Marmon Revenue Tops $247 Million
Marmon Revenue Tops $247 Million
Jason Sandefur
Fresh off a $4.5 billion deal to acquire a 60% stake in the Marmon Group, Warren Buffet’s Berkshire Hathaway reported a 77% drop in earnings to $1.06 billion during the third quarter of 2008, hurt by declining insurance profits and a $1 billion investment loss. Revenue during Q3 declined 6.6% to $27.9 billion. Marmon added $247 million in pretax earnings during Q3.
In March Berkshire paid $4.5 billion for a majority stake in Marmon, with the remaining 40% to be acquired through staged acquisitions over the next five to six years. The deal reportedly represents Buffet’s largest acquisition outside the insurance industry.
Marmon fastener holdings include manufacturers Pan American Screw of Conover, NC; Robertson Inc. of Milton, Ontario, Canada; Nylok Corp. of Macomb, MI; Specialty Bolt & Stud Inc. of Milton, Ontario, Canada; Deerwood Fasteners International in Conover; Atlas Bolt & Screw Co. of Ashland, OH; and fastener distributor SureDrive Inc. of San Francisco.
Marmon is a $7 billion international association of more than 125 manufacturing and service businesses that operate independently within diverse business sectors, including industrial fasteners, safety products and metal fabrication. Member companies employ approximately 21,000 people and operate more than 250 facilities around the world. Web: marmon.com �2008 FastenerNews.com
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