伯克希尔哈撒韦 世界最高的股价 却很便宜（中）
5、能源
伯克希尔公司的能源业务主要体现在伯克希尔哈撒韦能源公司；
【Berkshire Hathaway Energy】
BHE is a global energy company with subsidiaries that generate, transmit, store, distribute and supply energy.
伯克希尔哈撒韦能源公司是一家全球性能源公司，其子公司负责能源的生产、传输、储存、分配和供应。
BHE employs approximately 23,000 people in connection with its various operations.
伯克希尔哈撒韦能源公司在其各项业务中雇佣了约23000名员工。
BHE’s energy properties consist of the physical assets necessary to support its electricity and natural gas businesses.
伯克希尔能源公司能源资产包括支持其电力和天然气业务所需的实物资产。
Properties of BHE’s electricity businesses include electric generation, transmission and distribution facilities, as well as coal mining assets that support certain of BHE’s electric generating facilities.
伯克希尔电力业务包括发电、输电和配电设施，以及支持伯克希尔能源公司某些发电设施的煤矿资产 。
Properties of BHE’s natural gas businesses include natural gas distribution facilities, interstate pipelines, storage facilities, compressor stations and meter stations.
伯克希尔能源公司天然气业务的性质包括天然气配送设施、州际管道、储存设施、压气站和计量站。
The transmission and distribution assets are primarily within each of BHE’s utility service territories. In addition to these physical assets, BHE has rights-of-way, mineral rights and water rights that enable BHE to utilize its facilities.
输电和配电资产主要属于伯克希尔能源公司的公用事业服务区域。除了这些有形资产，伯克希尔能源公司还拥有使其设施得以利用的路权、矿权和水权。
BHE’s domestic regulated utility interests are comprised of PacifiCorp, MidAmerican Energy Company (“MEC”) and NV Energy.
伯克希尔哈撒韦能源公司在国内管理的公用事业权益包括：Pacificorp、Midamerican Energy Company（“MEC”）和NV Energy。
In Great Britain, BHE subsidiaries operate two regulated electricity distribution businesses referred to as Northern Powergrid.
在英国，伯克希尔哈撒韦能源公司的子公司经营两项配电业务，称为北方电网。
BHE also owns two domestic regulated interstate natural gas pipeline companies. Other energy businesses include a regulated electricity transmission-only business in Alberta, Canada (“AltaLink, L.P.”) and a diversified portfolio of mostly renewable independent power projects.
伯克希尔哈撒韦能源公司还拥有两家国内管理的州际天然气管道公司。其他能源业务包括加拿大阿尔伯塔省（Altalink，L.P.）管理电力传输业务，以及以可再生能源为主的独立电力项目的多元化投资组合。
In addition, BHE also operates the second-largest residential real estate brokerage firm and one of the largest residential real estate brokerage franchise networks in the United States.
此外，伯克希尔哈撒韦能源公司还经营着美国第二大住宅房地产经纪公司和最大的住宅房地产经纪特许经营网络之一。
BHE’s domestic regulated energy interests are comprised of four regulated utility companies serving approximately 4.9 million retail customers, two interstate natural gas pipeline companies with approximately 16,400 miles of pipeline and a design capacity of approximately 8.2 billion cubic feet of natural gas per day and ownership interests in electricity transmission businesses.
伯克希尔哈撒韦能源公司包括四家公用事业公司，为约490万零售客户提供服务；两家州际天然气管道公司，拥有约1.64万英里的管道，设计传输能力约为每天82亿立方英尺的天然气，还有输电业务。
BHE’s Great Britain electricity distribution subsidiaries serve about 3.9 million electricity end-users and its electricity transmission-only business in Alberta, Canada serves approximately 85% of Alberta, Canada’s population.
伯克希尔哈撒韦能源公司在英国的配电子公司为约390万最终用户提供电力服务，为加拿大阿尔伯塔省约85%的人口提供输电服务。
PacifiCorp, MEC and NV Energy own electric transmission and distribution systems, including approximately 24,800 miles of transmission lines and approximately 1,690 substations, gas distribution facilities, including approximately 27,400 miles of gas mains and service lines, and an estimated 25 million tons of recoverable coal reserves in mines owned or leased in Wyoming and Colorado.
Pacificorp、MEC和NV Energy拥有输配电系统，包括大约2.48万英里的输电线和大约1690个变电站、天然气配送设施，包括大约2.74万英里的天然气干线和服务线，在怀俄明州和科罗拉多州拥有或租赁的煤矿中，估计有2500万吨可采煤炭储量。
【PacifiCorp】
PacifiCorp is a regulated electric utility company headquartered in Oregon, serving electric customers in portions of Utah, Oregon, Wyoming, Washington, Idaho and California.
Pacificorp是一家受监管的电力公司，总部位于俄勒冈州，为犹他州、俄勒冈州、怀俄明州、华盛顿州、爱达荷州和加利福尼亚州的部分电力客户提供服务。
PacifiCorp operates a regulated electric utility in portions of several Western states, including Utah, Oregon and Wyoming. Revenues in 2018 decreased 4% compared to 2017.
Pacificorp在西部几个州的部分地区经营一家电力公司，包括犹他州、俄勒冈州和怀俄明州。与2017年相比，2018年的收入下降了4%。
2018年Pacificorp的营业收入为50.78亿美元，而能源部门的收入为199.87亿美元，Pacificorp的营业收入占比为25.4%。
另外，2018年Pacificorp的利润为7.45亿美元，而能源部门的利润为26.21亿美元，Pacificorp的利润占比为28.42%。
因此，Pacificorp公司也是伯克希尔公司的重要资产；
【MidAmerican Energy Company】
MidAmerican Energy Company (“MEC”) is a regulated electric and natural gas utility company headquartered in Iowa, serving electric and natural gas customers primarily in Iowa and also in portions of Illinois, South Dakota and Nebraska.
中美能源公司（MEC）是一家受监管的电力和天然气公用事业公司，总部位于爱荷华州，主要为爱荷华州以及伊利诺伊州、南达科他州和内布拉斯加州的电力和天然气客户提供服务。
2018年，中美能源公司营业收入为31.17亿美元，占能源部门营业收入的15.6%。利润为4.07亿美元，占能源部门利润的15.5%。
【NV Energy, Inc.】
NV Energy, Inc. (“NV Energy”) is an energy holding company headquartered in Nevada, primarily consisting of two regulated utility subsidiaries, Nevada Power Company (“Nevada Power”) and Sierra Pacific Power Company (“Sierra Pacific”) (collectively, the “Nevada Utilities”). Nevada Power serves retail electric customers in southern Nevada and Sierra Pacific serves retail electric and natural gas customers in northern Nevada.
