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Kraft Heinz

Kraft Heinz Appoints Carlos Abrams-Rivera As New U.S. Zone President

(BRK.A), (BRK.B)

As The Kraft Heinz Company continues to rebuild its business momentum with a focus on driving business growth through consumer-first marketing, innovation and people development, CEO Miguel Patricio today announced that Carlos Abrams-Rivera will join his Senior Leadership Team as the new U.S. Zone President.

Effective Feb. 3, 2020, Abrams-Rivera will lead all U.S. business operations, the company’s largest business.

Since officially stepping into the CEO role in July 2019, Patricio also has served as interim President of the U.S. Zone, in addition to his global duties.

“The U.S. represents the majority of our company’s overall business, so this is an enormously important role. I have every confidence that Carlos is the visionary leader we need to drive the U.S. business forward at this moment of transformation,” said Patricio. “Carlos has successfully implemented a strategic approach to reinvigorating brands and has a strong track record of growing businesses with a consumer-first focus to consistently drive strong business results.”

“I am honored to step into the role of U.S. Zone President and look forward to working closely with Miguel and the strong, capable senior leaders he’s assembled at Kraft Heinz,” said Abrams-Rivera. “I’m also very excited to bring my consumer insights passion to drive growth for so many world-class brands, many of which are already very familiar to me.”

A native of Puerto Rico, Abrams-Rivera, 52, will join the company after a successful career spanning more than two decades at companies including Campbell Soup Company, Mondelēz International, and Kraft Foods.

Abrams-Rivera joined Campbell in 2015 and most recently served as Executive Vice President and President, Campbell Snacks, a new division that represents nearly 50 percent of Campbell’s annual sales.

Previously, Abrams-Rivera was President of Campbell’s Pepperidge Farm subsidiary, where he improved the results of this iconic business, driving consistent profitable growth.
His roles at Mondelēz International from 2012-2015 included President of Gum & Candy for Mondelēz Latin America; President, Mondelēz Mexico; Senior Vice President, Global Beverages; and Senior Vice President, Marketing and Strategy for Developing Markets.

Abrams-Rivera began his career at Kraft Foods and held numerous roles from 1998 to 2012, including Senior Vice President, Marketing and Strategy for Developing Markets; Vice President, Nabisco Savory Snacks; and Vice President, Global Biscuits Brands. He also led the development of iconic brands in Cheese, Enhancers, Frozen Pizza, and Oscar Mayer businesses.

© 2020 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.

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Berkshire Hathaway Specialty Insurance Insurance

Berkshire Hathaway Specialty Insurance Names Hilary Browne Country Manager, Ireland & Head of Casualty, UK & Europe

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Berkshire Hathaway Specialty Insurance has named Hilary Browne to the dual role of Country Manager for Ireland and Head of Casualty for UK and Europe.

“Hilary’s excellent technical underwriting and leadership skills make her a stellar addition to our European team,” said Chris Colahan, President, UK & Europe. “Our customers and brokers are in good hands with Hilary providing our insurance and services with the certainty of BHSI’s long-term commitment and financial strength.”

Hilary comes to BHSI with nearly 20 years of European market experience. She has held numerous insurance underwriting and leadership roles in the UK and Ireland and was most recently Head of International Casualty at AIG.

BHSI’s Casualty offering across UK & Europe includes, Public & Products Liability, Employers Liability, Excess Casualty, Construction Liability, Energy and Environmental Impairment Liability (EIL).

Hilary is based in BHSI’s office in Dublin.

© 2020 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.

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Nebraska Furniture Mart

Berkshire’s Grandscape Adding Multi-Attraction Entertainment Center

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A 1770-foot, multi-level kart racing circuit is coming to Berkshire Hathaway’s Grandscape, The Colony, North Dallas as a part of the opening of the newest location of Andretti Indoor Karting & Games.

