伯克希爾哈撒韋 世界最高的股價 卻很便宜（中）
5、能源
伯克希爾公司的能源業務主要體現在伯克希爾哈撒韋能源公司；
【Berkshire Hathaway Energy】
BHE is a global energy company with subsidiaries that generate, transmit, store, distribute and supply energy.
伯克希爾哈撒韋能源公司是一家全球性能源公司，其子公司負責能源的生產、傳輸、儲存、分配和供應。
BHE employs approximately 23,000 people in connection with its various operations.
伯克希爾哈撒韋能源公司在其各項業務中僱傭了約23000名員工。
BHE’s energy properties consist of the physical assets necessary to support its electricity and natural gas businesses.
伯克希爾能源公司能源資產包括支持其電力和天然氣業務所需的實物資產。
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.
伯克希爾電力業務包括髮電、輸電和配電設施，以及支持伯克希爾能源公司某些發電設施的煤礦資產 。
Properties of BHE’s natural gas businesses include natural gas distribution facilities, interstate pipelines, storage facilities, compressor stations and meter stations.
伯克希爾能源公司天然氣業務的性質包括天然氣配送設施、州際管道、儲存設施、壓氣站和計量站。
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.
輸電和配電資產主要屬於伯克希爾能源公司的公用事業服務區域。除了這些有形資產，伯克希爾能源公司還擁有使其設施得以利用的路權、礦權和水權。
BHE’s domestic regulated utility interests are comprised of PacifiCorp, MidAmerican Energy Company (“MEC”) and NV Energy.
伯克希爾哈撒韋能源公司在國內管理的公用事業權益包括：Pacificorp、Midamerican Energy Company（“MEC”）和NV Energy。
In Great Britain, BHE subsidiaries operate two regulated electricity distribution businesses referred to as Northern Powergrid.
在英國，伯克希爾哈撒韋能源公司的子公司經營兩項配電業務，稱為北方電網。
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.
伯克希爾哈撒韋能源公司還擁有兩家國內管理的州際天然氣管道公司。其他能源業務包括加拿大阿爾伯塔省（Altalink，L.P.）管理電力傳輸業務，以及以可再生能源為主的獨立電力項目的多元化投資組合。
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，伯克希爾哈撒韋能源公司還經營著美國第二大住宅房地產經紀公司和最大的住宅房地產經紀特許經營網絡之一。
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.
伯克希爾哈撒韋能源公司包括四家公用事業公司，為約490萬零售客戶提供服務；兩家州際天然氣管道公司，擁有約1.64萬英里的管道，設計傳輸能力約為每天82億立方英尺的天然氣，還有輸電業務。
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.
伯克希爾哈撒韋能源公司在英國的配電子公司為約390萬最終用戶提供電力服務，為加拿大阿爾伯塔省約85%的人口提供輸電服務。
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擁有輸配電系統，包括大約2.48萬英里的輸電線和大約1690個變電站、天然氣配送設施，包括大約2.74萬英里的天然氣幹線和服務線，在懷俄明州和科羅拉多州擁有或租賃的煤礦中，估計有2500萬噸可採煤炭儲量。
【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是一家受監管的電力公司，總部位於俄勒岡州，為猶他州、俄勒岡州、懷俄明州、華盛頓州、愛達荷州和加利福尼亞州的部分電力客戶提供服務。
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在西部幾個州的部分地區經營一家電力公司，包括猶他州、俄勒岡州和懷俄明州。與2017年相比，2018年的收入下降了4%。
2018年Pacificorp的營業收入為50.78億美元，而能源部門的收入為199.87億美元，Pacificorp的營業收入佔比為25.4%。
另外，2018年Pacificorp的利潤為7.45億美元，而能源部門的利潤為26.21億美元，Pacificorp的利潤佔比為28.42%。
因此，Pacificorp公司也是伯克希爾公司的重要資產；
【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）是一家受監管的電力和天然氣公用事業公司，總部位於愛荷華州，主要為愛荷華州以及伊利諾伊州、南達科他州和內布拉斯加州的電力和天然氣客戶提供服務。
2018年，中美能源公司營業收入為31.17億美元，佔能源部門營業收入的15.6%。利潤為4.07億美元，佔能源部門利潤的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，總部位於內華達州，主要由內華達電力公司和塞拉太平洋電力公司兩家受監管的公用事業子公司組成。內華達電力服務於內華達州南部的零售電力客戶，而塞拉太平洋服務於內華達州北部的零售電力和天然氣客戶。
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.