NV Energy，Inc.是一家能源控股公司，总部位于内华达州，主要由内华达电力公司和塞拉太平洋电力公司两家受监管的公用事业子公司组成。内华达电力服务于内华达州南部的零售电力客户，而塞拉太平洋服务于内华达州北部的零售电力和天然气客户。
The Nevada Utilities’ combined service territory’s economy includes gaming, mining, recreation, warehousing, manufacturing and governmental services. In addition to retail sales and natural gas transportation, the Nevada Utilities sell electricity and natural gas on a wholesale basis.
内华达公用事业公司的综合服务领域的经济包括博彩业、采矿业、娱乐业、仓储业、制造业和政府服务业。除了零售和天然气运输，内华达公用事业公司还批发销售电力和天然气。
2018年，NV Energy，Inc的营业收入为30.65亿美元，占能源部门收入的15.33%，利润为4.17亿美元，占能源部门利润的15.9%。
The natural gas pipelines consist of Northern Natural Gas Company (“Northern Natural”) and Kern River Gas Transmission Company (“Kern River”).
天然气管道由北方天然气公司（“北方天然气”）和克恩河输气公司（“克恩河”）组成。
Northern Natural, based in Nebraska, owns the largest interstate natural gas pipeline system in the United States, as measured by pipeline miles, reaching from west Texas to Michigan’s Upper Peninsula.
北方天然气拥有美国最大的州际天然气管道系统，按管道里程计算，从西得克萨斯州一直延伸到密歇根州的上半岛。
Northern Natural’s pipeline system consists of approximately 14,700 miles of natural gas pipelines. Northern Natural’s extensive pipeline system, which is interconnected with many interstate and intrastate pipelines in the national grid system, has access to supplies from multiple major supply basins and provides transportation services to utilities and numerous other customers.
北方天然气管道系统由大约1.47万英里的天然气管道组成。北方天然气的大型管道系统与国家电网系统中的许多州际和州内管道相互连接，可从多个主要供应盆地获得供应，并为公用事业和众多其他客户提供运输服务。
Northern Natural also operates three underground natural gas storage facilities and two liquefied natural gas storage peaking units. Northern Natural’s pipeline system experiences significant seasonal swings in demand and revenue, with the highest demand typically occurring during the months of November through March.
北方天然气还运营三个地下天然气储存设施和两个液化天然气储存调峰装置。北方天然气的管道系统在需求和收入方面经历了明显的季节性波动，最高需求通常发生在11月至3月。
Northern Natural’s end-use and distribution market area includes points in Iowa, Nebraska, Minnesota, Wisconsin, South Dakota, Michigan and Illinois and its natural gas supply and delivery service area includes points in Kansas, Texas, Oklahoma and New Mexico. Storage services are provided through the operation of one underground natural gas storage field in Iowa, two underground natural gas storage facilities in Kansas and two liquefied natural gas storage peaking units, one in Iowa and one in Minnesota.
北方天然气的终端使用和分销市场区域包括爱荷华州、内布拉斯加州、明尼苏达州、威斯康星州、南达科他州、密歇根州和伊利诺斯州的点，其天然气供应和交付服务区域包括堪萨斯州、德克萨斯州、俄克拉荷马州和新墨西哥州的点。通过运营爱荷华州的一个地下天然气储存场、堪萨斯州的两个地下天然气储存设施和两个液化天然气储存调峰装置（一个在爱荷华州，一个在明尼苏达州）提供储存服务。
Kern River, based in Utah, owns an interstate natural gas pipeline system that consists of approximately 1,700 miles and extends from supply areas in the Rocky Mountains to consuming markets in Utah, Nevada and California. Kern River transports natural gas for electric and natural gas distribution utilities, major oil and natural gas companies or affiliates of such companies, electric generating companies, energy marketing and trading companies, and financial institutions.
克恩河位于犹他州，拥有一个州际天然气管道系统，约1700英里，从洛基山脉的供应区延伸到犹他州，在内华达州和加利福尼亚州的消费市场，克恩河为电力和天然气分销公司、主要石油和天然气公司或其附属公司、发电公司、能源营销和贸易公司以及金融机构运输天然气。
Kern River’s system consists of approximately 1,700 miles of natural gas pipelines, including approximately 1,400 miles of mainline section, including 100 miles of lateral pipelines, and approximately 300 miles of common facilities.
Kern River的系统由大约1700英里的天然气管道组成，其中包括大约1400英里的干线部分，包括100英里的横向管道和大约300英里的公共设施。
Kern River owns the entire mainline section, which extends from the system’s point of origination in Wyoming through the Central Rocky Mountains into California.
克恩河拥有整个干线，从系统的发源地怀俄明州，通过洛基山脉中部延伸到加利福尼亚州。
【Northern Powergrid】
The electricity distribution network of Northern Powergrid (Northeast) and Northern Powergrid (Yorkshire) includes approximately 17,400 miles of overhead lines, approximately 42,300 miles of underground cables and approximately 780 major substations. AltaLink’s electricity transmission system includes approximately 8,200 miles of transmission lines and approximately 310 substations.
北方电网（东北部）和北方电网（约克郡）的配电网包括大约1.74万英里的架空线路、大约4.23万英里的地下电缆和大约780个主要变电站。Altalink的输电系统包括大约8200英里的输电线路和大约310个变电站。
【地产经纪】
HomeServices of America, Inc. (“HomeServices”) is the second-largest residential real estate brokerage firm in the United States. In addition to providing traditional residential real estate brokerage services, HomeServices offers other integrated real estate services, including mortgage originations and mortgage banking, title and closing services, property and casualty insurance, home warranties, relocation services and other home-related services.
美国家庭服务公司是美国第二大住宅房地产经纪公司。家庭服务公司除了提供传统的住宅房地产经纪服务外，还提供其他综合性房地产服务，包括抵押贷款发放和抵押银行、产权和结算服务、财产和意外伤害保险、房屋担保、搬迁服务和其他与房屋有关的服务。
It operates under 47 brand names with over 42,500 real estate agents in nearly 880 brokerage offices in 30 states and the District of Columbia.
家庭服务公司拥有47个品牌，在30个州和哥伦比亚特区的近880个经纪办事处拥有超过4.25万家房地产经纪人。
In October 2012, HomeServices acquired a 66.7% interest in one of the largest residential real estate brokerage franchise networks in the United States, which offers and sells independently owned and operated residential real estate brokerage franchises. In April 2018, HomeServices acquired the remaining 33.3% interest. HomeServices’ franchise network currently includes approximately 370 franchisees in nearly 1,600 brokerage offices throughout the United States and Europe with over 51,500 real estate agents under two brand names. In exchange for certain fees, HomeServices provides the right to use the Berkshire Hathaway HomeServices or Real Living brand names and other related service marks, as well as providing orientation programs, training and consultation services, advertising programs and other services.
