Hathaway Mills
Encyclopedia
New Bedford, Massachusetts
New Bedford is a city in Bristol County, Massachusetts, United States, located south of Boston, southeast of Providence, Rhode Island, and about east of Fall River. As of the 2010 census, the city had a total population of 95,072, making it the sixth-largest city in Massachusetts...
for the production of cotton textiles. Hathaway had been a China trader, profiting from whaling in the Pacific.
By 1917, the Hathaway Mills would grow to contain 108,000 ring and mule spindles
Spinning mule
The spinning mule was a machine used to spin cotton and other fibres in the mills of Lancashire and elsewhere from the late eighteenth to the early twentieth century. Mules were worked in pairs by a minder, with the help of two boys: the little piecer and the big or side piecer...
and 3,400 looms for the production of fine cotton goods, for which the humid seaside location of New Bedford
New Bedford
-Places:*New Bedford, Illinois*New Bedford, Massachusetts, the most populous New Bedford**New Bedford Whaling National Historical Park*New Bedford, New Jersey *New Bedford, Ohio*New Bedford, Pennsylvania...
was well suited.
In 1955, Hathaway merged with Berkshire Fine Spinning Associates
Berkshire Fine Spinning Associates
Berkshire Fine Spinning Associates was founded in 1889 as Berkshire Cotton Manufacturing Company in Adams, Massachusetts. By 1917 the company was capitalized at $2,500,000 and contained over 260,000 ring and mule spindles and 6,500 looms for the production of cotton textiles , making it one of the...
of Adams, Massachusetts
Adams, Massachusetts
Adams is a town in Berkshire County, Massachusetts, United States. It is part of the Pittsfield, Massachusetts Metropolitan Statistical Area. The population was 8,485 at the 2010 census.-History:...
, and became known as Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
.
By the 1960s, Berkshire Hathaway
Berkshire Hathaway
Berkshire Hathaway Inc. is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States, that oversees and manages a number of subsidiary companies. The company averaged an annual growth in book value of 20.3% to its shareholders for the last 44 years,...
had declined to seven plants and 6,000 employees, but still annually produced one quarter of a billion yards of material that sold for more than $60 million. The assets, and a sizable amount of cash on the balance sheet, caught the eye of Warren Buffett
Warren Buffett
Warren Edward Buffett is an American business magnate, investor, and philanthropist. He is widely regarded as one of the most successful investors in the world. Often introduced as "legendary investor, Warren Buffett", he is the primary shareholder, chairman and CEO of Berkshire Hathaway. He is...
, an up-and-coming but little-known investor from Omaha, Nebraska
Omaha, Nebraska
Omaha is the largest city in the state of Nebraska, United States, and is the county seat of Douglas County. It is located in the Midwestern United States on the Missouri River, about 20 miles north of the mouth of the Platte River...
.
Buffett, who had founded Buffett Partnership Limited to make investments, started buying stock in Berkshire at $7.60 a share. He eventually paid an average of $14.86 a share, or a total of $14 million, and took control of the company on May 10, 1965.
In 1985, the last textile operations were shut down. Today, the huge mills are occupied by a variety of small companies.