內華達公用事業公司的綜合服務領域的經濟包括博彩業、採礦業、娛樂業、倉儲業、製造業和政府服務業。除了零售和天然氣運輸，內華達公用事業公司還批發銷售電力和天然氣。
2018年，NV Energy，Inc的營業收入為30.65億美元，佔能源部門收入的15.33%，利潤為4.17億美元，佔能源部門利潤的15.9%。
The natural gas pipelines consist of Northern Natural Gas Company (“Northern Natural”) and Kern River Gas Transmission Company (“Kern River”).
天然氣管道由北方天然氣公司（“北方天然氣”）和克恩河輸氣公司（“克恩河”）組成。
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.
北方天然氣擁有美國最大的州際天然氣管道系統，按管道里程計算，從西得克薩斯州一直延伸到密歇根州的上半島。
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.
北方天然氣管道系統由大約1.47萬英里的天然氣管道組成。北方天然氣的大型管道系統與國家電網系統中的許多州際和州內管道相互連接，可從多個主要供應盆地獲得供應，併為公用事業和眾多其他客戶提供運輸服務。
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.
北方天然氣還運營三個地下天然氣儲存設施和兩個液化天然氣儲存調峰裝置。北方天然氣的管道系統在需求和收入方面經歷了明顯的季節性波動，最高需求通常發生在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.
北方天然氣的終端使用和分銷市場區域包括愛荷華州、內布拉斯加州、明尼蘇達州、威斯康星州、南達科他州、密歇根州和伊利諾斯州的點，其天然氣供應和交付服務區域包括堪薩斯州、德克薩斯州、俄克拉荷馬州和新墨西哥州的點。通過運營愛荷華州的一個地下天然氣儲存場、堪薩斯州的兩個地下天然氣儲存設施和兩個液化天然氣儲存調峰裝置（一個在愛荷華州，一個在明尼蘇達州）提供儲存服務。
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.
克恩河位於猶他州，擁有一個州際天然氣管道系統，約1700英里，從洛基山脈的供應區延伸到猶他州，在內華達州和加利福尼亞州的消費市場，克恩河為電力和天然氣分銷公司、主要石油和天然氣公司或其附屬公司、發電公司、能源營銷和貿易公司以及金融機構運輸天然氣。
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的系統由大約1700英里的天然氣管道組成，其中包括大約1400英里的幹線部分，包括100英里的橫向管道和大約300英里的公共設施。
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.
克恩河擁有整個幹線，從系統的發源地懷俄明州，通過洛基山脈中部延伸到加利福尼亞州。
【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.
北方電網（東北部）和北方電網（約克郡）的配電網包括大約1.74萬英里的架空線路、大約4.23萬英里的地下電纜和大約780個主要變電站。Altalink的輸電系統包括大約8200英里的輸電線路和大約310個變電站。
【地產經紀】
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.
美國家庭服務公司是美國第二大住宅房地產經紀公司。家庭服務公司除了提供傳統的住宅房地產經紀服務外，還提供其他綜合性房地產服務，包括抵押貸款發放和抵押銀行、產權和結算服務、財產和意外傷害保險、房屋擔保、搬遷服務和其他與房屋有關的服務。
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.
家庭服務公司擁有47個品牌，在30個州和哥倫比亞特區的近880個經紀辦事處擁有超過4.25萬家房地產經紀人。
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，家庭服務公司收購了美國最大的住宅房地產經紀特許經營網絡之一66.7%的權益，該網絡提供並出售獨立擁有和運營的住宅房地產經紀特許經營權。2018年4月，家庭服務公司收購了剩餘的33.3%的權益。
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.
家庭服務公司的特許經營網絡目前在美國和歐洲的近1600家經紀公司擁有約370家特許經營商，擁有兩個品牌的51500多家房地產代理。
2018年，地產經紀的收入42.28億美元，佔能源部門收入的21.15%，但是地產經紀的利潤明顯較低，僅為2.04億美元。
Revenues from coal in 2018 increased 4.3% to $4.0 billion compared to 2017.