2012年10月，家庭服务公司收购了美国最大的住宅房地产经纪特许经营网络之一66.7%的权益，该网络提供并出售独立拥有和运营的住宅房地产经纪特许经营权。2018年4月，家庭服务公司收购了剩余的33.3%的权益。
HomeServices’ franchise network currently includes approximately 370 franchisees in nearly 1,600 brokerage offices throughout the United States and Europe with over 51,500 real estate agents under two brand names.
家庭服务公司的特许经营网络目前在美国和欧洲的近1600家经纪公司拥有约370家特许经营商，拥有两个品牌的51500多家房地产代理。
2018年，地产经纪的收入42.28亿美元，占能源部门收入的21.15%，但是地产经纪的利润明显较低，仅为2.04亿美元。
Revenues from coal in 2018 increased 4.3% to $4.0 billion compared to 2017.
与2017年相比，2018年煤炭收入增长了4.3%，达到40亿美元。
2018年，伯克希尔能源公司的营业收入为199.87亿元，而伯克希尔公司的营业收入为2254亿元，能源公司的收入占比为8.87%。
同样，在利润方面我们还是看2016年的数据；
2016年伯克希尔能源公司的净利润为22.3亿美元，而伯克希尔公司的净利润为240.7亿元，能源公司净利润与公司净利润之比为9.26%。
2018年，伯克希尔能源公司净利润为26.21亿美元，如果按照7的汇率计算，约合183.47亿人民币，放在A股，也是利润规模非常大的公司。
6、制造业
Berkshire’s numerous and diverse manufacturing subsidiaries are grouped into three categories: (1) industrial products, (2) building products and (3) consumer products.
伯克希尔有众多且多样化的制造子公司分，伯克希尔公司的制造业可为三类：
1、工业产品；
2、建筑产品；
3、消费品；
Our manufacturing group includes a variety of industrial, building and consumer products businesses. 公司的制造集团包括各种工业、建筑和消费品业务。
Industrial products group includes specialty chemicals (The Lubrizol Corporation (“Lubrizol”)), complex metal products for aerospace, power and general industrial markets (Precision Castparts Corp. (“PCC”)), metal cutting tools/systems (IMC International Metalworking Companies (“IMC”)), equipment and systems for the livestock and agricultural industries (CTB International (“CTB”)), and a variety of industrial products for diverse markets (Marmon, Scott Fetzer and LiquidPower Specialty Products (“LSPI”)). Marmon includes UTLX Company (“UTLX”), which provides various products and services (including equipment leasing) for the rail and mobile crane industries.
工业产品集团包括特种化学品（Lubrizol公司（“Lubrizol”））、航空航天、电力和一般工业市场的复杂金属产品（精密铸件公司（“PCC”））、金属切削工具/系统（IMC国际金属加工公司（“IMC”）），畜牧业和农业工业设备和系统（CTB International，简称“CTB”）以及各种不同市场的工业产品（Marmon、Scott Fetzer和Liquidpower Specialty Products，简称“LSPI”）。Marmon包括UTLX公司（“UTLX”），该公司为铁路和移动起重机行业提供各种产品和服务（包括设备租赁）。
Berkshire’s industrial products businesses manufacture specialty chemicals, metal cutting tools, components for aerospace and power generation applications, and a variety of other products primarily for industrial use.
伯克希尔工业产品公司主要生产特种化学品、金属切削工具、航空航天和发电应用部件，以及各种主要用于工业的其他产品。
The building products group produces prefabricated and site built residential homes, flooring products, insulation, roofing and engineered products, building and engineered components, paint and coatings and bricks and masonry products, which are primarily used in building and construction applications.
建筑产品集团生产预制和现场建造的住宅、地板产品、绝缘材料、屋顶和工程产品、建筑、工程部件、油漆、涂料、砖块和砌体产品，这些产品主要用于建筑和施工应用。
The consumer products group manufactures recreational vehicles, alkaline batteries, various apparel products, jewelry and custom picture framing products.
消费品集团生产休闲车、碱性电池、各种服装产品、珠宝和定制画框产品。以下是关于这三个小组主要活动的资料。
2018年，伯克希尔公司的工业产品收入为306.79亿美元，占制造业收入的49.58%，占公司总营业收入的13.61%。工业产品利润为58.22亿元，比2018年公司的净利润还要高。
2016年，伯克希尔公司的工业产品利润为49.89亿美元，占公司净利润的10.87%。
在制造业，除了工业产品，建造产品是第二代收入来源，2018年建造产品收入为186.77亿美元，占制造业收入的30.18%。
另外，2018年伯克希尔公司的消费类产品收入为125.27亿美元，占制造业收入的20.24%。
工业
2018 年，伯克希尔公司的工业品营业收入为306.79亿美元，占到博尔克希尔公司制造业收入的49.6%，几乎占了半壁江山。是伯克希尔非常重要的业务之一。
另外，在工业品生产方面，涉及到的公司也比较多。
Berkshire acquired Precision Castparts Corp. (“PCC”) on January 29, 2016. PCC manufactures complex metal components and products, provides high-quality investment castings, forgings, fasteners/fastener systems and aerostructures for critical aerospace and power and energy applications.
伯克希尔2016年收购了Precision Castparts Corp.（“PCC”）。
PCC是制造复杂的金属部件和产品，为关键的航空航天、电力和能源应用提供高质量的熔模铸件、锻件、紧固件/紧固件系统和航空结构。
PCC also manufactures seamless pipe for coal-fired, industrial gas turbine (“IGT”) and nuclear power plants;
PCC还生产用于燃煤、工业燃气轮机（“IGT”）和核电厂的无缝管；
PCC’s revenues in 2018 were $10.2 billion, an increase of 7.2% compared to 2017. The increase reflected increased demand in aerospace markets in connection with new aircraft programs, partly offset by lower demand for industrial gas turbine products.
PCC在2018年的收入为102亿美元，比2017年增长7.2%。这一增长反映了航空市场对新飞机项目的需求增加，部分被工业燃气轮机产品需求下降所抵消。
从营业收入规模上来看，PCC的收入规模是非常大的，算是伯克希尔公司非常重要的资产之一。
In addition, PCC experienced lower sales of certain pipe products in 2018, primarily attributable to the U.S tariffs.
此外，PCC在2018年的某些管道产品的销售额有所下降，主要归因于美国的关税。
【路博润公司】
The Lubrizol Corporation (“Lubrizol”) is a specialty chemical company that produces and supplies technologies for the global transportation, industrial and consumer markets.
