Wesco Financial information

Wesco Financial Corporation
Company type	Subsidiary
Industry	Insurance, Renting, Steel
Founded	1959; 65 years ago
Fate	Acquired by Berkshire Hathaway
Headquarters	301 East Colorado Boulevard, Pasadena, California, United States
Key people	Charlie Munger; (Former Chairman and CEO)
Revenue	US$12.236 billion (2020)
Operating income	US$347 million (2020)
Net income	US$70 million (2020)
Total assets	US$11.880 billion (2020)
Total equity	US$3336.389 million (2020)
Owner	Berkshire Hathaway
Number of employees	2291 (14 at KBS, 2100 at CORT, 172 at Precision Steel, 5 at Wesco) (as of 2010)
Website	www.wescofinancial.com

Wesco Financial Corporation was an American diversified financial corporation headquartered in Pasadena, California. Wesco was originally the holding company for Mutual Savings, a savings and loan association. Mutual Savings' thrift operations were sold to CenFed Bank in 1993.^[6] It was for a long time 80.1% owned by Blue Chip Stamps, which is now completely and fully owned by Berkshire Hathaway, which is controlled by legendary investor Warren Buffett. Charlie Munger, the vice-chairman of Berkshire Hathaway and Buffett's business partner, was CEO and chairman of Wesco from 1984 to 2011. Munger, formerly a practicing attorney, is known for his straight-shooting style and his conduct at the now discontinued Wesco shareholder meetings in Pasadena, where he used to interact with the outside investors at considerable length.^[7] In June 2011, Berkshire Hathaway acquired the approximately 20% of Wesco that it did not already own, making it a wholly owned subsidiary of that company.^[8]

Wesco Financial was previously likened to a miniature version of Berkshire Hathaway by certain observers, although Buffett and Munger cautioned investors that this was not an appropriate comparison. Like its parent company, Wesco provided insurance and reinsurance; it does so through subsidiaries Wesco-Financial Insurance Company and Kansas Bankers Surety. It also held shares in some of the same companies as Berkshire, like Coca-Cola, Kraft Foods, Procter & Gamble, and Wells Fargo. Controlling interests include CORT Business Services and Precision Steel Warehouse, which has steel service centers in Chicago and Charlotte, North Carolina.

^ "WESCO Revenue 2006-2021 | WCC".
^ "WESCO Operating Income 2006-2021 | WCC".
^ "WESCO Net Income 2006-2021 | WCC".
^ "WESCO Total Assets 2006-2021 | WCC".
^ "WESCO Balance Sheet 2005-2021 | WCC".
^ Cenfed on a roll as its rivals suffer in L.A. downturn^{[dead link]}
^ "Charlie Munger's Last Meeting".
^ "BERKSHIRE HATHAWAY AND WESCO FINANCIAL CORPORATION ANNOUNCE PER SHARE MERGER CONSIDERATION" (PDF). Archived from the original (PDF) on 2011-10-19. Retrieved 2023-10-29.

[1] "WESCO Revenue 2006-2021 | WCC".

[2] "WESCO Operating Income 2006-2021 | WCC".

[3] "WESCO Net Income 2006-2021 | WCC".

[4] "WESCO Total Assets 2006-2021 | WCC".

[5] "WESCO Balance Sheet 2005-2021 | WCC".

[6] Cenfed on a roll as its rivals suffer in L.A. downturn^{[dead link]}

[7] "Charlie Munger's Last Meeting".

[8] "BERKSHIRE HATHAWAY AND WESCO FINANCIAL CORPORATION ANNOUNCE PER SHARE MERGER CONSIDERATION" (PDF). Archived from the original (PDF) on 2011-10-19. Retrieved 2023-10-29.

Wesco Financial information

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