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TSMC was founded in Taiwan in 1987 by Morris Chang as the world's first dedicated semiconductor foundry. It has long been the leading company in its field. [15] [16] When Chang retired in 2018, after 31 years of TSMC leadership, Mark Liu became chairman and C. C. Wei became Chief Executive.
Taiwan,[II][k] officially the Republic of China (ROC),[I][l] is a country[27] in East Asia.[o] It is located at the junction of the East and South China Seas in the northwestern Pacific Ocean, with the People's Republic of China (PRC) to the northwest, Japan to the northeast, and the Philippines to the south. The territories controlled by the ...
- United States
- International
- Advantages and Disadvantages of Conglomerates
- Media Conglomerates
- Food Conglomerates
- Bibliography
- External Links
The conglomerate fad of the 1960s
During the 1960s, the United States was caught up in a "conglomerate fad" which turned out to be a form of an economic bubble. Due to a combination of low interest rates and a repeating bear-bull market, conglomerates were able to buy smaller companies in leveraged buyouts (sometimes at temporarily deflated values). Famous examples from the 1960s include Gulf and Western Industries, Ling-Temco-Vought, ITT Corporation, Litton Industries, Textron, and Teledyne. The trick was to look for acquisi...
Genuine diversification
In other cases, conglomerates are formed for genuine interests of diversification rather than manipulation of paper return on investment. Companies with this orientation would only make acquisitions or start new branches in other sectors when they believed this would increase profitability or stability by sharing risks. Flush with cash during the 1980s, General Electric also moved into financing and financial services, which in 2005 accounted for about 45% of the company's net earnings. GE fo...
Mutual funds
With the spread of mutual funds (especially index funds since 1976), investors could more easily obtain diversification by owning a small slice of many companies in a fund rather than owning shares in a conglomerate. Another example of a successful conglomerate is Warren Buffett's Berkshire Hathaway, a holding companywhich used surplus capital from its insurance subsidiaries to invest in businesses across a variety of industries.
The end of the First World War caused a brief economic crisis in Weimar Germany, permitting entrepreneurs to buy businesses at rock-bottom prices. The most successful, Hugo Stinnes, established the most powerful private economic conglomerate in 1920s Europe – Stinnes Enterprises – which embraced sectors as diverse as manufacturing, mining, shipbuil...
Advantages
1. Diversification results in a reduction of investment risk. A downturn suffered by one subsidiary, for instance, can be counterbalanced by stability, or even expansion, in another division. For example, if Berkshire Hathaway's construction materials business has a good year, the profit might be offset by a bad year in its insurance business. This advantage is enhanced by the fact that the business cycle affects industries in different ways. Financial Conglomerates have very different compli...
Disadvantages
1. The extra layers of management increase costs. 2. Accounting disclosure is less useful information, many numbers are disclosed grouped, rather than separately for each business. The complexity of a conglomerate's accounts make them harder for managers, investors and regulators to analyze, and makes it easier for management to hide issues. 3. Conglomerates can trade at a discount to the overall individual value of their businesses because investors can achieve diversification on their own s...
In her 1999 book No Logo, Naomi Klein provides several examples of mergers and acquisitions between media companies designed to create conglomerates for the purposes of creating synergybetween them: 1. WarnerMedia included several tenuously linked businesses during the 1990s and 2000s, including Internet access, content, film, cable systems and tel...
Similar to other industries there are many companies that can be termed as conglomerates. 1. The Philip Morris group, which once was the parent company of Altria group, Philip Morris International, and Kraft Foodshad an annual combined turnover of $80 bn. Although Phillip Morris International and Kraft Foods were spun off to independent companies. ...
Holland, Max (1989), When the Machine Stopped: A Cautionary Tale from Industrial America, Boston: Harvard Business School Press, ISBN 978-0-87584-208-0, OCLC 246343673.McDonald, Paul and Wasko, Janet (2010), The Contemporary Hollywood Film Industry, Blackwell Publishing Ltd. ISBN 978-1-4051-3388-3"Conglomerate". Encyclopædia Britannica. 2007. Encyclopædia Britannica Online. November 17, 2007.Wikipedia is written by volunteer editors and hosted by the Wikimedia Foundation, a non-profit organization that also hosts a range of other volunteer projects : Commons. Free media repository. MediaWiki. Wiki software development. Meta-Wiki. Wikimedia project coordination. Wikibooks. Free textbooks and manuals.
Alibaba Group Holding Limited, branded as Alibaba, is a Chinese multinational technology company specializing in e-commerce, retail, Internet, and technology. Founded on 28 June 1999 [1] in Hangzhou, Zhejiang, the company provides consumer-to-consumer (C2C), business-to-consumer (B2C), and business-to-business (B2B) sales services via Chinese ...
ICT is an umbrella term that includes any communication device, encompassing radio, television, cell phones, computer and network hardware, satellite systems and so on, as well as the various services and appliances with them such as video conferencing and distance learning. ICT also includes analog technology, such as paper communication, and ...
Mitsubishi F-2. The General Dynamics F-16 Fighting Falcon is an American single-engine supersonic multirole fighter aircraft originally developed by General Dynamics for the United States Air Force (USAF). Designed as an air superiority day fighter, it evolved into a successful all-weather multirole aircraft with over 4,600 built since 1976. [4]
