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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."
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