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Berkshire Hathaway Energy

CENACE Considers Joining Western Energy Imbalance Market

(BRK.A), (BRK.B)

Berkshire Hathaway Energy may soon be joined by Mexico grid operator CENACE in the western Energy Imbalance Market. CENACE has decided to explore EIM participation for Baja California Norte FOLSOM, California.

CENACE, a public agency, controls Mexico’s electric system and manages the wholesale electricity market as it transitions to a fully competitive market. The grid operator dispatched 68,044 megawatts of electricity in 2015 using more than 33,000 miles of high-voltage power transmission lines. Mexico energy policies mandate a renewables portfolio goal, including hydroelectricity, of 25 percent in 2018, 30 percent in 2021, and 35 percent by 2024.

As the western Energy Imbalance Market continues to yield proven benefits, the California Independent System Operator (ISO) and El Centro Nacional de Control de Energía (CENACE) announced that the Mexican electric system operator has agreed to explore participation of its Baja California Norte grid in the real-time market. CENACE and the ISO will begin a benefits assessment as well as enter into a cooperation agreement to support CENACE’s market implementation as directed by the clean energy memorandum of understanding between the Ministry of Energy of the United Mexican States and the State of California.

The MOU was signed by the Mexican Secretary General of Energy Pedro J. Coldwell and California Governor Edmund G. Brown Jr. in July 2014. The Baja California Norte region has two California grid connections — Otay Mesa and Imperial Valley (both also known as Path 45), but it is not connected to Baja California Sur or the Mexico mainland grid.

“CENACE’s Baja California Norte participation in the western EIM will enable it to benefit from the savings that a large geographic region can offer,” said Steve Berberich, ISO President and CEO. “Like our current EIM participants, we recognize that a successful energy future relies on regional collaboration to best plan and optimize resources, especially renewable power. We welcome CENACE’s interest and agreement to explore participating in the western EIM.”

CENACE General Director Eduardo Meraz agreed that participation in the western real-time market and the benefits realized so far by other participants is worthy of serious consideration. “Mexico has had a long, productive relationship with the ISO as we coordinate the management of our interconnected electricity grids,” Meraz said. “It is only logical for CENACE to carefully consider Baja California Norte’s participation in the western EIM, with its promises of lower-cost electricity and increased renewable integration.”

The ISO uses state-of-the-art technology to automatically match lower cost energy supply from across the West with demand every five minutes. This flexibility enables ISO grid operators to more efficiently use wind and solar resources from a wide geographic area where power output can change rapidly depending on wind speeds and cloud cover. The resource optimization occurs across the entire EIM footprint giving utilities new access to low cost generation. The cost and environmental benefits produced by the EIM to date have been positive.

Since it began operation with Berkshire Hathaway’s Oregon-based PacifiCorp in November 2014, the western EIM has realized more than $88 million in cost benefits. The real-time energy market also saved over 126,000 metric tons of carbon emissions by using excess renewable energy to offset fossil fuel generation that would have been needed to meet regional demand that otherwise would have been turned off to protect grid reliability.

The EIM currently operates in eight western U.S. states, including California, Oregon, Washington, Utah, Idaho, Wyoming, Arizona and Nevada.

Another Berkshire Hathaway utility, NV Energy of Las Vegas, entered the market in December 2015, while Arizona Public Service, based in Phoenix, and Puget Sound Energy of Washington began EIM participation on October 1.

Portland General Electric in Oregon is scheduled to enter in October 2017 followed by Idaho Power in April 2018.

© 2016 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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McLane

McLane Company Launches Center for Category Innovation

(BRK.A), (BRK.B)

McLane Company Inc., Berkshire Hathaway’s wholly-owned supply chain services company providing grocery and foodservice supply chain solutions, has launched the McLane Center for Category Innovation (CCI).

Formerly known as the Lab Store, McLane rebranded this exclusive value-add service as the Center for Category Innovation to reflect not only the facility’s physical presence as a hands-on retail store where customers can explore innovative new products, but to recognize the service’s in-depth data analytics, industry-leading category development expertise, dedicated manufacturer expertise and unbiased guidance focused on helping customers design a product mix and planograms to achieve overall category excellence and increase profits.

CCI has proven extremely beneficial for many McLane customers, more than 70 of which visit at least once annually, keeping the facility booked upwards of 250 days a year.

“McLane’s Center for Category Innovation sessions allow category-leading manufacturers, McLane and the retailer to collaborate and create a geographically relevant assortment that meets the needs of the consumer,” said Alan Tobin, senior manager for category strategy and insights at The Hershey Company. “By utilizing a combination of shopper insights, industry trends and market and retailer data, the very best planogram is built.”

