Berkshire Hathaway Inc.
Berkshire Hathaway was incorporated in 1889 as Berkshire Cotton Manufacturing, and eventually grew to become one of New England's biggest textile producers, accounting for 25% of the United States'cotton textile production. In 1955, Berkshire merged with Hathaway Manufacturing and began a secular decline due to inflation, technological change, and intensifying competition from foreign competitors. In 1965, Buffett and some partners acquired control of Berkshire Hathaway, believing that its financial decline could be reversed.