路博润公司（“路博润”）是一家专业化工公司，为全球运输、工业和消费市场生产和供应技术。
Lubrizol currently operates in two business sectors: (1) Lubrizol Additives, which includes engine additives, driveline additives and industrial specialties products; and (2) Lubrizol Advanced Materials, which includes personal and home care, engineered polymers, performance coatings, skin care and life science solutions.
路博润目前在两个业务部门开展业务：
（1）路博润添加剂，包括发动机添加剂、传动系添加剂和工业专用产品；
（2）路博润高级材料，包括个人和家庭护理、工程聚合物、性能涂层、皮肤护理和生命科学解决方案。
Lubrizol’s revenues in 2018 were $6.8 billion, an increase of 5.9% compared to 2017 due to higher average sales prices, favorable changes in product mix and foreign currency translation effects, and a 2% increase in aggregate unit volumes.
路博润2018年的收入为68亿美元，与2017年相比增长5.9%，原因是平均销售价格上涨、产品结构和外币换算效应的有利变化以及总单位产量增长2%。
2018年，伯克希尔公司工业产品的营业收入为306.79亿美元，路博润占比22.16%。
【国际金属加工公司】
IMC International Metalworking Companies (“IMC”) is one of the world’s three largest multinational manufacturers of consumable precision carbide metal cutting tools for applications in a broad range of industrial end markets. IMC’s primary manufacturing facilities are located in Israel, United States, Germany, Italy, France, Switzerland, South Korea, China, India, Japan and Brazil.
国际金属加工公司是世界上三大跨国消费性精密硬质合金金属切削刀具制造商之一，应用于广泛的工业终端市场。IMC的主要生产设施位于以色列、美国、德国、意大利、法国、瑞士、韩国、中国、印度、日本和巴西。
【Marmon Holdings】
Marmon Holdings, Inc. (“Marmon”) is a global industrial organization comprising 13 diverse business sectors and more than 100 autonomous manufacturing and service businesses.
Marmon Holdings，Inc.是一家全球工业组织，由13个不同的业务部门和100多个自主制造和服务业务组成。
Beverage Technologies manufactures beverage dispensing and cooling equipment, and related products for global brand owners and foodservice retailers. Operations are based in the U.S. with manufacturing in China, India, the U.K. and Germany. Products are sold primarily throughout the U.S., Europe, and Asia.
Marmon的饮料技术为全球品牌所有者和食品服务零售商制造饮料分配和冷却设备及相关产品。在美国开展业务，在中国、印度、英国和德国开展生产。产品主要销往美国、欧洲和亚洲。
Marmon’s revenues in 2018 were $8.2 billion, an increase of 5.5% as compared to 2017.
2018年，Marmon的收入为82亿美元，比2017年增长5.5%。Marmon的营业收入占工业产品收入的26.73%。
Foodservice Technologies manufactures hot and cold food preparation and holding equipment for restaurants, cafeterias, hotels, caterers, and other foodservice providers worldwide. Operations are based in the U.S., with manufacturing in China and Italy. Products are sold primarily throughout the U.S., Europe, and Asia.
食品服务技术为世界各地的餐厅、自助餐厅、酒店、餐饮服务商和其他餐饮服务提供商制造冷热食品制备和保存设备。业务总部设在美国，在中国和意大利制造。产品主要销往美国、欧洲和亚洲。
Water Technologies manufactures water treatment equipment for residential, commercial, and industrial applications worldwide. Operations are based primarily in the U.S., Canada, China, Singapore, India, and Mexico with business centers located in Belgium, France, Poland, Germany, the U.K., Italy, Switzerland, and U.A.E.
水技术在全球范围内为住宅、商业和工业应用制造水处理设备。业务主要分布在美国、加拿大、中国、新加坡、印度和墨西哥，业务中心位于比利时、法国、波兰、德国、英国、意大利、瑞士和阿联酋。
Transportation Products serves the automotive, heavy-duty highway transportation, and aerospace industries with precision-molded plastic components; fastener thread solutions; metal tubing; auto aftermarket transmission and chassis products; platform trailers; and truck and trailer components. Operations and business are conducted primarily in the U.S., Mexico, Canada, Europe, and Asia.
运输产品服务为汽车、重型公路运输和航空航天行业提供精密模压塑料部件、紧固件螺纹解决方案、金属管、汽车售后变速器和底盘产品、平台拖车以及卡车和拖车部件。业务主要在美国、墨西哥、加拿大、欧洲和亚洲开展。
Retail Solutions provides retail environment design services; in-store digital merchandising and display fixtures; shopping, material handling, and security carts; and consumer products, including air compressors and extension cords. Operations are based in the U.S. and conducted primarily in the U.S., U.K., Czech Republic, and China.
零售解决方案提供零售环境设计服务；店内数码商品销售和展示设备；购物、物料搬运和安全推车；以及消费品，包括空气压缩机和延长线。业务总部设在美国，主要在美国、英国、捷克共和国和中国开展。
Metal Services provides specialty metal pipe, tubing, beams and related value-added services to customers across a broad range of industries. Operations are based in the U.S., Canada, and Mexico and conducted primarily in those countries.
金属服务为不同行业的客户提供专业的金属管、管材、横梁及相关增值服务。业务总部设在美国、加拿大和墨西哥，主要在这些国家开展。
Engineered Wire & Cable produces electrical and electronic wire and cable for use in energy, transit, aerospace, defense, communication, and other industrial applications. Operations are based in the U.S., Canada, India, and England. Business is conducted globally, primarily in the U.S., Canada, India, U.K., U.A.E., and China.
工程电线和电缆生产用于能源、运输、航空航天、国防、通信和其他工业应用的电气和电子电线和电缆。业务总部位于美国、加拿大、印度和英国。业务在全球范围内开展，主要在美国、加拿大、印度、英国、阿联酋和中国。
Electrical Products produces electrical wire and cable for use in utility applications and residential and commercial buildings; and portable lighting equipment for mining and safety markets. Operations are based in the U.S. and business is conducted primarily in the U.S. and Canada.
电气产品生产用于公用事业、住宅和商业建筑的电线和电缆；以及用于采矿和安全市场的便携式照明设备。业务总部设在美国，业务主要在美国和加拿大开展。
Plumbing & Refrigeration supplies copper, aluminum, and stainless steel tubing and fittings for the plumbing, HVAC, and refrigeration markets; and aluminum and brass forgings for many commercial and industrial applications. Business and operations are conducted primarily in the U.S.
管道和制冷为管道、暖通空调和制冷市场提供铜管、铝管和不锈钢管及配件；为许多商业和工业应用提供铝和黄铜锻件。业务和运营主要在美国进行。
Industrial Products supplies construction fasteners; gloves and other protective wear; gear drives, gearboxes, fan drives, and pump drives for various markets; wind machines for agricultural use; and wheels, axles, and gears for rail, mining, and other applications. Operations are based in the U.S. and business is conducted primarily in the U.S., Canada, and China.