與2017年相比，2018年煤炭收入增長了4.3%，達到40億美元。
2018年，伯克希爾能源公司的營業收入為199.87億元，而伯克希爾公司的營業收入為2254億元，能源公司的收入佔比為8.87%。
同樣，在利潤方面我們還是看2016年的數據；
2016年伯克希爾能源公司的淨利潤為22.3億美元，而伯克希爾公司的淨利潤為240.7億元，能源公司淨利潤與公司淨利潤之比為9.26%。
2018年，伯克希爾能源公司淨利潤為26.21億美元，如果按照7的匯率計算，約合183.47億人民幣，放在A股，也是利潤規模非常大的公司。
6、製造業
Berkshire’s numerous and diverse manufacturing subsidiaries are grouped into three categories: (1) industrial products, (2) building products and (3) consumer products.
伯克希爾有眾多且多樣化的製造子公司分，伯克希爾公司的製造業可為三類：
1、工業產品；
2、建築產品；
3、消費品；
Our manufacturing group includes a variety of industrial, building and consumer products businesses. 公司的製造集團包括各種工業、建築和消費品業務。
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.
工業產品集團包括特種化學品（Lubrizol公司（“Lubrizol”））、航空航天、電力和一般工業市場的複雜金屬產品（精密鑄件公司（“PCC”））、金屬切削工具/系統（IMC國際金屬加工公司（“IMC”）），畜牧業和農業工業設備和系統（CTB International，簡稱“CTB”）以及各種不同市場的工業產品（Marmon、Scott Fetzer和Liquidpower Specialty Products，簡稱“LSPI”）。Marmon包括UTLX公司（“UTLX”），該公司為鐵路和移動起重機行業提供各種產品和服務（包括設備租賃）。
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.
伯克希爾工業產品公司主要生產特種化學品、金屬切削工具、航空航天和發電應用部件，以及各種主要用於工業的其他產品。
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.
建築產品集團生產預製和現場建造的住宅、地板產品、絕緣材料、屋頂和工程產品、建築、工程部件、油漆、塗料、磚塊和砌體產品，這些產品主要用於建築和施工應用。
The consumer products group manufactures recreational vehicles, alkaline batteries, various apparel products, jewelry and custom picture framing products.
消費品集團生產休閒車、鹼性電池、各種服裝產品、珠寶和定製畫框產品。以下是關於這三個小組主要活動的資料。
2018年，伯克希爾公司的工業產品收入為306.79億美元，佔製造業收入的49.58%，佔公司總營業收入的13.61%。工業產品利潤為58.22億元，比2018年公司的淨利潤還要高。
2016年，伯克希爾公司的工業產品利潤為49.89億美元，佔公司淨利潤的10.87%。
在製造業，除了工業產品，建造產品是第二代收入來源，2018年建造產品收入為186.77億美元，佔製造業收入的30.18%。
另外，2018年伯克希爾公司的消費類產品收入為125.27億美元，佔製造業收入的20.24%。
工業
2018 年，伯克希爾公司的工業品營業收入為306.79億美元，佔到博爾克希爾公司製造業收入的49.6%，幾乎佔了半壁江山。是伯克希爾非常重要的業務之一。
另外，在工業品生產方面，涉及到的公司也比較多。
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.
伯克希爾2016年收購了Precision Castparts Corp.（“PCC”）。
PCC是製造複雜的金屬部件和產品，為關鍵的航空航天、電力和能源應用提供高質量的熔模鑄件、鍛件、緊固件/緊固件系統和航空結構。
PCC also manufactures seamless pipe for coal-fired, industrial gas turbine (“IGT”) and nuclear power plants;
PCC還生產用於燃煤、工業燃氣輪機（“IGT”）和核電廠的無縫管；
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年的收入為102億美元，比2017年增長7.2%。這一增長反映了航空市場對新飛機項目的需求增加，部分被工業燃氣輪機產品需求下降所抵消。
從營業收入規模上來看，PCC的收入規模是非常大的，算是伯克希爾公司非常重要的資產之一。
In addition, PCC experienced lower sales of certain pipe products in 2018, primarily attributable to the U.S tariffs.
此外，PCC在2018年的某些管道產品的銷售額有所下降，主要歸因於美國的關稅。
【路博潤公司】
The Lubrizol Corporation (“Lubrizol”) is a specialty chemical company that produces and supplies technologies for the global transportation, industrial and consumer markets.
路博潤公司（“路博潤”）是一家專業化工公司，為全球運輸、工業和消費市場生產和供應技術。
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.
路博潤目前在兩個業務部門開展業務：
（1）路博潤添加劑，包括髮動機添加劑、傳動系添加劑和工業專用產品；
（2）路博潤高級材料，包括個人和家庭護理、工程聚合物、性能塗層、皮膚護理和生命科學解決方案。
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.
