| April 30
April 30 Berkshire Hathaway Inc's
energy unit has changed its name to Berkshire Hathaway Energy
from MidAmerican Energy Holdings Co, the largest of a growing
list of businesses to adopt the name of the company run by
billionaire Warren Buffett.
The change "reflects the benefits we gain from Berkshire
Hathaway's ownership, particularly our ability to reinvest in
our businesses and take a long-term view of our customers'
needs," Greg Abel, the unit's chief executive, said in a
statement on Wednesday.
MidAmerican's new name also reflects a recent trend in which
the company Buffett took over in 1965, when it was a failing
textile maker, sees its name planted on an array of units.
Berkshire ranks fourth in Fortune magazine's list of the
world's most admired companies.
"MidAmerican doesn't mean much to anybody. Berkshire does,"
said Andy Kilpatrick, who last week released a revised version
of his book, "Of Permanent Value: The Story of Warren Buffett."
"Having a recognized brand name could be a door opener for
bringing in business."
In October 2012, a real estate brokerage owned by
MidAmerican created the Berkshire Hathaway HomeServices brand,
putting the Berkshire name on "For Sale" signs around the
Eight months later, the parent launched a new commercial
property casualty insurance unit called Berkshire Hathaway
Specialty Insurance. Berkshire's array of more than 70
newspapers, mostly acquired recently and including its hometown
Omaha World-Herald, falls under its BH Media Group Inc umbrella.
Berkshire still has many recognizable brands among the more
than 80 businesses it owns, including Benjamin Moore paint,
Dairy Queen ice cream, Fruit of the Loom underwear and Geico
In 2013, MidAmerican posted a $1.64 billion profit on
revenue of $12.74 billion, and Berkshire's 89.8 percent stake
contributed nearly 8 percent of the parent's overall profit.
Berkshire had taken an initial 76 percent stake in 2000.
Berkshire Hathaway Energy is based in Des Moines, Iowa, has
about $70 billion of assets and serves 8.4 million customers.
Its subsidiaries, including Oregon-based PacifiCorp and the
Nevada-based NV Energy utility, for which MidAmerican paid $5.6
billion last year, will keep their names and continue to be run
Berkshire will hold its annual shareholder meeting on
Saturday in Omaha.
(Reporting by Jonathan Stempel in New York; Editing by Bernard