Cleaning & Restoration Breaking News

Buffett's Berkshire Hathaway to Buy Manville for $1.9B

December 21, 2000
/ Print / Reprints /
/ Text Size+
New York (Reuters)- - Johns Manville Corp., a building products maker that has been searching for a buyer for nearly two years, will be acquired by Berkshire Hathaway Inc. for $1.92 billion.

The deal comes less than two weeks after Johns Manville canceled a $2.3 billion takeover by buyout firm Hicks, Muse Tate & Furst Inc. and Bear Stearns' merchant banking unit. The companies mutually agreed to abandon that deal, which valued Johns Manville at $15.63 a share, due to weak financing markets and a softening economic outlook.

Berkshire Hathaway, which typically invests in companies it considers to be undervalued with good prospects, recently agreed to buy carpet company Shaw Industries Inc.

Johns Manville will become a wholly owned subsidiary of Berkshire Hathaway and will stay headquartered in Denver. The company was nearly devastated by asbestos litigation in the 1980s and filed for bankruptcy in 1982 as it faced thousands of health-related lawsuits. While in bankruptcy, the company halted asbestos production and created a trust fund to handle all asbestos-related claims.

The 142-year-old company is now a major producer of fiberglass wall insulation and also makes other products used in roofing and flooring. It had 1999 sales of $2.2 billion, but recently warned about softness in the construction market and higher costs for raw materials and energy.

Did you enjoy this article? Click here to subscribe to i Cleaning Specialist Magazine.

You must login or register in order to post a comment.



Image Galleries

The 2014 Experience Conference and Exhibition

A look in photos at the 2014 Experience Conference and Exhibition, which was held from April 24-26 at the Embassy Suites Convention Center and Spa in Frisco, Texas.


Most cleaners rely on their online marketing presence to get jobs. But Google hasn't made things easy lately with their algorithm updates, which has impacted a lot of cleaning sites. Here's a look at some tips and suggestions to improve your Google ranking.
More Podcasts

ICS Cleaning Specialist Magazine

Cover Image

2014 June/July

The June/July issue of ICS features stories on add-on services, carpet repair, cleaning silk rugs and ranking websites on Google.

Table Of Contents Subscribe

Social Media

Social media is a good way to regularly keep in touch and interact with current clients and reach potential ones. What social mediums do you use in your cleaning/restoration business?
View Results Poll Archive


Get Paid! book cover
Get Paid! (ebook)
Over 30 authors – over 40 articles…from attorneys, contractors, consultants, instructors and others, both inside and outside the restoration industry. R & R, C & R and Cleanfax, opened their archives and gave us the best they had, other chapters were created just for the “Get Paid!” book and its readers. And every one of them has ideas for how to get paid what you are owed.

More Products


Director_Buyer.jpgThe premier resource and reference guide for the cleaning and restoration industries.

Click here to view


Truckmount.jpgEquipment listings and specifications from the leading industry manufacturers.

Click here to view


facebook_40.png twitter_40px.png youtube_40px.pngcrc logo