工业产品供应建筑紧固件；手套和其他防护服；各种市场的齿轮传动装置、变速箱、风扇传动装置和泵传动装置；农业用风力机；铁路、采矿和其他应用的车轮、车轴和齿轮；业务总部设在美国，业务主要在美国、加拿大和中国开展。
Rail Products and Services manufactures, leases, and maintains railcars; manufactures mobile railcar movers; provides in-plant rail switching and loading services; performs track construction and maintenance; and manufactures steel tank heads and cylinders.
铁路产品和服务制造、租赁和维护铁路车辆；制造移动式铁路车辆移动器；提供工厂内铁路转换和装载服务；进行轨道施工和维护；制造钢罐盖和钢瓶。
【Union Tank Car Company】
Union Tank Car Company (“UTLX”) is the largest component of Rail Products and Services and is a leading designer, builder, and full-service lessor of railroad tank cars and other specialized railcars.
联合罐车公司（“UTLX”）是铁路产品和服务的最大组成部分，是铁路罐车和其他专用轨道车的主要设计、建造和全方位服务出租人。
Together with its Canadian affiliate Procor, UTLX owns a fleet of approximately 130,000 railcars for lease to customers in chemical, petrochemical, energy, and agricultural/food industries. UTLX manufactures tank cars at two U.S. plants and performs railcar maintenance services at more than 100 locations across North America.
UTLX与其加拿大分公司Procor一起拥有约13万辆轨道车，可租赁给化工、石化、能源和农业/食品行业的客户。UTLX在美国两家工厂生产罐车，并在北美100多个地点提供轨道车维护服务。
Intermodal Containers leases intermodal tank containers through EXSIF Worldwide. EXSIF is a leading international lessor of intermodal tank containers with a fleet of approximately 60,000 units, primarily serving chemical producers and logistics operators.
联运集装箱通过EXSIF全球租赁联运集装箱。Exsif是国际领先的多式联运集装箱出租公司，拥有约60000个集装箱，主要服务于化学品生产商和物流运营商。
Crane Services is a provider of mobile cranes and operators. Sterling Crane (located in Canada and the U.S.), Freo Group, and WGC Cranes (both located in Australia), operate a combined fleet of approximately 1,000 cranes primarily serving the energy, mining, and petrochemical markets.
起重机服务是移动式起重机和操作员的供应商。Sterling Crane（位于加拿大和美国）、Freo Group和WGC Cranes（均位于澳大利亚）运营着一个由大约1000台起重机组成的联合车队，主要服务于能源、采矿和石化市场。
【CTB International Corp】
CTB International Corp. (“CTB”), headquartered in Milford, Indiana, is a leading global designer, manufacturer and marketer of a wide range of agricultural systems and solutions for preserving grain, producing poultry, pigs and eggs, and for processing poultry, fish, vegetables and other foods.
CTB国际公司（CTB）总部位于印第安纳州米尔福德，是一家全球领先的农业系统和解决方案的设计师、制造商和营销商，这些系统和解决方案用于保存粮食、生产家禽、猪和鸡蛋，以及加工家禽、鱼、蔬菜和其他食品。
CTB’s pre-tax earnings in 2018 were lower, primarily due to lower gross sales margins attributable to raw material cost increases and higher other operating expenses.
CTB 2018年的税前利润较低，主要是由于原材料成本增加和其他运营费用增加导致的销售毛利率较低。
【 LiquidPower Specialty Products Inc】
LiquidPower Specialty Products Inc specializes in maximizing the flow potential of pipelines, increasing operational flexibility and throughput capacity. The Scott Fetzer companies are a group of businesses that manufacture, distribute, service and finance a wide variety of products for residential, industrial and institutional use.
lspi致力于最大化管道的流动潜力，增加操作灵活性和吞吐量。斯科特·费泽公司是一家集生产、分销、服务和融资于一体的企业，产品广泛用于住宅、工业和机构。
Berkshire’s industrial products manufacturers employ approximately 81,000 persons.
伯克希尔工业产品制造商雇佣了大约8.1万人。
Revenues from industrial products businesses were approximately $30.7 billion in 2018, an increase of approximately $2.1 billion (7.4%) compared to 2017.
2018，工业产品企业的收入约为307亿美元，比2017增加了约21亿美元，同比增长7.4%。
建筑产品
The building products group includes homebuilding and manufactured housing finance (Clayton Homes), flooring (Shaw), insulation, roofing and engineered products (Johns Manville), bricks and masonry products (Acme Building Brands), paint and coatings (Benjamin Moore), and residential and commercial construction and engineering products and systems (MiTek). The consumer products group includes leisure vehicles (Forest River), several apparel and footwear operations (including Fruit of the Loom, Garan, H.H. Brown Shoe Group and Brooks Sports) and the Duracell Company (“Duracell”), a manufacturer of high performance alkaline batteries. This group also includes custom picture framing products (Larson Juhl) and jewelry products (Richline).
伯克希尔公司的建筑产品集团包括住宅建筑和制造业住房融资（克莱顿住宅）、地板（肖氏）、绝缘、屋顶和工程产品（约翰斯曼维尔）、砖和砖石制品（Acme建筑品牌）、油漆和涂料（本杰明摩尔）以及住宅和商业建筑和工程产品和系统。（米蒂克）。消费品集团包括休闲车（Forest River）、多家服装和鞋类业务（包括Fruit of the Loom、Garan、H.H.Brown Shoe Group和Brooks Sports）和高性能碱性电池制造商Duracell Company（“Duracell”）。该集团还包括定制的图片框架产品（拉尔森朱尔）和珠宝产品（里希林）。
Revenues of the building products group in 2018 were approximately $18.7 billion, an increase of 10.2% compared to 2017. Pre-tax earnings of the building products group were approximately $2.3 billion in 2018, an increase of 8.8% versus 2017.
2018建筑产品集团的收入约为187亿美元，比2017增加了10.2%，建筑产品集团的税前收益约为23亿美元，同比增长8.8%。
Berkshire’s building products manufacturers employ approximately 57,000 people.
伯克希尔的建筑产品制造商雇佣了大约5.7万人。
【Clayton Homes】
Clayton Homes, Inc. (“Clayton”), headquartered near Knoxville, Tennessee, is a vertically integrated housing company utilizing manufactured, modular and site built methods. Clayton’s homes are marketed in 48 states through a network of 2,149 retailers, including 366 company-owned home centers and 280 subdivisions. Home finance and insurance products are offered through its subsidiaries primarily to purchasers of manufactured and modular homes.
