Warren Buffett has lived up to his love for Israel’s companies and his Berkshire Hathaway company has announced the acquisition of Lod-based Ray-Q Interconnect for an undisclosed sum of money.
Ray-Q provides electrical interconnect solutions to military, aerospace and other industries. Financial details of the deal were not disclosed.
Buffett made a splash in the United States and Israel 2008 with the $4 billion purchase of most of the Isracar a precision tool-making company and said at the time he likes Israeli companies. It completed the purchase this year with another $2 billion payment.
Berkshire Hathaway’s ITT subsidiary announced on Friday it is buying Ray-Q, a subsidiary of Raychem. It provides high quality electrical interconnect solutions to military, aerospace and other high-reliability product industries, especially those in Israel, Turkey, Eastern Europe and India.
Yigal Funt, Ray-Q Chief Executive Officer since 1976, will continue to direct the company, which employs approximately 70 people.