CCI Senior Category Development Analyst Jennifer Hutto said having the right participants in the room serves as a check and balance between multiple data sources. Additionally, the collective breadth of industry experience is one of the leading reasons why the CCI has been so successful in helping customers increase sales. She added, “We discuss overall performance of the categories, contributing factors that are affecting success, where the category is headed and how we hope to help drive future success with our customers.”

Tom Thumb Food Stores was in the midst of a major rebranding effort focused on delivering “Fast, Fresh and Friendly” service and renovating their stores with new products and flavor profiles to improve profitability. Through CCI, the collaboration of Tom Thumb Food Stores, McLane’s category managers, supplier partners, IRI and exclusive analytical resources from McLane’s extensive data warehouse, the chain was able to customize unique planograms tailored specifically to each store’s zip code, offering them in-depth knowledge of what would sell to their unique consumer demographics. As result, total purchases have increased over a three-year period with double-digit sales growth in their snacks, grocery and HBW categories. Tom Thumb Food Stores now visits CCI on an annual basis.

Hutto concluded, “Another key advantage of working with McLane and the CCI is the depth of information resources. With one of the industry’s most robust data warehouses, the CCI utilizes an aggregated class of trade-specific data and compares these findings with multiple syndicated data sources so that customers can make data-driven decisions on product assortment.”

© 2016 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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Minority Stock Positions Stock Portfolio

BYD Announces Plant in Hungary to Build Pure Electric Buses and Trucks

(BRK.A), (BRK.B)

BYD, the fast growing supplier of pure electric buses to cities across Europe, has announced a €20 million investment in a bus assembly plant in the northern Hungarian city of Komárom.

The plant which will eventually employ up to 300 people and be capable of assembling up to 400 vehicles a year on two shifts. Initial output will be BYD’s world beating range of emissions free electric buses and fork lift trucks but the Hungarian subsidiary’s name – BYD Electric Bus & Truck Hungary Kft – hints at other ambitions.

The Hungarian plant will begin production in the first quarter of 2017. It will have its own R&D center and battery test facility.

Speaking at a ceremony at the Hungarian Ministry of Foreign Affairs and Trade in Budapest, Isbrand Ho, BYD Europe’s Managing Director, said: “Today’s announcement reinforces our company’s commitment to the European market. This is our first manufacturing facility but it won’t be our last – we are actively looking for other locations”.

He added: “We chose Hungary both because of its central location in Europe and its long tradition of engineering excellence and indeed bus making, as well as the very friendly welcome we have received from the authorities here”.

Mr. Peter Szijjártó, Minister of Foreign Affairs and Trade in Hungary welcomed BYD and pointed out Komárom is the only manufacturing plant outside China besides California and Brazil. He highlighted the fact that BYD was not just building a manufacturing plant but also opening a battery testing unit and R&D center.

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million is now worth roughly $1.77 billion.

For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.

© 2016 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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Insurance

Credit Ratings Upgraded for Berkshire Hathaway’s Insurance Companies

(BRK.A), (BRK.B)

A.M. Best has upgraded the Financial Strength Rating (FSR) to A++ (Superior) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to aa+ from a- of Mount Vernon Specialty Insurance Company and Radnor Specialty Insurance Company (both domiciled in Omaha, NE), strategic affiliates of United States Liability Insurance Company (USLI) (Wayne, PA) that are branded as Devon Park Specialty.

Concurrently, A.M. Best has affirmed the FSR of A++ (Superior) and the Long-Term ICRs of “aa+” of USLI and its subsidiaries: Mount Vernon Fire Insurance Company (MVF) (Wayne, PA) and U.S. Underwriters Insurance Company (USU) (Bismarck, ND). The outlook of these Credit Ratings (ratings) is stable.

According to A.M. Best, the ratings of the insurance operating companies reflect their superior risk-adjusted capital position, extended trends of underwriting and operating profitability, very strong market presence and conservative reserve positions. Additional favorable factors include a proactive claims management philosophy, exceptional diversification in their book of business as it regards limiting concentrations, commitment to customer service, and extensive employee training and retention programs that translate into a culture of success.

Furthermore, these ratings continue to benefit from implicit and explicit support provided to USLI and its subsidiaries by their ultimate parent, Berkshire Hathaway Inc.

This support, for some of the operating companies, is in the form of significant reinsurance treaties with National Indemnity Company, a Berkshire subsidiary. In addition to this agreement, Berkshire has established an extended track record of supporting its member companies.