Clayton Homes，Inc.（“Clayton”）总部位于田纳西州诺克斯维尔附近，是一家采用制造、模块化和现场建造方法的垂直一体化住房公司。克莱顿的住宅在48个州通过2149家零售商的网络销售，其中包括366家公司拥有的住宅中心和280个细分市场。就是一家房地产公司。
Clayton Homes’ revenues were $6,046 million in 2018, an increase of $1,036 million (20.7%) over 2017.
克莱顿房屋公司2018年的收入为60.46亿美元，同比增长20.7%。2018年，伯克希尔公司的建筑收入为187亿美元，克莱顿房屋公司占比32.33%。
Clayton Homes pre-tax earnings were $911 million in 2018, an increase of $145 million (19.0%) compared to 2017.
克莱顿房屋公司2018年税前利润为9.11亿美元，同比增长19.0%。而伯克希尔公司建筑部门的税前利润为23.36亿美元，克莱顿房屋公司占比39%。
【Shaw Industries】
Shaw Industries Group, Inc. (“Shaw”), headquartered in Dalton, Georgia, is a leading carpet manufacturer based on both revenue and volume of production. Shaw designs and manufactures over 3,900 styles of tufted carpet, wood and resilient flooring for residential and commercial use under about 30 brand and trade names and under certain private labels.
Shaw Industries Group，Inc.总部位于佐治亚州道尔顿，是一家基于收入和产量领先的地毯制造商。Shaw设计和制造了3900多种风格的簇绒地毯、木材和弹性地板，用于住宅和商业用途，品牌和商标约为30个，并有一定的私人标签。
In 2018, Shaw acquired Sanquahar Tile Services in Scotland, which manufactures and distributes carpet tile throughout Europe.
2018年，Shaw收购了苏格兰的Sanquahar瓷砖服务公司，该公司在整个欧洲生产和分销地毯瓷砖。
Shaw also manufactures or distributes a variety of hardwood, vinyl and laminate floor products (“hard surfaces”). In 2016, Shaw acquired USFloors, Inc., which is a leading innovator and marketer of wood-plastic composite luxury vinyl tile flooring, as well as cork, bamboo and hardwood products.
Shaw还生产或经销各种硬木、乙烯基和层压地板产品（“硬面”）。2016年，Shaw收购了USFloors，Inc.，该公司是木塑复合豪华乙烯基瓷砖地板以及软木、竹子和硬木产品的领先创新者和营销者。
Shaw operates Shaw Sports Turf and Southwest Greens International, LLC, which provide synthetic sports turf, golf greens and landscape turf products.
Shaw经营Shaw Sports Turf和Southwest Greens International，LLC，提供合成运动草坪、高尔夫草坪和景观草坪产品。
Shaw products are sold wholesale to over 39,000 retailers, distributors and commercial users throughout the United States, Canada and Mexico and are also exported to various overseas markets.
Shaw产品批发销售给美国、加拿大和墨西哥的39000多家零售商、分销商和商业用户，并出口到各种海外市场。
【Johns Manville】
JM is headquartered in Denver, Colorado, and operates 43 manufacturing facilities in North America, Europe and China and conducts research and development at its technical center in Littleton, Colorado and at other facilities in the U.S. and Europe.
JM总部位于科罗拉多州丹佛市，在北美、欧洲和中国拥有43家制造工厂，并在科罗拉多州利特尔顿的技术中心和美国和欧洲的其他工厂进行研发。
Johns Manville (“JM”) is a leading manufacturer and marketer of premium-quality products for building, mechanical and industrial insulation, commercial roofing and roof insulation, as well as engineered fibers and nonwovens for commercial, industrial and residential applications. JM serves markets that include building, flooring, interiors, aerospace, automotive and transportation, air handling, appliance, HVAC, pipe insulation, filtration, waterproofing and wind energy.
约翰斯曼维尔（“JM”）是领先的建筑、机械和工业绝缘、商业屋顶和屋顶绝缘以及商业、工业和住宅应用工程纤维和非织造布优质产品的制造商和销售商。JM服务的市场包括建筑、地板、室内、航空航天、汽车和运输、空气处理、电器、暖通空调、管道绝缘、过滤、防水和风能。
【MiTek Industries, Inc.】
MiTek Industries, Inc. (“MiTek”), based in Chesterfield, Missouri, operates in three separate markets: residential, commercial and industrial. MiTek operates worldwide with sales in over 100 countries and with manufacturing facilities and/or sales/engineering offices located in 21 countries.
总部位于密苏里州切斯特菲尔德的Mitek Industries，Inc.（“Mitek”）有三个独立市场运营：住宅、商业和工业。Mitek在全球范围内开展业务，在100多个国家销售，在21个国家设有生产设施和/或销售/工程办事处。
In the residential market, MiTek is a leading supplier of engineered connector products, construction hardware, engineering software and services and computer-driven manufacturing machinery to the truss component market of the building components industry.
在住宅市场， MiTek是建筑部件行业工程连接器产品、建筑硬件、工程软件和服务以及计算机驱动制造机械的领先供应商。
MiTek’s commercial market business includes products and services sold to the commercial construction industry offered through its subsidiaries. Commercial products include curtain wall systems (Benson Industries, Inc.), masonry and stone anchoring systems (Hohmann & Barnard, Inc.), light gauge steel framing products (Aegis Metal Framing Division of MiTek USA, Inc.), engineering services for a proprietary high-performance steel frame connection (SidePlate Systems, Inc.) and a comprehensive range of ductwork for the ventilation market (M&M Manufacturing, Inc. and Snappy ADP, Inc.).
Mitek的商业市场业务包括通过其子公司销售给商业建筑行业的产品和服务。商业产品包括幕墙系统（Benson Industries，Inc.）、砖石锚固系统（Hohmann&Barnard，Inc.）、轻钢框架产品（美国Mitek公司Aegis金属框架分部）、专有高性能钢框架连接的工程服务（侧板系统，以及通风市场（M&M Manufacturing，Inc.和Snappy ADP，Inc.）的一系列管道系统。
MiTek’s industrial market business includes products offered through its subsidiaries, including automated machinery used by battery manufacturers (TBS Engineering, Ltd.), customized air handling systems for commercial, institutional and industrial markets (TMI Climate Solutions, Inc.), design and supply of Nuclear Safety Related HVAC systems and components (Ellis & Watts Global Industries, Inc.), energy recovery and dehumidification systems for commercial applications (Heat-Pipe Technology, Inc.) and pre-engineered and pre-fabricated custom structural mezzanines and platforms for distribution and manufacturing facilities (Cubic Designs, Inc. and Mezzanine International, Ltd.).