路博潤2018年的收入為68億美元，與2017年相比增長5.9%，原因是平均銷售價格上漲、產品結構和外幣換算效應的有利變化以及總單位產量增長2%。
2018年，伯克希爾公司工業產品的營業收入為306.79億美元，路博潤佔比22.16%。
【國際金屬加工公司】
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.
國際金屬加工公司是世界上三大跨國消費性精密硬質合金金屬切削刀具製造商之一，應用於廣泛的工業終端市場。IMC的主要生產設施位於以色列、美國、德國、意大利、法國、瑞士、韓國、中國、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.是一家全球工業組織，由13個不同的業務部門和100多個自主製造和服務業務組成。
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的飲料技術為全球品牌所有者和食品服務零售商製造飲料分配和冷卻設備及相關產品。在美國開展業務，在中國、印度、英國和德國開展生產。產品主要銷往美國、歐洲和亞洲。
Marmon’s revenues in 2018 were $8.2 billion, an increase of 5.5% as compared to 2017.
2018年，Marmon的收入為82億美元，比2017年增長5.5%。Marmon的營業收入佔工業產品收入的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.
食品服務技術為世界各地的餐廳、自助餐廳、酒店、餐飲服務商和其他餐飲服務提供商製造冷熱食品製備和保存設備。業務總部設在美國，在中國和意大利製造。產品主要銷往美國、歐洲和亞洲。
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.
水技術在全球範圍內為住宅、商業和工業應用製造水處理設備。業務主要分佈在美國、加拿大、中國、新加坡、印度和墨西哥，業務中心位於比利時、法國、波蘭、德國、英國、意大利、瑞士和阿聯酋。
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.
運輸產品服務為汽車、重型公路運輸和航空航天行業提供精密模壓塑料部件、緊固件螺紋解決方案、金屬管、汽車售後變速器和底盤產品、平臺拖車以及卡車和拖車部件。業務主要在美國、墨西哥、加拿大、歐洲和亞洲開展。
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.
零售解決方案提供零售環境設計服務；店內數碼商品銷售和展示設備；購物、物料搬運和安全推車；以及消費品，包括空氣壓縮機和延長線。業務總部設在美國，主要在美國、英國、捷克共和國和中國開展。
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.
金屬服務為不同行業的客戶提供專業的金屬管、管材、橫樑及相關增值服務。業務總部設在美國、加拿大和墨西哥，主要在這些國家開展。
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.
工程電線和電纜生產用於能源、運輸、航空航天、國防、通信和其他工業應用的電氣和電子電線和電纜。業務總部位於美國、加拿大、印度和英國。業務在全球範圍內開展，主要在美國、加拿大、印度、英國、阿聯酋和中國。
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.
電氣產品生產用於公用事業、住宅和商業建築的電線和電纜；以及用於採礦和安全市場的便攜式照明設備。業務總部設在美國，業務主要在美國和加拿大開展。
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.
管道和製冷為管道、暖通空調和製冷市場提供銅管、鋁管和不鏽鋼管及配件；為許多商業和工業應用提供鋁和黃銅鍛件。業務和運營主要在美國進行。
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.
工業產品供應建築緊固件；手套和其他防護服；各種市場的齒輪傳動裝置、變速箱、風扇傳動裝置和泵傳動裝置；農業用風力機；鐵路、採礦和其他應用的車輪、車軸和齒輪；業務總部設在美國，業務主要在美國、加拿大和中國開展。
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.
鐵路產品和服務製造、租賃和維護鐵路車輛；製造移動式鐵路車輛移動器；提供工廠內鐵路轉換和裝載服務；進行軌道施工和維護；製造鋼罐蓋和鋼瓶。
【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.
聯合罐車公司（“UTLX”）是鐵路產品和服務的最大組成部分，是鐵路罐車和其他專用軌道車的主要設計、建造和全方位服務出租人。
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與其加拿大分公司Procor一起擁有約13萬輛軌道車，可租賃給化工、石化、能源和農業/食品行業的客戶。UTLX在美國兩家工廠生產罐車，並在北美100多個地點提供軌道車維護服務。
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.
聯運集裝箱通過EXSIF全球租賃聯運集裝箱。Exsif是國際領先的多式聯運集裝箱出租公司，擁有約60000個集裝箱，主要服務於化學品生產商和物流運營商。
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.
