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Wesco Financial
From Wikipedia, the free encyclopedia
| Wesco Financial Corporation | |
|---|---|
 |
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| Type | Public (AMEX: WSC) |
| Founded | 1959 |
| Headquarters | Pasadena, California |
| Key people | Charles T. Munger, Chairman of the Board Robert H. Bird, President Jeffrey L. Jacobson, VP & CFO |
| Industry | Insurance,Furniture Rental,Steel |
| Revenue |  $888.30 million USD (FY 2005) |
| Owner | Berkshire Hathaway |
| Employees | 2473 (17 at KBS, 2250 at CORT, 200 at Precision Steel, 6 at Wesco) (as of 2004) |
| Website | www.wescofinancial.com |
Wesco Financial Corporation (AMEX: WSC) is a diversified financial corporation headquartered in Pasadena, California.
Wesco was originally a savings and loan association. It is an 80.1%-owned subsidiary of Berkshire Hathaway, which is controlled by legendary investor Warren Buffett. Wesco is chaired by Charlie Munger, who is also vice-chairman of Berkshire Hathaway and the man that Buffett has often publicly referred to as his "partner". Munger, formerly a practicing attorney, is known for his straight-shooting style and his conduct at the annual Wesco shareholder meetings in Pasadena, where he often interacts with the outside investors at considerable length.
Wesco does business in three major categories; insurance, furniture rental, and steel service. The following wholly owned subsidiaries handle most of Wesco's business:
- Wesco-Financial Insurance
- Kansas Bankers Surety.
- CORT Business Services Corporation, furniture rental.
- Precision Steel Warehouse, Inc., a chain of steel service centers.
- MS Property Company, which owns commercial real estate in Pasadena.
Wesco is not a direct subsidiary of Berkshire Hathaway. Instead, it is 80.1% owned by Blue Chip Stamps, which is wholly owned by Berkshire Hathaway.
- WESCO International Incorporated (no relation to Wesco Financial)