|New Threads Only:|
|New Threads & Replies:|
Forum List » Guru News and Commentaries|
Guru News, Stock picks and commentaries
Berkshire Hathaway Buys Remainder of ISCAR (IMC International Metalworking Companies)
Posted by: Canadian Value (IP Logged)
Date: May 1, 2013 10:16AM
Hot off the press from Warren Buffett himself:
OMAHA, NE & TEFEN, Israel – Berkshire Hathaway Inc. (BRK.A)(BRK.B), IMC International Metalworking Companies B.V., and IMC's founding Wertheimer family, today announced that Berkshire Hathaway has acquired from the Wertheimer family the 20% of IMC International Metalworking Companies that it does not already own, for consideration of US$2.05 billion.
"Since the time IMC entered our lives, my partner, Charlie Munger, and I have enjoyed Berkshire's association with the company, the Wertheimer family, and the company's management team," said Warren Buffett, Berkshire Hathaway Chairman and Chief Executive Officer. "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. We look forward to continuing our stewardship of this unique company founded by the Wertheimer family in Israel 60 years ago and nurtured into a truly global enterprise."
"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," said Eitan Wertheimer. "The growth experienced by IMC since the 2006 Berkshire transaction validates the faith that Warren and Charlie showed in our business and the special people in Tefen, Israel and around the world who have made our success possible. We are confident that the vision begun by Miriam and Stef Wertheimer, and carried forward by the family's second generation, in partnership with IMC's supremely talented and dedicated executive team, will continue to drive the group forward as a part of the Berkshire family, under the leadership of President and CEO Jacob Harpaz" said Wertheimer.
"This acquisition cements the everlasting bond 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 IMC President and CEO Jacob Harpaz. "We are confident that being part of the Berkshire family will continue to help us strengthen our position worldwide and maintain the phenomenal growth that we have experienced over the past 60 years."
Guru Discussed: Warren Buffett: Current Portfolio, Stock Picks
Stocks Discussed: BRK.A, BRK.B,
Disclaimers: GuruFocus.com is not operated by a broker, a dealer, or a registered investment adviser. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The gurus may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute, investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes provided by InterActive Data. Fundamental company data provided by Morningstar, updated daily.