Buffett arrives to see his landmark $4b. investment

Buffett was escorted to Israel in a private jet by Iscar chairman Eitan Wertheimer.

September 18, 2006 10:48
1 minute read.
warren buffett 88

warren buffett 88. (photo credit: )

US investment guru Warren Buffett landed in Israel on Sunday afternoon on his first trip to the country to pay a visit to the first company he has bought based outside the US. In May this year, Buffett acquired 80 per cent of Iscar Metalworking Cos. for $4 billion in the largest ever buy-out of an Israeli company. Buffett was escorted to Israel in a private jet by Iscar chairman Eitan Wertheimer. On Monday morning, Buffett will tour privately held Iscar, the industry leader in metal cutting tools, which he purchased from the Wertheimer family. Tefen-based Iscar is the first company based outside the US, which Berkshire Hathaway, the investment and insurance company owned by Buffett, has purchased. In the afternoon, Buffett is scheduled to pay a short visit to the Rambam Medical Center in Haifa. Eitan Wertheimer and Rambam Medical Center have in recent years closely cooperated, initiating joint projects in innovative fields, including biotechnology. Later, he will be meeting with Prime Minister Ehud Olmert, Finance Minister Abraham Hirchson, and other top officials. To mark the end of his public visit to Israel, Buffett will be speaking at a conference on Monday evening at the King David Hotel in Jerusalem, during which the world's second richest man is expected to present a discourse on his economic beliefs. Buffett will be flying back to the US on Tuesday.

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