起重機服務是移動式起重機和操作員的供應商。Sterling Crane（位於加拿大和美國）、Freo Group和WGC Cranes（均位於澳大利亞）運營著一個由大約1000臺起重機組成的聯合車隊，主要服務於能源、採礦和石化市場。
【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國際公司（CTB）總部位於印第安納州米爾福德，是一家全球領先的農業系統和解決方案的設計師、製造商和營銷商，這些系統和解決方案用於保存糧食、生產家禽、豬和雞蛋，以及加工家禽、魚、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年的稅前利潤較低，主要是由於原材料成本增加和其他運營費用增加導致的銷售毛利率較低。
【 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致力於最大化管道的流動潛力，增加操作靈活性和吞吐量。斯科特·費澤公司是一家集生產、分銷、服務和融資於一體的企業，產品廣泛用於住宅、工業和機構。
Berkshire’s industrial products manufacturers employ approximately 81,000 persons.
伯克希爾工業產品製造商僱傭了大約8.1萬人。
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，工業產品企業的收入約為307億美元，比2017增加了約21億美元，同比增長7.4%。
建築產品
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).
伯克希爾公司的建築產品集團包括住宅建築和製造業住房融資（克萊頓住宅）、地板（肖氏）、絕緣、屋頂和工程產品（約翰斯曼維爾）、磚和磚石製品（Acme建築品牌）、油漆和塗料（本傑明摩爾）以及住宅和商業建築和工程產品和系統。（米蒂克）。消費品集團包括休閒車（Forest River）、多家服裝和鞋類業務（包括Fruit of the Loom、Garan、H.H.Brown Shoe Group和Brooks Sports）和高性能鹼性電池製造商Duracell Company（“Duracell”）。該集團還包括定製的圖片框架產品（拉爾森朱爾）和珠寶產品（裡希林）。
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建築產品集團的收入約為187億美元，比2017增加了10.2%，建築產品集團的稅前收益約為23億美元，同比增長8.8%。
Berkshire’s building products manufacturers employ approximately 57,000 people.
伯克希爾的建築產品製造商僱傭了大約5.7萬人。
【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”）總部位於田納西州諾克斯維爾附近，是一家採用製造、模塊化和現場建造方法的垂直一體化住房公司。克萊頓的住宅在48個州通過2149家零售商的網絡銷售，其中包括366家公司擁有的住宅中心和280個細分市場。就是一家房地產公司。
Clayton Homes’ revenues were $6,046 million in 2018, an increase of $1,036 million (20.7%) over 2017.
克萊頓房屋公司2018年的收入為60.46億美元，同比增長20.7%。2018年，伯克希爾公司的建築收入為187億美元，克萊頓房屋公司佔比32.33%。
Clayton Homes pre-tax earnings were $911 million in 2018, an increase of $145 million (19.0%) compared to 2017.
克萊頓房屋公司2018年稅前利潤為9.11億美元，同比增長19.0%。而伯克希爾公司建築部門的稅前利潤為23.36億美元，克萊頓房屋公司佔比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.總部位於佐治亞州道爾頓，是一家基於收入和產量領先的地毯製造商。Shaw設計和製造了3900多種風格的簇絨地毯、木材和彈性地板，用於住宅和商業用途，品牌和商標約為30個，並有一定的私人標籤。
In 2018, Shaw acquired Sanquahar Tile Services in Scotland, which manufactures and distributes carpet tile throughout Europe.
2018年，Shaw收購了蘇格蘭的Sanquahar瓷磚服務公司，該公司在整個歐洲生產和分銷地毯瓷磚。
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還生產或經銷各種硬木、乙烯基和層壓地板產品（“硬麵”）。2016年，Shaw收購了USFloors，Inc.，該公司是木塑複合豪華乙烯基瓷磚地板以及軟木、竹子和硬木產品的領先創新者和營銷者。
Shaw operates Shaw Sports Turf and Southwest Greens International, LLC, which provide synthetic sports turf, golf greens and landscape turf products.
Shaw經營Shaw Sports Turf和Southwest Greens International，LLC，提供合成運動草坪、高爾夫草坪和景觀草坪產品。
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產品批發銷售給美國、加拿大和墨西哥的39000多家零售商、分銷商和商業用戶，並出口到各種海外市場。
【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總部位於科羅拉多州丹佛市，在北美、歐洲和中國擁有43家制造工廠，並在科羅拉多州利特爾頓的技術中心和美國和歐洲的其他工廠進行研發。
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.
