Warren Buffett buys into Iscar Metalworking Companies

Located in Tefen, Israel, IMC includes tooling companies Iscar, TaeguTec, CTMS, Ingersoll Cutting Tools, Outiltec and Metaldur (see link below). The deal for the privately held firm will leave 20 per cent in the hands of the Wertheimer family, IMC’s current shareholders. According to Berkshire Hathaway: “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.” And Mr Buffett added: “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 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.”