(BRK.A), (BRK.B)
Owl Wire and Cable, a unit of Berkshire Hathaway’s Chicago-based Marmon Group, is set for a $1 million rehab of its Madison Street manufacturing plant in Rome, New York. The work will include a new roof, and repairs to walls, floors and columns.
Owl Wire and Cable produces a wide range of sizes and classes of wire and cable. The company employs about 45 people.
The building was previously owned by Rome Cable, which filed for bankruptcy in 2003.
About Owl Wire
Owl Wire and Cable was founded in 1954, and is a manufacturer of un-insulated copper wire and cable for a variety of end uses, including:
- Electrical and electronic wire and cable for energy-related markets servicing the oil, gas, nuclear, and wind energy markets.
- Low and medium voltage cables are provided to the appliance, building, mining, and industrial markets.
- Varied specialty cables utilized in aeronautical, high temperature, and marine markets.
- Transit, aerospace, defense, communication and other industrial applications. Uses include industrial power and instrumentation; aerial and underground utility distribution; and environments where exposure to harsh elements is anticipated.
The company has three facilities totaling more than 350,000 square feet of manufacturing space.
Corporate Headquarters and manufacturing are located in Canastota, New York, with manufacturing facilities also located in Rome and Boonville, New York.
Berkshire and Marmon
In 2007, Berkshire Hathaway acquired 60% of the Marmon Group for $4.5 billion from the Pritzker Family of Chicago. At the time, Marmon was made up of 125 manufacturing and service businesses that all operated independently within diverse business sectors.
Berkshire has gradually increased its stake in Marmon even as Marmon has grown, and in 2013 it bought the remaining 20% share owned by the Pritzker Family.
Today, Marmon Group has 160 independent manufacturing and service businesses and employs 17,000 people worldwide.
© 2015 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.