At the heart of the experience is kart racing. A large, professionally-designed track, will run over three levels and feature banked semi-ovals, dive under, fly over, spiral ramps, exhilaratingly long straights any many more. The three-elevation change with the highest point on 42,65 ft will guarantee an ultimate driving experience.

The Grandscape location will include other attractions such as arcade games, ropes course, racing simulators with VR technology, a two-level laser tag arena, and boutique bowling.

The attraction is scheduled to open in March 2020.

Andretti Indoor Karting and Games was founded in 2001 in Orlando, Florida, and has four locations: one in Orlando, Florida, two in Georgia in Marietta and Roswell, and one in San Antonio, Texas.

© 2019 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.

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Berkshire Hathaway Energy

Massive Nevada Solar Farm Will Set Record for Battery Storage

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The sad fact that solar farms don’t work at night is their major drawback. However, that problem is getting ever closer to being solved.

A newly approved 690-megawatt solar electric farm to be built near Las Vegas, Nevada, will set a record for paired battery storage.

The Gemini Solar Project will have the ability to shift electricity produced when the sun is shining to evening hours.

The project, once installed at full capacity, will be the largest solar photovoltaic project in the State of Nevada. The project site is located approximately 25 miles northeast of the Las Vegas metropolitan area, immediately south of the Moapa River Indian Reservation in an unincorporated area of Clark County, Nevada.

The solar farm will bring enough power to Las Vegas to power 400,000 homes, and its planned 380-megawatt battery array with roughly 1.5 gigawatt-hours of storage capacity will enable at least four hours of energy storage.

The Gemini Solar Project is the first to be approved for construction on public land since 2018.

© 2020 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.

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Berkshire Hathaway Energy

Trump Administration Approves Massive Solar Farm on Federal Land

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A 690-megawatt solar electric farm has received federal approval to be built on federal land near Las Vegas, Nevada.

The Gemini Solar Project, once installed at full capacity, will be the largest solar photovoltaic project in the State of Nevada.

The project site is located approximately 25 miles northeast of the Las Vegas metropolitan area, immediately south of the Moapa River Indian Reservation in an unincorporated area of Clark County, Nevada.

The NV Energy Crystal Substation and an NV Energy high-voltage transmission line are located less than four miles to the west, and will bring enough electricity to Las Vegas to power 400,000 homes.

The solar project is the first to be approved for construction on public land since 2018.

© 2020 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.

Categories
Expansion Precision Castparts

Precision Castparts to Build $128 Million Innovation Center in Mason, Ohio

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After a global search, Precision Castparts Corp. has announced a new Mason, Ohio, campus to house a concept research and development integration center for its PCC Aerostructures division and a manufacturing innovation center for its SPS Technologies business.

PCC’s campus will anchor the US Route 42 entrance of the new Mason R&D Park East, where they will invest $128 million in two facilities on 31 acres. The new campus is expected to bring 190 new employees to the city.

The site in Mason’s new 400-acre R&D Park was, in part, selected for its connectivity to complementary aerospace clients and partners along Innovation Way and southwest Ohio.

“We were really impressed with the strong industry partnerships Mason has established in the business community, as well as the state and local collaboration. This is exactly the type of environment we were seeking,” said Blake Ray, Vice President of Advanced Manufacturing at PCC.

“It was really important for us to test this new integration model in an environment where we were in close proximity to vendors and diverse engineering firms, which strengthen the talent pool,” Mark Gancevich, VP of Technology & Innovation for PCC Aerostructures.

PCC is one of the largest build-to-print manufacturers of complex structural and mechanical assemblies in the aerospace industry. With few exceptions, every aircraft in the sky flies with parts made by PCC. The new Mason engineering campus is designed to create innovative concepts in vertical integration and seamless process improvement.

“We are honored PCC and SPS chose to locate in Mason,” said City of Mason Mayor Kathy Grossman. “This announcement is a continued reinforcement of the strong economic position of our city and a reflection of our positive partnership with JobsOhio, REDI and Mason City Schools. We look forward to helping these innovative technology companies grow here.”

