BREAKING NEWS

Warren Buffett buys remainder of Israel’s Iscar for $2.05b.

MAY 1, 2013 18:38

Warren Buffett, the oracle of Omaha, has once again seen a profitable future in Israel through his crystal ball.

Buffett’s Berkshire Hathaway announced that it purchased the last 20% of the Iscar Metalworking Company (IMC) on Wednesday, seven years after snatching up 80% of the company in its first international investment. At the time, the entirety of the company was valued at $5 billion.

“As you can surmise from the price we’re paying for the remaining interest, IMC has enjoyed very significant growth over the last seven years, and we are delighted to acquire the portion of the company that was retained by the Wertheimer family when IMC first became a member of the Berkshire group of companies,” Buffett said.

IMC Chairman Eitan Wertheimer praised the sale. "We are very pleased that IMC has found a permanent home in Berkshire Hathaway, which fully appreciates the unique nature of the global Israeli enterprise that we have created, and that is committed to remaining true to that heritage in every way, building on and continuing our historic success and special culture," he said.

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