正在加载图片...
$2.7 billion .While Charlie and I search for new businesses to buy,our many subsidiaries are regularly making bolt-on scheduled to cost $7.8 on in ag or thes until th ranged ee Marmon's iurisdiction. Charlie and I encourage bolt-ons.if they are sensibly-priced.(Most deals offered us aren't.)They deploy capital in activities that fit with our existing businesses and that will be managed by our 。网ma的C particularly to ini hie 20 Ca o in th would work well from both a personal and financial standpoint.And it most definitely has. I'm no. assed to admit that Hein zis run far better under Ale L风h血山oam女 We wi 0,1n es to the king v with Rerkshire also has fine nerships with Mars a limited to friendly transactions. In Octobe we ontracted to buy Van Tuyl Automotive,a group of 78 automobile dealerships that is that if he sel his Larry and his dad,Cecil,spent 62 years building the group,following a strategy that made owner-partners of all loc Cre er.Van Tuyl is argest nigures that are In recent vears.Jeff Rachor has worked alongside Larry.a successful arrangement that will continue.There eabout 100 dealerships in the couny and hipranserh vant auto manulacturer.Ber is to ma build a business that before long will be multiples the size of Van Tuyl's9billion of sales. With the acquisition of Van Tuyl,Berkshire now owns 9Vc anies that would be listed on the Fortune 500 were they independent (Heinz is the).That leaves 490 fish in the sea.Our lines are out. 5 Meanwhile, our underwriting profit totaled $24 billion during the twelve-year period, including $2.7 billion earned in 2014. And all of this began with our 1967 purchase of National Indemnity for $8.6 million. ‹ While Charlie and I search for new businesses to buy, our many subsidiaries are regularly making bolt-on acquisitions. Last year was particularly fruitful: We contracted for 31 bolt-ons, scheduled to cost $7.8 billion in aggregate. The size of these transactions ranged from $400,000 to $2.9 billion. However, the largest acquisition, Duracell, will not close until the second half of this year. It will then be placed under Marmon’s jurisdiction. Charlie and I encourage bolt-ons, if they are sensibly-priced. (Most deals offered us aren’t.) They deploy capital in activities that fit with our existing businesses and that will be managed by our corps of expert managers. This means no more work for us, yet more earnings, a combination we find particularly appealing. We will make many more of these bolt-on deals in future years. ‹ Two years ago my friend, Jorge Paulo Lemann, asked Berkshire to join his 3G Capital group in the acquisition of Heinz. My affirmative response was a no-brainer: I knew immediately that this partnership would work well from both a personal and financial standpoint. And it most definitely has. I’m not embarrassed to admit that Heinz is run far better under Alex Behring, Chairman, and Bernardo Hees, CEO, than would be the case if I were in charge. They hold themselves to extraordinarily high performance standards and are never satisfied, even when their results far exceed those of competitors. We expect to partner with 3G in more activities. Sometimes our participation will only involve a financing role, as was the case in the recent acquisition of Tim Hortons by Burger King. Our favored arrangement, however, will usually be to link up as a permanent equity partner (who, in some cases, contributes to the financing of the deal as well). Whatever the structure, we feel good when working with Jorge Paulo. Berkshire also has fine partnerships with Mars and Leucadia, and we may form new ones with them or with other partners. Our participation in any joint activities, whether as a financing or equity partner, will be limited to friendly transactions. ‹ In October, we contracted to buy Van Tuyl Automotive, a group of 78 automobile dealerships that is exceptionally well-run. Larry Van Tuyl, the company’s owner, and I met some years ago. He then decided that if he were ever to sell his company, its home should be Berkshire. Our purchase was recently completed, and we are now “car guys.” Larry and his dad, Cecil, spent 62 years building the group, following a strategy that made owner-partners of all local managers. Creating this mutuality of interests proved over and over to be a winner. Van Tuyl is now the fifth-largest automotive group in the country, with per-dealership sales figures that are outstanding. In recent years, Jeff Rachor has worked alongside Larry, a successful arrangement that will continue. There are about 17,000 dealerships in the country, and ownership transfers always require approval by the relevant auto manufacturer. Berkshire’s job is to perform in a manner that will cause manufacturers to welcome further purchases by us. If we do this – and if we can buy dealerships at sensible prices – we will build a business that before long will be multiples the size of Van Tuyl’s $9 billion of sales. With the acquisition of Van Tuyl, Berkshire now owns 91⁄2 companies that would be listed on the Fortune 500 were they independent (Heinz is the 1⁄2). That leaves 4901⁄2 fish in the sea. Our lines are out. 5
<<向上翻页向下翻页>>
©2008-现在 cucdc.com 高等教育资讯网 版权所有