conglomeré

A conglomeré is a large corporation that owns and controls a diverse portfolio of subsidiary companies operating in different industries. The structure is designed to spread business risk across multiple sectors and to exploit synergies between subsidiaries. Conglomerés often arise through mergers, acquisitions, and spinoffs. They typically maintain a holding company that holds controlling shares in each subsidiary, allowing centralized decision‑making while giving the subsidiaries operational autonomy.

Historically, conglomerates emerged prominently in the mid‑20th century. In the United States, companies such as GE, IBM, and United Technologies grew by acquiring businesses in unrelated fields such as aviation, electronics, and defense. In Europe, firms like 3M and Siemens also adopted conglomerate models. The 1960s and 1970s were marked by a boom in conglomerate formation, partly driven by deregulation and a belief that diversification broadened shareholder value.

Critics argue that conglomerates can become bureaucratic, inhibiting efficient capital allocation and innovation within individual units. They may also obscure financial performance, making it difficult for investors to assess risk. Advocates point to benefits such as resource sharing, cross‑industry investments, and the ability to invest heavily in research and development across sectors.

In recent decades, many conglomerates have divested non‑core businesses or spun off subsidiaries into independent companies, reflecting a shift toward more focused corporate strategies. Nonetheless, conglomerés remain a significant feature of the global corporate landscape, especially in emerging markets where large diversified firms often dominate key industries.