約翰斯曼維爾（“JM”）是領先的建築、機械和工業絕緣、商業屋頂和屋頂絕緣以及商業、工業和住宅應用工程纖維和非織造布優質產品的製造商和銷售商。JM服務的市場包括建築、地板、室內、航空航天、汽車和運輸、空氣處理、電器、暖通空調、管道絕緣、過濾、防水和風能。
【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.
總部位於密蘇里州切斯特菲爾德的Mitek Industries，Inc.（“Mitek”）有三個獨立市場運營：住宅、商業和工業。Mitek在全球範圍內開展業務，在100多個國家銷售，在21個國家設有生產設施和/或銷售/工程辦事處。
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.
在住宅市場， MiTek是建築部件行業工程連接器產品、建築硬件、工程軟件和服務以及計算機驅動製造機械的領先供應商。
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的商業市場業務包括通過其子公司銷售給商業建築行業的產品和服務。商業產品包括幕牆系統（Benson Industries，Inc.）、磚石錨固系統（Hohmann&Barnard，Inc.）、輕鋼框架產品（美國Mitek公司Aegis金屬框架分部）、專有高性能鋼框架連接的工程服務（側板系統，以及通風市場（M&M Manufacturing，Inc.和Snappy ADP，Inc.）的一系列管道系統。
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的工業市場業務包括通過其子公司提供的產品，包括電池製造商（TBS Engineering，Ltd.）使用的自動化機械、商業、機構和工業市場的定製空氣處理系統（TMI Climate Solutions，Inc.），核安全相關暖通空調系統和部件的設計和供應（Ellis&Watts Global Industries，Inc.），商業應用的能量回收和除溼系統（熱管技術，和預製和預製定製結構夾層和平臺，用於配送和製造設施（Cubic Design，Inc.和夾層國際有限公司）。
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於2019年開始重組，專注於“One Mitek”品牌，作為一家全球公司在住宅和商業兩個領域開展業務。在行業內，將根據市場渠道或產品類別進一步管理業務。預計重組將為客戶提供更有針對性的解決方案，併產生一個更簡化、效率更高、綜合性更強的組織結構。
【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.
本傑明摩爾公司總部位於新澤西州蒙特維爾，是一家領先的建築塗料配方設計、製造商和零售商，主要在美國和加拿大銷售。產品包括水性和溶劑性通用塗料（油漆、汙漬和透明面漆），供消費者、承包商和工商用戶使用。
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.
本傑明摩爾主要依靠一個獨立的經銷商網絡來分銷其產品。本傑明摩爾的分銷網絡包括3300多家獨立零售商，目前代表著美國和加拿大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”）總部位於德克薩斯州沃思堡，生產和銷售粘土磚（Acme Brick）和混凝土砌塊（Featherlite）。此外，acme還經銷其他製造商的一些建築產品，包括地板和牆磚、木地板和其他砌體產品。產品主要通過公司運營的銷售辦事處在美國中南部和東南部銷售。acme主要向房屋建築商、砌體和總承包商分銷產品。
【其他】
Revenues of our other building products businesses increased 5.8% in 2018 to approximately $12.6 billion compared to 2017.
公司的其他建築產品業務的收入在2018增加了5.8%，達到2017億美元，大約12.6億美元。
7、消費產品
Berkshire’s consumer products manufacturers employ approximately 55,000 persons.
伯克希爾的消費品製造商僱傭了大約5.5萬人。
Revenues from consumer products were $7.9 billion in 2018, an increase of 11.1% compared to 2017.
2018年，來自消費品收入為79億美元，較2017年增長11.1%。
總體而言，伯克希爾公司的消費品收入佔公司營業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，消費品收入約為125億美元，比2017增加了3.94億美元，同比增長3.2%，這主要是由於森林河和公司的服裝和鞋類企業的收入增加。
服裝
伯克希爾公司服裝業務
【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.
總部位於肯塔基州保齡球場的Fruit of the Loom（“FOL”）主要生產和分銷基本服裝、內衣、休閒服、運動服裝和運動器材。
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”品牌下的產品主要在大宗商品、中端連鎖店和批發市場銷售。在“名利場”品牌產品線中，“名利場”的“Vassarette”、“Curvation”和“Radiant”在大宗商品市場銷售，而“名利場”和“法國百合”則銷售給“中端”連鎖店和百貨公司。
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還向團隊經銷商推銷和銷售服裝、運動設備和球，向Russell Sport®和Spalding®品牌的體育用品零售商推銷和銷售運動服裝、運動設備和球。此外，spalding®在大眾商品市場和美元商店渠道銷售和銷售球和運動器材。
In 2018, approximately 55% of FOL’s sales were to five customers.
