- Hathaway Mills
In 1888, Horatio Hathaway, founded the Hathaway Manufacturing Company at
New Bedford, Massachusetts for the production of cotton textiles. Hathaway had been a China trader, profiting from whaling in the Pacific.By 1919, the Hathaway Mills would grow to contain 108,000 ring and mule spindles and 3,400 looms [Official American Textile Directory, 1917, Bragdon, Lord & Nagle Co., New York, publishers] for the production of fine cotton goods, for which the humid seaside location of
New Bedford was well suited for.In 1955, Hathaway merged with
Berkshire Fine Spinning Associates ofAdams, Massachusetts , and became known as Berkshire Hathaway.By the 1960s, the
Berkshire Hathaway had declined to seven plants and 6,000 people, but still annually produced one quarter of a billion yards of material that sold for more than $60 million. The assets, and a sizable amount of cash on the balance sheet, caught the eye ofWarren Buffett , an up-and-coming but little-known investor fromOmaha, Nebraska .Buffett, who had founded Buffett Partnership Limited to make investments, started buying stock in Berkshire at $7.60 a share. He eventually paid an average of $14.86 a share, or a total of $14 million, and took control of the company on May 10, 1965. [ [http://www.projo.com/business/johnkostrzewa/projo_20060709_jk0709.13efc99.html Providence Journal Article July 10, 2006] ] In 1985, the last textile operations were shut down. Today, the huge mills are occupied by a variety of small companies.
References
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