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What do a carpet company, a custom picture frame-maker and a real estate firm have in common? All are Georgia companies that have been bought by powerhouse investor Warren Buffett.
Since the fourth quarter of 2000, Buffett's company, Berkshire Hathaway Inc., has moved into the state in a big way, acquiring the majority of Shaw Industries Inc. in January 2001, Jenny Pruitt & Associates in October 2001 and Albecca Inc. on Feb. 8.
In all, Buffett, through the companies he controls, spent more than $2.7 billion to buy the companies.
"They are good businesses run by outstanding people," said Debbie Bosanek, an assistant to Buffett. "We're happy they're in Georgia, but we would have bought them in any other state."
The internationally recognized Buffett, who lives in Omaha, Neb., isn't a newcomer to Georgia. As of last March, he owned 8.4 percent of The Coca-Cola Co. (NYSE: KO) and 7 percent of JDN Realty Corp. (NYSE: JDN), according to Securities and
Exchange Commission filings. Those ownership stakes are in Buffetts name, rather than Berkshire Hathaway's.
Buffett's prestige extends well beyond casual recognition. Shareholders of Berkshire Hathaway (NYSE: BRKA and BRK.B) place an enormous premium on both classes of shares. The company's class A stock was trading at $73,500 per share on...