Berkshire Hathaway Inc. (NYSE:BRK.A) (NYSE:BRK.B) and
Iscar, Ltd. today announced that Berkshire Hathaway has successfully
completed its acquisition of 80% of the Iscar Metalworking Companies
(IMC) in a transaction that valued IMC at US $5 billion.
The Iscar Metalworking Companies is an industry leader in the
metal cutting tools business through its Iscar, TaeguTec, Ingersoll
and other IMC group companies. Berkshire now owns 80% of the business
and the Wertheimer family, IMC's former shareholders, own the
remaining 20%. 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.
About Berkshire Hathaway
Berkshire Hathaway and its subsidiaries engage in diverse business
activities including property and casualty insurance and reinsurance,
utilities and energy, finance, manufacturing, retailing and services.
Common stock of the company is listed on the New York Stock Exchange,
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.
