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Business Management analysis

The Oldest Company In The World

Kongo Gumi, which was established in 578 AD, is the oldest, continually operating company known in the world. Its headquarters are based in Osaka, Japan. The Kongo Gumi is a construction company which was founded by an immigrant, who was commissioned by Prince Shotoku to build a Buddhist temple for him. Kongo Gumi was a family owned company for around 1,400 years until 2006, when the company struggled financially and became a subject of Takamatsu. Before the merger, it had employed over 100 individuals and had an annual budget of about $70 million. It continues to specialize in Buddhist temples construction till today.Surprisingly, some of the oldest companies are located in Japan. Since Japan is a rather old country with a long-running economy, this isn’t that shocking. However, there are many other companies around the world that have been in operation for over 1000 years especially in Europe.Though Kongo Gumi was makinh revenues of $65-$70 million annually in the early 2000s.Those revenues started going down with the Company recorded losses of $35million in a year. The company became so heavily in debt, that the Old and Mighty Kongo Gumi was forced to lay off workers to cut off its budget in 2004. Then two years later, in 2006, that debt grew to $343 million, and it forced the company into liquidation.The company has set a recording having been managed by hundreds of generations since it was formed.It is still not established its net worth when it was being liquidated.

Content created and supplied by: Simonroosevelt (via Opera News )

Buddhist Japan Osaka Shotoku Takamatsu


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