In his annual letter to shareholders released this weekend, one of the world’s richest men praised the East Tennessee entrepreneurs behind two of his major business acquisitions.
Warren Buffett, chairman of Berkshire Hathaway, said Clayton Homes, acquired by Berkshire for $ 1.7 billion in 2003, and Pilot Travel Center, in which Buffett’s investment group plans to buy an 80% stake in ‘by 2023, both generate an annual profit before tax of more of $ 1 billion.
“Every business was started by a young man who graduated from the University of Tennessee and who stayed in Knoxville,” said Buffett, saluting the entrepreneurs behind the multi-billion dollar Knoxville businesses. “Neither had a significant amount of capital or wealthy parents. Jim Clayton, after several …
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