“We are fortunate to have a strong, progressive partnership with Mason City Schools, who work seamlessly with our team to support thoughtful economic growth in the city,” said Mason City Manager Eric Hansen. “They are a critical part of our economic development success, which ultimately benefits Mason taxpayers through a reduced share of the tax burden.”

“We have the highest concentrations of aerospace talent in the country, which played a major part in bringing the largest capital investment from an aerospace company to our region so far this year,” said Kimm Lauterbach, President and CEO, REDI Cincinnati. “Seeing complex projects like PCC’s come to fruition for Mason and the Cincinnati region reinforces the fact we have the right people and partnerships in place to help businesses achieve their goals and set their sights on continued growth.”

The State of Ohio, JobsOhio, and Mason City Council each approved incentive packages for the new PCC Campus investment. Mason City Council approved an ordinance authorizing an economic agreement with the company for an incentive package to include a Community Reinvestment Area (CRA) Tax Abatement, Mason Port Authority Infrastructure and Wellness Incentives, which will bring 190 jobs within four years with a $14.55 million payroll and overall investment of $128 million. In addition, the State of Ohio approved a Jobs Creation Tax Credit, and JobsOhio plans to offer assistance, which will be made public after a final agreement is executed.

© 2019 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.

Categories
Expansion Pilot Flying J

Pilot Flying J Opens 26th California Travel Stop

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Pilot Flying J has opened a Flying J Travel Center in Jurupa Valley, California.

The new facility at 11053 Riverside Drive will be Pilot Flying J’s 26th location in California, including travel centers and dealer locations. It is expected to contribute $5.1 million annually in state and local tax revenues.

The Flying J Travel Center features full amenities for area residents and the traveling public, while adding approximately 50 local jobs and other economic benefits to the community.

“We’re committed to making a better day for people living, working and traveling through Jurupa Valley county and across the nation,” said Ken Parent, president of Pilot Flying J. “We continue to invest in new locations to bring convenience, quality, great food and amenities to those who are traveling the roadways.”

To celebrate the grand opening, the company is donating $5,000 to benefit the Jurupa Unified School District career technical education programs.

“Pilot Flying J is honored to be a part of the Jurupa Valley community and to contribute to the local school district,” said Jason Herriott, travel center general manager for Pilot Flying J. “Our friendly team members look forward to serving our guests and providing a clean, all-in-one fuel stop with a variety of food, drinks, supplies and amenities.”

This Flying J Travel Center offers many amenities, including:

• 16 gasoline fueling positions and 12 diesel lanes with high-speed pumps for quicker refueling
• Fresh-made pizza and grab-and-go food offerings prepared on site daily, including salads, sandwiches, burgers, fruit cups and an array of hot and cold snacks
• Pilot’s Best Gourmet Coffees, including bean-to-cup selections and cold brew
• Cinnabon
• Wendy’s with drive-through
• Nine showers
• 107 truck parking spots and 22 bobtail parking spots
• Two ATMs
• Western Union
• Everyday products for quick shopping needs

Headquartered in Knoxville, Tenn., Pilot Flying J has a network of more than 900 retail and fueling locations in 44 states and six Canadian provinces, 35 Truck Care service centers with roadside assistance, 44 Goodyear Commercial Tire and Service Centers, and 34 Boss Shops.

The Pilot Flying J network provides drivers with access to more than 73,000 parking spaces for trucks with Prime Parking at more than 400 locations, 5,200 deluxe showers and more than 6,200 diesel lanes with 5,200 offering Diesel Exhaust Fluid (DEF) at the pump.

© 2019 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.

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Nebraska Furniture Mart

Nebraska Furniture Mart Updates Branding with Streamlined Logo

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When your highest volume store is a 9-hour drive from Omaha, Nebraska, it makes sense that Nebraska Furniture Mart would look at its branding.

Much like how Kentucky Fried Chicken evolved into KFC, in order to reflect that it had more than fried chicken, Berkshire Hathaway’s Nebraska Furniture Mart is streamlining its logo branding to NFM.