These positive rating factors are partially offset by the above average investment leverage recorded by the group. A.M. Best also continues to monitor the organizational structure and market changes implemented at USLI as it regards the Devon Park Specialty branded companies.

© 2016 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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Insurance

Analysts Predict 5% Annual Growth Rate for Catastrophe Insurance Market

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Looking for a robust growth industry? Try catastrophe insurance.

Analysts at Technavio are forecasting that the global catastrophe insurance market will grow at a compound annual growth rate (CAGR) of more than 5% through 2020, according to their latest report.

Key companies in the catastrophe insurance market includes leaders such as Berkshire Hathaway, AIG, Allianz, and Lloyds.

In their newly released report, Technavio’s analysts highlighted the following three factors that are contributing to the growth of the global catastrophe insurance market:

• Catastrophe bond pricing and valuation strategies
• Regulatory support for public-private cooperation on building resilient infrastructure and better risk governance
• Climatic changes

Catastrophe bond pricing and valuation strategies

The insurance industry is considered a cyclical industry. Therefore, insurers are formulating different strategies to earn positive yields and generate cash flows during the forecast period. Such strategies should bring in stable earnings year-over-year for players in the insurance industry. Catastrophe bonds help the investors to earn good returns that are uncorrelated with the broader financial markets. It helps the portfolio managers in making more informed decisions in allocating the capital and by understanding the attributes of the pricing trends. The insurance company makes use of catastrophe bonds so that it can transfer insurance risk to the capital markets.

Amit Sharma, a lead research analyst at Technavio, says, “In the present market scenario, catastrophe bonds have evolved into valuable risk management and investment tools where there is incorporation of different elements from both the debt capital and reinsurance markets. Catastrophe bonds provide alternative means to capitalize reinsurance transactions.”

Regulatory support for public-private cooperation on building resilient infrastructure and better risk governance

Globally huge losses are incurred due to damages caused due to natural disasters. The role of government plays a very important role wherein it requires the government to develop a comprehensive disaster management framework. One of the popular disaster management frameworks is public-private partnership (PPP) model that has become a popular way for governments to engage private sector players in strengthening infrastructure (thereby increasing the quality and providing better value for money). PPP is considered as a strategic approach to minimize the negative impacts of disasters, particularly in the developing countries.

“Top insurance firms are expected to invest more in innovative products, distribution, and service strategies. The growing size and complexity of the economy have triggered an increase in the demand for insurance against various risks. This has deepened market penetration of insurance products and may boost demand for insurance products during the forecast period,” adds Amit.

Climatic changes

Climatic changes have occurred due to the various natural and manmade disasters. Therefore, the insurance company requires not only to focus on the historical data but also to have forward projections. Climate change has brought in extreme weather events, and therefore insurance companies need to understand the change in the frequency of the extreme weather condition. Therefore, the insurance companies, reinsurance companies, capital markets, and governments are making use of various catastrophe modeling technologies.

This helps them in understanding the risk selection process, underwriting the process, risk mitigation strategies, portfolio optimization, risk transfer mechanisms, reinsurance decision-making, portfolio pricing, reserving and rate making, capital setting and exposure and aggregate management.

© 2016 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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Berkadia

Berkadia Facilitates $78.5 Million Sale of Southern California Multifamily Property

(BRK.A), (BRK.B)

Berkadia has announced the recent sale of Oak Springs Ranch, a 312-unit multifamily property in Wildomar, California. Managing Directors Ed Rosen and John Chu and Directors Kyle Pinkalla and Erin Dammen of the San Diego team completed the $78.5 million sale, which closed on September 30.

The seller was Oak Springs Ranch, LLC, comprised of developer GLJ Partners and affiliates of Dallas-based Sarofim Realty Advisors. Oak Springs Ranch drew attention from both institutional and private capital, and was ultimately purchased by San Diego-based R&V Management Corporation.

“Oak Springs Ranch presented a great investment opportunity in a thriving market that has attracted a lot of attention over the past year due to strong job growth,” Rosen said. “In fact, the Inland Empire has hit its lowest unemployment rate since before the recession.”

The property, built in 2014, offers one-, two- and three-bedroom floor plans. Unit amenities include kitchens with quartz countertops and white European cabinetry, wood-style flooring, soaking tubs and walk-in showers, full-size washer and dryer units and central air and heat. Select units offer balconies and patios, gas fireplaces and garages. The community’s residents enjoy access to a fitness center, lounge, pools and spas, outdoor grilling and picnic areas and a 14-acre open space with a walking trail. Oak Springs Ranch also hosts a variety of community events throughout the year.