2018年，FOL約55%的銷售額來自五個客戶。
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通常為服裝進行自己的編織、織物整理、裁剪、縫紉和包裝。對於作為FOL主要銷售地區的北美市場來說，FOL的大部分佈料生產都在洪都拉斯進行。勞動密集型的切割、縫紉和包裝業務位於中美洲、加勒比和越南。對於歐洲市場，產品要麼來自歐洲或亞洲的第三方承包商，要麼來自摩洛哥國內生產的紡織品在摩洛哥縫製。胸罩、運動器材、運動用品和其他運動服裝生產線的製造通常來自主要位於亞洲的第三方承包商。
【Garan】
Garan designs, manufactures, imports and sells apparel primarily for children, including boys, girls, toddlers and infants.
Garan主要為兒童，包括男孩、女孩、幼兒和嬰兒設計、製造、進口和銷售服裝。
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通過位於美國、中美洲和亞洲的運營子公司開展業務。加蘭的產品通過其在美國的分銷中心銷售。
【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主要為公共服務和安全市場（包括警察、消防、郵政和軍事市場）製造、分銷和銷售制服。費希默兄弟總部位於俄亥俄州辛辛那提。
【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生產和分銷多個品牌的工作鞋、耐用戶外休閒鞋和西式鞋，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.
布魯克斯運動市場向專業零售商和全國零售商銷售高性能跑步鞋和服裝，並直接向Brooks®品牌的消費者銷售。伯克希爾的鞋類公司銷售的大量鞋子是從美國以外的地方生產或購買的。產品通過多種渠道在全球銷售，包括百貨公司、鞋類連鎖店、專賣店、目錄和互聯網，以及通過公司擁有的零售店。
車
【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閒車（“RV”）、多用途貨運拖車、公共汽車和浮筒船的製造商，總部位於印第安納州埃爾克哈特，產品通過獨立經銷商網絡在美國和加拿大銷售。
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.
森林河在六個州擁有眾多的生產設施。Forest River是一家領先的房車製造商，擁有眾多品牌，包括Forest River、Coachman房車和黃金時間。多用途拖車以各種品牌出售。巴士以幾個品牌出售，包括星際巴士。浮筒船以伯克希爾、南灣和Trifecta品牌出售。
Forest River’s pre-tax earnings in 2018 declined 9.0% compared to 2017.
森林河2018年的稅前利潤下降了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%.
房車行業競爭非常激烈。競爭主要基於價格、設計、質量和服務。該行業在過去幾年中得到了鞏固，森林河在2018年的市場份額約為33%，其最大競爭對手的市場份額約為48%。
電池
【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.
伯克希爾於2016年2月29日從寶潔公司收購了杜拉塞爾公司（Duracell）。杜拉塞爾總部位於伊利諾伊州芝加哥，是一家領先的高性能鹼性電池製造商。杜拉塞爾在美國、歐洲和中國生產電池，並提供全球銷售和分銷中心網絡。好市多（Costco）和沃爾瑪（Walmart）是重要客戶，約佔杜拉塞爾（Duracell）年收入的25%。電池製造市場有幾個競爭對手，杜拉塞爾在全球鹼性電池市場佔有約34%的市場份額。
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.總部位於佐治亞州的Norcross，在美國、加拿大和其他13個國家開展業務，產品主要以larson juhl名稱命名。
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設計、製造和分銷一整套高品質的品牌定製框架產品，包括木製和金屬模塑、金屬板、泡沫板、玻璃和框架用品。作為框架產品的補充，Albecca提供藝術印刷和履行服務。
珠寶
【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.經營四個戰略業務部門：Richline Jewelry、Leachgarner、Rio Grande和Inverness。每個業務部門都是一家生產和分銷含貴金屬和非貴金屬產品的珠寶的製造商和經銷商，這些珠寶產品銷往特定的目標市場，包括大型珠寶連鎖店、百貨商店、購物網絡、大型商品零售商、電子商務零售商和工匠，以及世界各地的製造商和批發商和醫療機構，電子和航天工業。
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