Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

Berkshire Hathaway buys the rest of IMC for $2.05B

[May 02, 2013]  OMAHA, Neb. (AP) -- Berkshire Hathaway Inc. is buying the rest of IMC International Metalworking Cos. B.V. that it doesn't already own for $2.05 billion.

Warren Buffett's company announced the deal for the remaining 20 percent stake in the Israeli tool maker on Wednesday.

"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," Buffett said in a statement.

Buffett, the CEO and chairman of Berkshire Hathaway, said he was "delighted" to buy the part of IMC that was retained by the founding Wertheimer family. It sold the bulk of the company to Buffett in 2006.

IMC makes tools at facilities in the U.S., South Korea, Brazil, China, Germany, India, Italy and Japan.

Berkshire often plays a limited role in managing the companies that it buys. Buffett's company recently announced that it would buy half of condiment maker H.J. Heinz Co. in a $23.3 billion deal.

Last month in his annual letter to Berkshire shareholders, Buffett indicated that he wouldn't rest after the Heinz deal.

"We still have plenty of cash and are generating more at a good clip," Buffett wrote. The legendary investor added that he and Berkshire vice chairman Charles Munger "have again donned our safari outfits and resumed our search for elephants."

[Associated Press]

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.