it had recognized the unionization of the Jerzees de Honduras plant on October 3, 2007. In later statements,

4270-633: The town. At the time, Alexander City did not have a water system and all buildings, including the telegraph office, post office and three banks were burned. In 2015, plaintiffs represented by the Southern Poverty Law Center sued the City of Alexander and its Chief of Police Willie Robinson in federal court, alleging that they had from 2013 to 2015 operated "a modern-day debtors' prison" that unconstitutionally used its police force to arrest and detain at least 190 poor defendants who were unable to pay Municipal Court-imposed fines and costs. In 2017,

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4340-431: Was acquired in February 2000 by Wesco Financial Corporation, an 80.1% owned subsidiary of Berkshire and is the largest U.S. provider of rental furniture, accessories and related services in the "rent-to-rent" segment of the furniture rental industry. In May 2000, Berkshire acquired Ben Bridge Jeweler , a chain of jewelry stores established in 1912 with locations primarily in the western United States. Helzberg Diamonds ,

4410-464: Was appointed vice chairman for non-insurance business operations, and Jain became vice chairman of insurance operations. In May 2021, Buffett named Greg Abel to be his successor as CEO of Berkshire Hathaway. Berkshire Hathaway has never undergone a stock split of its Class A shares because of management's desire to attract long-term investors as opposed to short-term speculation . However, in 1996, Berkshire Hathaway created Class B shares , with

4480-496: Was co-ordinated by United Students Against Sweatshops in the United States and Canada in support of the Honduran garment workers' union SITRAJERZEESH. The Worker Rights Consortium has documented violations of the rights of workers by Russell in its factory Jerzees de Honduras. The report found that Russell illegally fired nearly 2,000 in two of its factories, in retaliation for employees protesting against working conditions and forming

4550-666: Was incorporated in 1872 as Youngsville, after its founder James Young. In 1873, the Savannah and Memphis Railroad came to the city. The city was renamed in honor of the railroad's President Edward Porter Alexander , hero of the Battle of Gettysburg for the Confederate States. On July 20, 1897, George Richardson was lynched . On June 13, 1902, at 1 pm, a fire broke out in the Alexander City Machine shop and destroyed much of

4620-619: Was rebranded as HomeServices of America , a division of Berkshire Hathaway Energy . In addition to brokerage services, it provides mortgage loan originations, title insurance and closing services, home warranty , property insurance and casualty insurance and other related services. The company has acquired several residential real estate brokerages including Long & Foster , acquired in September 2017. In October 1999, Berkshire acquired Jordan's Furniture for an estimated $ 200 million to $ 300 million. CORT Business Services Corporation

4690-409: Was reluctant to create the class B shares but did so to thwart the creation of unit investment trusts that would have marketed themselves as Berkshire look-alikes. In January 2010, as part of the acquisition of BNSF Railway , Berkshire completed a 50-to-1 stock split of its class B shares . The increased market liquidity resulted in the company's inclusion in the S&P 500 upon consummation of

4760-487: Was the principal city of the former Alexander City Micropolitan Statistical Area , a micropolitan area that covered Coosa and Tallapoosa counties and had a combined population of 53,677 at the 2000 census . The micropolitan statistical area was removed in 2013 by the United States Office of Management and Budget . At the 2010 census there were 14,875 people in 6,064 households, including 4,050 families, in

4830-480: Was the prior name of Alexander City. In 1880, the 2nd beat of Youngville and the 1st beat of Gold Branch reported a combined population, as neither was returned separately. Beginning in 1890, the name was changed to the Alexander (2nd) Precinct (not "Alexander City"). The precinct name would not change until 1950 when it reported as Alexander City. In 1960, Alexander City precinct was changed to census division as part of

4900-509: Was valued at $ 35 per share, but Buffett offered $ 50 per share for the company, or $ 8.6 million. In 1963, Franklin Otis Booth Jr. invested $ 1 million in the company and in 1968, David Gottesman invested in the company. The investments made both individuals billionaires. In the late 1970s, Berkshire acquired an equity stake in GEICO , which forms the core of its insurance operations today and

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