Billionaire Charles Munger, a director at Costco Wholesale Corp., has likened the company’s focus on expenses to a pious obligation and said the retailer does more to advance society than some large philanthropies. His ties with Costco were no help Thursday to American Express Co., the credit-card lender that’s one of the largest holdings of Warren Buffett’s Berkshire Hathaway Inc., where Munger is vice chairman. AmEx said its relationship with Issaquah, Washington-based Costco in the U.S. will end next year.
Lubrizol Corp. acquires Brazil-based coatings technology manufacturer (Crain's Cleveland Business)
Specialty chemicals company Lubrizol Corp. of Wickliffe said it has acquired a Brazilian company that makes coatings technology for products used in decorative paints, textiles, cement, elastomeric coatings and paper coatings. Terms of the purchase of the company, EcoQuimica Industria e Comercio Produtos Quimica Ltda., were not disclosed. EcoQuimica, headquartered in Paulínia, a municipality in the state of São Paulo, “will expand Lubrizol`s performance coatings footprint in the Latin America marketplace,” according to a news release.
Warren Buffett buys a stake in Rupert Murdoch's 21st Century Fox (Fortune)
In a quarterly filing with the Securities and Exchange Commission Tuesday, Berkshire revealed that it bought 4.7 million shares of the Rupert Murdoch-run company during the fourth quarter. The company was formed as the result of the 2013 split of News Corp.’s publishing and mass media businesses and, last year, Murdoch used it to make an unsuccessful run at buying rival Time Warner. Berkshire’s addition of the Fox stake follows last year’s investment in cable television provider Charter Communications.
Berkshire Sells ExxonMobil Stake: Did Warren Buffett Give Up on Big Oil? (Fool)
So here we are today; Berkshire's latest quarterly 13F statement is out, and its entire 41-plus million share stake -- worth roughly $3.7 billion -- in ExxonMobil is absent, indicating Berkshire sold out last quarter. That's less than two years after the company acquired almost the entire position in summer 2013.
Johns Manville Announces Major Upgrade to U.S. Nonwoven Glass Mat Production Facility (MarketWatch)
Johns Manville (JM), a global materials manufacturer and Berkshire Hathaway company, today announced a significant upgrade to its nonwoven glass mat production plant in Waterville, Ohio. Beginning in late 2015, JM will upgrade an existing nonwoven mat line with advanced manufacturing technology that will allow the company to better serve customers in growing segments of the global specialty glass mat market. JM anticipates the upgraded production line will be fully operational in early 2016. JM is the largest producer of specialty glass mat in North America and is an internationally recognized technology and quality leader. The company’s glass nonwoven products are used in a wide range of residential and commercial building as well as specialty industrial applications, including roofing shingles, carpet tile, vinyl flooring, office panels, ceiling tile, duct liner, exterior sheathing and energy storage.
Warren Buffett to speak at Nebraska Furniture Mart’s new store near Dallas (Omaha World-Herald)
Warren Buffett will be the guest speaker at a fundraiser April 8 at the Nebraska Furniture Mart’s new store north of Dallas. Buffett’s Berkshire Hathaway Inc. is the majority owner of the Omaha-based furniture retailer, which will raise money for the Cancer Support Community North Texas. The nonprofit organization provides free emotional and social support for cancer patients and their families in the Dallas-Fort Worth area. The Mart has not announced an opening date for the new store, its largest yet.
The ‘quiet’ Buffett sibling finds reason to make $100 million splash (Omaha World-Herald)
“Warren’s so famous, and my sister is kind of famous, too,” Roberta “Bertie” Buffett Elliott said. “I’m kind of the quiet one, but this was really exciting. I’m very happy.” Northwestern University’s international studies faculty and students are happy, too, because she gave $100 million to her alma mater, the largest donation in the university’s history. Older brother Warren is known worldwide as chairman and CEO of Berkshire Hathaway Inc., the Omaha-based conglomerate. Older sister Doris has attracted headlines by giving her fortune away through her Sunshine Lady Foundation.
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