Mitek的工业市场业务包括通过其子公司提供的产品，包括电池制造商（TBS Engineering，Ltd.）使用的自动化机械、商业、机构和工业市场的定制空气处理系统（TMI Climate Solutions，Inc.），核安全相关暖通空调系统和部件的设计和供应（Ellis&Watts Global Industries，Inc.），商业应用的能量回收和除湿系统（热管技术，和预制和预制定制结构夹层和平台，用于配送和制造设施（Cubic Design，Inc.和夹层国际有限公司）。
MiTek commenced reorganizing efforts in 2019 to focus on a “One MiTek” brand, operating as one global company operating in two sectors, residential and commercial. Within the sectors, the business will be further managed based on market channels or product categories. The reorganization is expected to provide customers with more targeted solutions and produce a more simplified, efficient and better-integrated organizational structure.
Mitek于2019年开始重组，专注于“One Mitek”品牌，作为一家全球公司在住宅和商业两个领域开展业务。在行业内，将根据市场渠道或产品类别进一步管理业务。预计重组将为客户提供更有针对性的解决方案，并产生一个更简化、效率更高、综合性更强的组织结构。
【Benjamin Moore】
Benjamin Moore & Co. (“Benjamin Moore”), headquartered in Montvale, New Jersey, is a leading formulator, manufacturer and retailer of a broad range of architectural coatings, available principally in the United States and Canada. Products include water-based and solvent-based general-purpose coatings (paints, stains and clear finishes) for use by consumers, contractors and industrial and commercial users.
本杰明摩尔公司总部位于新泽西州蒙特维尔，是一家领先的建筑涂料配方设计、制造商和零售商，主要在美国和加拿大销售。产品包括水性和溶剂性通用涂料（油漆、污渍和透明面漆），供消费者、承包商和工商用户使用。
Benjamin Moore relies primarily on an independent dealer network for distribution of its products. Benjamin Moore’s distribution network includes over 3,300 independent retailers currently representing over 5,000 storefronts in the United States and Canada.
本杰明摩尔主要依靠一个独立的经销商网络来分销其产品。本杰明摩尔的分销网络包括3300多家独立零售商，目前代表着美国和加拿大5000多家店面。
【Acme Brick】
Acme Brick Company and its subsidiaries (“Acme”), headquartered in Fort Worth, Texas, manufactures and distributes clay bricks (Acme Brick®) and concrete block (Featherlite). In addition, Acme distributes a number of other building products of other manufacturers, including floor and wall tile, wood flooring and other masonry products. Products are sold primarily in the South Central and South Eastern United States through company-operated sales offices. Acme distributes products primarily to homebuilders and masonry and general contractors.
Acme Brick Company及其子公司（“Acme”）总部位于德克萨斯州沃思堡，生产和销售粘土砖（Acme Brick）和混凝土砌块（Featherlite）。此外，acme还经销其他制造商的一些建筑产品，包括地板和墙砖、木地板和其他砌体产品。产品主要通过公司运营的销售办事处在美国中南部和东南部销售。acme主要向房屋建筑商、砌体和总承包商分销产品。
【其他】
Revenues of our other building products businesses increased 5.8% in 2018 to approximately $12.6 billion compared to 2017.
公司的其他建筑产品业务的收入在2018增加了5.8%，达到2017亿美元，大约12.6亿美元。
7、消费产品
Berkshire’s consumer products manufacturers employ approximately 55,000 persons.
伯克希尔的消费品制造商雇佣了大约5.5万人。
Revenues from consumer products were $7.9 billion in 2018, an increase of 11.1% compared to 2017.
2018年，来自消费品收入为79亿美元，较2017年增长11.1%。
总体而言，伯克希尔公司的消费品收入占公司营业收入的比率要小得多；
Consumer products revenues were approximately $12.5 billion in 2018, an increase of $394 million (3.2%) compared to 2017, which was primarily due to revenue increases of Forest River and of our apparel and footwear businesses.
2018，消费品收入约为125亿美元，比2017增加了3.94亿美元，同比增长3.2%，这主要是由于森林河和公司的服装和鞋类企业的收入增加。
服装
伯克希尔公司服装业务
【Apparel（衣服）】
Fruit of the Loom (“FOL”), headquartered in Bowling Green, Kentucky, is primarily a manufacturer and distributor of basic apparel, underwear, casualwear, athletic apparel and sports equipment.
总部位于肯塔基州保龄球场的Fruit of the Loom（“FOL”）主要生产和分销基本服装、内衣、休闲服、运动服装和运动器材。
Products under the Fruit of the Loom® and JERZEES® labels are primarily sold in the mass merchandise, mid-tier chains and wholesale markets. In the Vanity Fair Brands product line, Vassarette®, Curvation® and Radiant® by Vanity Fair are sold in the mass merchandise market, while Vanity Fair® and Lily of France® products are sold to mid-tier chains and department stores.
“FOL”和“Jerzees”品牌下的产品主要在大宗商品、中端连锁店和批发市场销售。在“名利场”品牌产品线中，“名利场”的“Vassarette”、“Curvation”和“Radiant”在大宗商品市场销售，而“名利场”和“法国百合”则销售给“中端”连锁店和百货公司。
FOL also markets and sells apparel, sports equipment and balls to team dealers and athletic apparel, sports equipment and balls to sporting goods retailers under the Russell Athletic® and Spalding® brands. Additionally, Spalding® markets and sells balls and sports equipment in the mass merchandise market and dollar store channels.
FOL还向团队经销商推销和销售服装、运动设备和球，向Russell Sport®和Spalding®品牌的体育用品零售商推销和销售运动服装、运动设备和球。此外，spalding®在大众商品市场和美元商店渠道销售和销售球和运动器材。
In 2018, approximately 55% of FOL’s sales were to five customers.
2018年，FOL约55%的销售额来自五个客户。
FOL generally performs its own knitting, cloth finishing, cutting, sewing and packaging for apparel. For the North American market, which is FOL’s predominant sales region, the majority of FOL’s cloth manufacturing is performed in Honduras. Labor-intensive cutting, sewing and packaging operations are located in Central America, the Caribbean and Vietnam. For the European market, products are either sourced from third-party contractors in Europe or Asia or sewn in Morocco from textiles internally produced in Morocco. Manufacturing of bras, athletic equipment, sporting goods and other athletic apparel lines are generally sourced from third-party contractors located primarily in Asia.
FOL通常为服装进行自己的编织、织物整理、裁剪、缝纫和包装。对于作为FOL主要销售地区的北美市场来说，FOL的大部分布料生产都在洪都拉斯进行。劳动密集型的切割、缝纫和包装业务位于中美洲、加勒比和越南。对于欧洲市场，产品要么来自欧洲或亚洲的第三方承包商，要么来自摩洛哥国内生产的纺织品在摩洛哥缝制。胸罩、运动器材、运动用品和其他运动服装生产线的制造通常来自主要位于亚洲的第三方承包商。
【Garan】
Garan designs, manufactures, imports and sells apparel primarily for children, including boys, girls, toddlers and infants.