Located at 24055 Clinton Keith Road, Oak Springs Ranch provides quick access to major employment areas across the Inland Empire as well as Los Angeles, Orange and San Diego counties. The expanding job market and sustained apartment demand fueled a 6 percent annual increase in rents in the third quarter of 2015, making the Riverside metro area one of the top ten in the United States for rent growth.

About Berkadia

Founded in 2009 as a 50/50 joint venture between Berkshire Hathaway and Leucadia National Corporation, Berkadia is a third-party commercial mortgage servicer, as well as an approved lender for Fannie Mae, Freddie Mac, and HUD/FHA. The company was among the top Freddie Mac and Fannie Mae multifamily lenders for 2013.

Berkadia owes its origins to GMAC Commercial Mortgage Corporation, which was acquired in 2009 by Kohlberg Kravis Roberts & Co., Five Mile Capital Partners LLC, and Goldman Sachs Capital Partners. Christened Capmark Financial, the company had $10 billion of originations in 2008 and a servicing portfolio of more than $360 billion before running into bankruptcy in October 2009.

In a deal approved by the bankruptcy court, Capmark sold its mortgage loan and servicing to the newly formed Berkadia in a deal worth $515 million.
The deal brought Berkshire into the heart of the commercial loan serving business, and the company has one of the largest commercial real estate servicing portfolios.

© 2016 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
Berkshire Hathaway Specialty Insurance Insurance

Macau Latest Expansion for Berkshire Hathaway Specialty Insurance

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Berkshire Hathaway Specialty Insurance Company (BHSI) has received a license to provide insurance and reinsurance in Macau, and has filled key positions in its newly established Macau office.

“It is a very interesting time in Macau, with continued diversification of the territory’s economic profile,” said Marc Breuil, President, Asia, BHSI. “We are pleased to expand our Asian footprint and bring to Macau local knowledge and expertise along with BHSI’s unique balance sheet and financial strength.”

Beginning immediately, BHSI Macau will be providing commercial property, energy, construction, terrorism, casualty, executive and professional lines, surety, accident and health, and marine insurance.

The addition of the Macau office expands BHSI’s regional presence in Asia, which already includes the insurance hubs in Hong Kong and Singapore.

The company named Yasmin Chan as Branch Manager, and Ivory Chong as Underwriting Manager, in Macau. Yasmin comes to BHSI with 20 years of experience in the Macau insurance and reinsurance market. She holds a Bachelor in Business Administration degree from the University of Macau.

Ivory joins BHSI with more than 15 years of industry experience, including more than a decade in the Macau market. She holds a Bachelor of Science degree in Economic Law from Shanghai Jiao Tong University.

© 2016 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
Minority Stock Positions Stock Portfolio

No More Sweet Mars Dividends for Buffett

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The days of MARS Bars as the candy of choice for Warren Buffett’s sweet tooth look to be over. While he’s still drinking Coca Cola, he won’t be munching on any more of Mars Inc.’s dividends.

Mars Inc. has announced it is acquiring Berkshire Hathaway’s minority stake that the company acquired in 2008 during the Great Recession. At the time, Buffett invested $2.1 billion for preferred stock and another $4.4 billion for corporate bonds to help finance Mars Inc.’s acquisition of the Wm. Wrigley Jr. Co.

Mars repurchased the bonds in 2013 at 115.45% of their face value, but the preferred stock has continued to pay 5% annual dividends to Berkshire.

Back in 2013, The Wall Street Journal estimated that Berkshire was on track to make as much as $680 million in profit from the deal.

© 2016 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
Minority Stock Positions Stock Portfolio

BYD Launching World’s First Pure Electric Sanitation Truck Lineup

(BRK.A), (BRK.B)

Garbage may make you hold your nose, but that doesn’t mean the garbage truck has to.

BYD Company Ltd. and the Beijing Environmental Sanitation Engineering Group Ltd., are planning the world’s first pure electric sanitation truck lineup – a total of 26 different models – to serve the Beijing’s administration. The Beijing Environmental Sanitation Engineering Group is expected to replace 45% of its current diesel fleet for pure electric vehicles before the end of this year, and 100% of the fleet is to be switched to pure electric within 2017.

BYD’s pure electric sanitation truck lineup

With large-scale and comprehensive capabilities, the Beijing Environmental Sanitation Engineering Group is the most important sanitation company in Beijing. It is dedicated to providing a broad range of services comprising street sweeping, solid waste transportation and processing, water and air pollution management, consulting and design, vehicle manufacturing, investment and financing, and mining resources development.

