A subsidiary is a company that is controlled by another company, known as the parent company. The parent company usually owns more than 50% of the subsidiary's shares, giving it the power to make key decisions. Subsidiaries can operate independently but often align with the parent company's overall strategy. Subsidiaries can be found in various industries and may serve different markets or functions. For example, a large corporation like Procter & Gamble may have several subsidiaries that focus on specific product lines, allowing for specialized management and targeted marketing while benefiting from the parent company's resources.