Garan主要为儿童，包括男孩、女孩、幼儿和婴儿设计、制造、进口和销售服装。
Garan conducts its business through operating subsidiaries located in the United States, Central America and Asia. Garan’s products are sold through its distribution centers in the United States.
Garan通过位于美国、中美洲和亚洲的运营子公司开展业务。加兰的产品通过其在美国的分销中心销售。
【Fechheimer Brothers】
Fechheimer Brothers manufactures, distributes and sells uniforms, principally for the public service and safety markets, including police, fire, postal and military markets. Fechheimer Brothers is based in Cincinnati, Ohio.
Fechheimer Brothers主要为公共服务和安全市场（包括警察、消防、邮政和军事市场）制造、分销和销售制服。费希默兄弟总部位于俄亥俄州辛辛那提。
【BH Shoe Holdings Group】
The BH Shoe Holdings Group manufactures and distributes work, rugged outdoor and casual shoes and western-style footwear under a number of brand names, including Justin, Original Work, Tony Lama®, Chippewa®, BØRN® , B•Ø•C®, Carolina®, EuroSofft, Söfft, Double-H Boots®, Nursemates® and Comfortiva®.
BH Shoe Holdings Group生产和分销多个品牌的工作鞋、耐用户外休闲鞋和西式鞋，包括Justin、Original Work、Tony Lama、Chippewa、B_rn、B•C、Carolina、Eurosoft、Sófft、Double-H Boots，Nursemates和Comfortiva。
Brooks Sports markets and sells performance running footwear and apparel to specialty and national retailers and directly to consumers under the Brooks® brand. A significant volume of the shoes sold by Berkshire’s shoe businesses are manufactured or purchased from sources located outside the United States. Products are sold worldwide through a variety of channels including department stores, footwear chains, specialty stores, catalogs and the Internet, as well as through company-owned retail stores.
布鲁克斯运动市场向专业零售商和全国零售商销售高性能跑步鞋和服装，并直接向Brooks®品牌的消费者销售。伯克希尔的鞋类公司销售的大量鞋子是从美国以外的地方生产或购买的。产品通过多种渠道在全球销售，包括百货公司、鞋类连锁店、专卖店、目录和互联网，以及通过公司拥有的零售店。
车
【Forest River, Inc】
Forest River, Inc. (“Forest River”) is a manufacturer of recreational vehicles (“RV”), utility cargo trailers, buses and pontoon boats, headquartered in Elkhart, Indiana with products sold in the United States and Canada through an independent dealer network.
森林河公司是一家制造休闲车（“RV”）、多用途货运拖车、公共汽车和浮筒船的制造商，总部位于印第安纳州埃尔克哈特，产品通过独立经销商网络在美国和加拿大销售。
Forest River has numerous manufacturing facilities located in six states. Forest River is a leading manufacturer of RVs with numerous brand names, including Forest River, Coachman RV and Prime Time. Utility cargo trailers are sold under a variety of brand names. Buses are sold under several brand names, including Starcraft Bus. Pontoon boats are sold under the Berkshire, South Bay and Trifecta brand names. The RV industry is very competitive.
森林河在六个州拥有众多的生产设施。Forest River是一家领先的房车制造商，拥有众多品牌，包括Forest River、Coachman房车和黄金时间。多用途拖车以各种品牌出售。巴士以几个品牌出售，包括星际巴士。浮筒船以伯克希尔、南湾和Trifecta品牌出售。
Forest River’s pre-tax earnings in 2018 declined 9.0% compared to 2017.
森林河2018年的税前利润下降了9.0%。
Competition is based primarily on price, design, quality and service. The industry has consolidated over the past several years with Forest River holding a market share of approximately 33% in 2018 and its largest competitor holding a market share of approximately 48%.
房车行业竞争非常激烈。竞争主要基于价格、设计、质量和服务。该行业在过去几年中得到了巩固，森林河在2018年的市场份额约为33%，其最大竞争对手的市场份额约为48%。
电池
【Duracell Company】
Berkshire acquired the Duracell Company (“Duracell’), on February 29, 2016 from The Procter & Gamble Company. Duracell, headquartered in Chicago, Illinois, is a leading manufacturer of high performance alkaline batteries. Duracell manufactures batteries in the U.S., Europe and China and provides a network of worldwide sales and distribution centers. Costco and Walmart are significant customers, representing approximately 25% of Duracell’s annual revenue. There are several competitors in the battery manufacturing market with Duracell holding an approximately 34% market share of the global alkaline battery market.
伯克希尔于2016年2月29日从宝洁公司收购了杜拉塞尔公司（Duracell）。杜拉塞尔总部位于伊利诺伊州芝加哥，是一家领先的高性能碱性电池制造商。杜拉塞尔在美国、欧洲和中国生产电池，并提供全球销售和分销中心网络。好市多（Costco）和沃尔玛（Walmart）是重要客户，约占杜拉塞尔（Duracell）年收入的25%。电池制造市场有几个竞争对手，杜拉塞尔在全球碱性电池市场占有约34%的市场份额。
框架
【Albecca Inc.】
Albecca Inc. (“Albecca”), headquartered in Norcross, Georgia, operates in the U.S., Canada and 13 other countries, with products primarily under the Larson-Juhl® name.
Albecca Inc.总部位于佐治亚州的Norcross，在美国、加拿大和其他13个国家开展业务，产品主要以larson juhl名称命名。
Albecca designs, manufactures and distributes a complete line of high quality, branded custom framing products, including wood and metal moulding, matboard, foamboard, glass and framing supplies. Complementary to its framing products, Albecca offers art printing and fulfillment services.
Albecca设计、制造和分销一整套高品质的品牌定制框架产品，包括木制和金属模塑、金属板、泡沫板、玻璃和框架用品。作为框架产品的补充，Albecca提供艺术印刷和履行服务。
珠宝
【Richline Group, Inc】
Richline Group, Inc. operates four strategic business units: Richline Jewelry, LeachGarner, Rio Grande and Inverness. Each business unit is a manufacturer and distributor of jewelry with precious metal and non-precious metal products to specific target markets including large jewelry chains, department stores, shopping networks, mass merchandisers, e-commerce retailers and artisans plus worldwide manufacturers and wholesalers and the medical, electronic and aerospace industries.
Richline Group，Inc.经营四个战略业务部门：Richline Jewelry、Leachgarner、Rio Grande和Inverness。每个业务部门都是一家生产和分销含贵金属和非贵金属产品的珠宝的制造商和经销商，这些珠宝产品销往特定的目标市场，包括大型珠宝连锁店、百货商店、购物网络、大型商品零售商、电子商务零售商和工匠，以及世界各地的制造商和批发商和医疗机构，电子和航天工业。
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