The company covers the whole industry chain and is one of the most integrated companies in the environment sanitation industry in China.

The 26 models of pure electric trucks – with load capacities ranging from 1 to 32 tons – will be used as sweeping, garbage, and sprinkling trucks, carrying out multiple tasks including sweeping, collecting, compressing and transporting waste, as well as refrigerated transportation for hazardous waste. The truck lineup will cover all operational processes including collection, transportation and disposal. Amongst the trucks many advantages are low noise, zero emission, efficiency, long driving ranges, and life-time batteries.

Additionally to the BYD cutting-edge Iron-Phosphate Battery, the lineup is equipped with several other BYD core technologies. For example, the electric integrated axle assembly technology, which smartly combines the driving motor with the automatic gearbox and drive axle, largely improving transmission efficiency. At the same time, the integrated technology saves extra room for more batteries.

Another important technology is the use of the independent electric motor to control the fan, and water and fuel pumps. Additionally, an innovative design completely integrates the control systems for both the vehicle’s superstructure and chassis.

Another technology is the CAN (Controller Area Network) system, which further improves the vehicle’s reliability. The vehicle body is made of lightweight aluminum alloy which decreases the weight and extends both driving range and life span. The truck is equipped with cameras that grant a 360° view, so that the driver can monitor the whole operational process. The truck features GPS, which renders the vehicle traceable in case of emergency. Furthermore, with its Vehicle to Vehicle (V2V) feature, the truck can be used as a charging unit to serve other trucks in need of charging. Moreover, the issue of “range anxiety” is tackled because the vehicles can be fully charged in 2 to 3 hours for a driving range up to 400 km or 8 hours’ heavy-duty operation.

Diesel powered trucks have emitted gargantuan amounts of hazardous waste gases in the past years. On February 24, 2016, the State Council demanded that larger fleets of electric sanitation and logistics trucks be adopted, but BYD and the Beijing Environmental Sanitation Engineering Group had already taken action – after setting up a joint venture dedicated to manufacturing pure electric sanitation trucks in August 2015.

Additionally to the unquestionable environmental benefits, the truck’s economic benefits are obvious as well: the operational cost of an 8-ton pure electric loading truck is almost half of that of its diesel counterpart.

BYD and Berkshire Hathaway

In 2008, Berkshire Hathaway bet on BYD’s potential, purchasing 225 million shares. It’s an investment that has paid off handsomely. Berkshire’s original investment of $230 million is now worth roughly $1.77 billion.

For More on BYD, read the Special Report: BYD, Berkshire’s Tesla.

© 2016 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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Marmon Group

Berkshire Hathaway’s TE Wire & Cable Licenses Ground-breaking Thermocouple Cable Technology

(BRK.A), (BRK.B)

Berkshire Hathaway’s TE Wire & Cable LLC, a leading thermocouple and specialty wire and cable manufacturer, today announced the completion of a licensing agreement with Cambridge Enterprise for a ground-breaking thermocouple cable technology developed by researchers in the Department of Materials Science and Metallurgy at the University of Cambridge. This dual wall, low-drift type K and type N mineral insulated (MI) thermocouple cable design was developed to improve temperature measurement accuracy, extend thermocouple life and significantly enhance drift characteristics.

The new cable design was developed for high temperature thermocouple applications and thermocouple installations that require longer use at higher temperatures. The technology will be of particular interest to those involved in aerospace/aircraft manufacturing for measuring jet engine temperatures and for processing applications like heat treatment.

Robert Canny, President of TE Wire & Cable, notes, “Even though this is a completely new technology for us, TE Wire is well positioned to promote it to our customers and corresponding applications. Our depth of application knowledge and industry ties in heat treatment and the aerospace world will allow us to refine this technology in cooperation with forward-thinking customers.”

The processes underlying this new technology are outlined in a paper titled “Development of a Low Drift Type K Thermocouple Cable for Aerospace Applications.” The paper is co-authored by Dr. Michele Scervini, a research scientist at The University of Cambridge in the Department of Materials Science and Metallurgy, and Trevor D. Ford, chief metrologist and technical director at CCPI Europe Limited, the company that performed independent testing in its calibration laboratory on the new low-drift mineral insulated thermocouple.

TE Wire & Cable LLC is a Marmon Wire & Cable/Berkshire Hathaway Company, and is a premier thermocouple and specialty wire and cable manufacturer that was formed from the Wire and Cable Division of the Thermo Electric Corporation.

© 2016 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.