After all, it’s 658 miles from Omaha, Nebraska to Dallas, Texas, and a store named for a faraway state may not resonate as much in Texas.

“It’s not an official name change, just a logo update, Nebraska Furniture Mart spokesman Andy Shefsky told the Dallas Morning News. “We sell a lot more than just furniture, and we’re in a lot more than just Nebraska,” he said. “It’s simply modernizing, reflective of who we are as a company, but not forgetting that Nebraska is our everything.”

The Dallas store will see its Nebraska Furniture Mart exterior signage replaced with NFM sometime in the spring of 2020.

© 2019 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.

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GEICO Insurance Todd Combs and Ted Weschler

Berkshire Hathaway’s Todd Combs to Become Head of GEICO

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Berkshire Hathaway’s portfolio manager Todd Combs will be taking over the helm at GEICO as of next week. Current president and CEO Bill Roberts will move to vice chairman.

Roberts began his career with GEICO in 1984 as an officer in the Marketing department. Over his 35-year career, he has helped lead GEICO to become the second largest auto insurance company in the U.S. Roberts will become vice chairman of GEICO effective January 1, 2020.

Roberts has announced that he will retire from GEICO in December 2020.

“Bill told Ajit Jain, vice chairman of Berkshire Hathaway, and I in early November he was about to turn 70 and finishing up his 35th year with GEICO, and that he intended to retire at the end of 2020,” said Tony Nicely, GEICO’s executive chairman. “Bill has done an outstanding job leading and growing GEICO throughout his career. Our results throughout his career have been excellent and our culture is strong. He has put in place a strong plan for the coming year.”

“Todd has a strong career in insurance,” said Ajit Jain. “He initially worked at Progressive Insurance Company before going to graduate school to begin an investing career.”

Since 2010, Combs has been an investment manager at Berkshire Hathaway, and in addition to becoming GEICO’s CEO, Combs will continue to manage $14 billion of investments for Berkshire Hathaway.

“I am looking forward to taking on the responsibilities of CEO at GEICO,” said Combs. “They have a strong senior management team, a great organization of 40,000 employees, a great brand, and are a very successful insurance company.”

Combs will assume his position as GEICO’s CEO effective January 1, 2020.

© 2019 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.

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CORT

CORT adds Vice President of Business Strategy

(BRK.A), (BRK.B)

Berkshire Hathaway’s furniture rental company, CORT, has announced that J.T. Marcum has joined the furniture rental company as Vice President of Business Strategy.

Marcum will be relocating from Dallas, Texas, to CORT’s headquarters in Chantilly, Virginia, where he will report directly to CORT’s Chief Operating Officer Mike Davis.

“We are thrilled to have J.T. as part of the CORT leadership team,” said Davis. “J.T. brings great perspective and insight during a time of rapid change in Logistics and Last Mile services. His ability to push innovative customer solutions and question the status quo are just a few reasons we hired him. He has a proven track record of success in creating and leading teams, and we look forward to leveraging his fresh thinking at CORT.”

Marcum brings close to 15 years of experience in developing new business units and pursuing untapped revenue segments. Prior to joining CORT, Marcum was the Vice President of Account Management at Lineage Logistics headquartered in Novi, MI. In his new role, Marcum will focus on new adaption of CORT’s current business offerings and support corporate operations strategy. By integrating CORT’s warehousing, transportation, fulfillment and distribution processes with the latest innovations, Marcum aims to help these teams think about new ways of doing business to solve customers’ logistics and supply chain issues.

“I am thrilled to join CORT and work with the leader in furniture rental,” said Marcum. “Using our networks and capabilities as they exist today to help customers solve real business problems will be my core focus. I am excited to develop and launch new programs while reimagining existing service offerings to help CORT stay relevant and evolve as a business to meet customer demands so we can continue to lead the industry for decades to come.”

© 2019 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.