Berkshire Hathaway Inc. - Iscar Ltd. Joint News Release; Berkshire Hathaway to Acquire Iscar Metalworking Companies.OMAHA Omaha, city, United States Omaha (ō`məhä, –hô), city (1990 pop. 335,795), seat of Douglas co., E Nebr., on the west bank of the Missouri River; inc. 1857. , Neb. & TEFEN, Israel -- Berkshire Hathaway Berkshire Hathaway (NYSE: BRKA, NYSE: BRKB) is a conglomerate holding company headquartered in Omaha, Nebraska, U.S., that oversees and manages a number of subsidiary companies. Inc. (NYSE NYSE See: New York Stock Exchange :BRK BRK Break BRK Broken (meteorological, cloud cover) BRK Bayerisches Rotes Kreuz (Bavarian Red Cross) BRK Berkshire Hathaway (stock symbol) BRK Brick .A) (NYSE:BRK.B) and Iscar, Ltd. today announced that Berkshire Hathaway has agreed to acquire 80% of the Iscar Metalworking Companies (IMC (Internet Mail Consortium, Santa Cruz, CA, www.imc.org) An industry trade association founded in 1996 by Paul Hoffman and Dave Crocker that promotes Internet e-mail standards and features. ) in a transaction that values IMC at US$5 billion. The Iscar Metalworking Companies is a privately held group, with operations worldwide, and is an industry leader in the metal cutting tools business through its Iscar, TaeguTec, Ingersoll and other IMC group companies. Upon completion of the transaction, Berkshire will own 80% of the business and the Wertheimer family, IMC's current shareholders, will own the remaining 20%. The transaction remains subject to customary closing conditions, including regulatory approvals. After becoming a part of the Berkshire family of businesses, IMC will continue to be managed by its current management team, including Chairman Eitan Wertheimer and President and Chief Executive Officer Jacob Harpaz, as well as the rest of its current worldwide management team. IMC will remain headquartered in Tefen, Israel, and its worldwide business operations will continue as usual. "We are delighted to partner with the Wertheimer family and IMC's current management, led by Eitan Wertheimer and Jacob Harpaz," said Warren Buffett Warren Buffett Known as "the Oracle of Omaha," Buffett is Chairman of Berkshire Hathaway and arguably the greatest investor of all time. His wealth fluctuates with the performance of the market, but for the last few years he has been reported to be worth over $30 billion, making , Berkshire Hathaway Chairman and Chief Executive Officer. "As a truly international business, IMC is a top performer in its industry, with exposure to European, Asian and Latin American markets, as well as significant opportunities for growth as it continues to penetrate the North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. market. My partner, Charlie Munger, and I have been impressed by IMC's simple and profitable business model. With this acquisition, we have the benefit of investing in a stable business with very significant growth prospects." "As a member of the Berkshire family we'll have the benefit of a strong platform that's committed to continuing our historical success," said Eitan Wertheimer. "This transaction is not only significant for our company, our customers and our employees, but also for our industry, and for the State of Israel. We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. by Berkshire's investment in the group, and proud of what we have achieved since Iscar's founding more than 50 years ago by my father Stef Wertheimer, who will continue to lend his vision to the group. We are looking forward to a long and profitable partnership with Berkshire Hathaway." "This acquisition ties the knot between Berkshire Hathaway, one of America's outstanding businesses, and IMC, an extraordinary industrial company with a truly global reach, and a presence in the world's most dynamic regions and economies," said Jacob Harpaz. "We believe that our partnership with Berkshire will further strengthen our position in the North American market and worldwide and allow us to continue the phenomenal growth that we have experienced over the past 50 years." About Berkshire Hathaway Berkshire Hathaway and its subsidiaries engage in diverse business activities, among which the most important is the property and casualty insurance business conducted on both a direct and reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. basis. Common stock of the company is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. , trading symbols BRK.A and BRK.B. About the Iscar Metalworking Companies (IMC) The Iscar Metalworking Companies provide a comprehensive range of tools for the full scope of metalworking applications. The group is dedicated to a philosophy of continuous improvement and innovation in all facets of its operations, including manufacturing, product development, distribution, sales, and administrative functions. IMC's products are manufactured in a global network of world-class, technologically advanced manufacturing campuses, the largest located in Tefen, Israel, and including facilities in the United States; Korea; Brazil; China; Germany; India; Italy and Japan; and sold through subsidiary offices and agents located in 61 major industrial countries worldwide. In connection with this transaction, Wachtell, Lipton, Rosen & Katz provided legal advice to the Iscar Metalworking Companies, and Munger, Tolles & Olson LLP LLP - Lower Layer Protocol provided legal advice to Berkshire Hathaway. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion