web analytics
October 20, 2014 / 26 Tishri, 5775
At a Glance
News & Views
Sponsored Post
Meir Panim with Soldiers 5774 Roundup: Year of Relief and Service for Israel’s Needy

Meir Panim implements programs that serve Israel’s neediest populations with respect and dignity. Meir Panim also coordinated care packages for families in the South during the Gaza War.



SMART MONEY

Warren Buffet Buys Out Israeli Firm for $2 Billion

Warren Buffett is paying $2 billion to complete a $6 billion purchase of the Israeli Isracar tool making company.

Warren Buffett is paying $2 billion to complete a $6 billion purchase of the Israeli Isracar tool making company.

Warren Buffett’s Berkshire Hathaway is paying $2.05 billion for the remaining 20 percent of IMC International Metalworking Co, otherwise known as Isracar, completing the buyout that began with the giant $4 billion purchase of 80 percent of the company in 2006.

“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,” Buffett said Wednesday in a statement.

“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, 82, said.

Isracar employs more than 2,000 people in Israel and 7,500 others around the world.

Buffett has literally fallen in love with Israel. The 2006 purchase of most of Isracar was Buffett’s largest-ever investment outside of the United States.

When he visited Israel prior to the spectacular purchase of the precision carbide cutting tools company, he said, “If you’re going to the Middle East to look for oil, you can skip Israel. If you’re looking for brains, look no further. Israel has shown that it has a disproportionate amount of brains and energy.”

Since then, an American-Israeli consortium drilling off the Haifa coast has made the world’s largest discovery of natural gas in the past 20 years, with a strong possibility of commercial quantities of oil.

Buffet’s purchase of the rest of Isracar on Wednesday helped strengthen the shekel against the dollar, with the going rate for a greenback now less than 3.58 shekels.

About the Author: Tzvi Ben Gedalyahu is a graduate in journalism and economics from The George Washington University. He has worked as a cub reporter in rural Virginia and as senior copy editor for major Canadian metropolitan dailies. Tzvi wrote for Arutz Sheva for several years before joining the Jewish Press.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

One Response to “Warren Buffet Buys Out Israeli Firm for $2 Billion”

  1. Franklyn Arnevet says:

    Good story, usual sloppy reported/editing/proofing.
    “otherwise known as Isracar” – Isracar is an Israeli car leasing company.
    Iscar is the short name for IMC International Metalworking.
    “Journalism” in the great tradition of Wolf Blitzer.

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
Aerial view of Yemenite Village of HaShiloach, Old City of Jerusalem and Mt. of Olives.
Jews to Double Presence in Old Yemenite Village of Shiloach, Silwan
Latest News Stories

This time the false alarm was really false.

Aerial view of Yemenite Village of HaShiloach, Old City of Jerusalem and Mt. of Olives.

Jews once thrived in the Shiloach area of old Jerusalem, known also as Silwan. Arabs and British came and drove them out. Now, they have returned.

Yitzchak Shamir Road

Prime Minister Netanyahu (L) congratulates Minister Yair Shamir (M) as President Ruby Rivlin and Jerusalem Mayor Nir Barkat look on (in the background), as Jerusalem’s new Road 9 is named after former Prime Minister Yitzchak Shamir, Israel’s 7th prime minister, who passed away in 2012. Yair Shamir, who looks very much like is father (and […]

#BDSFail as daughter of Hamas leader is treated in Israeli hospital.

Abbas was denounced by the SWC for trying to disassociate Jews from their holy sites and inciting violence against them.

The Jerusalem Intifada continues on…

A clear majority of Jewish Israelis oppose a Palestinian state, once they’re told the details of what it means.

Hamas has continued to test-fire its homemade rockets, firing them into the Mediterranean and into the Sinai desert in Egypt, where it has spotters. It is possible that the sirens this morning were tripped by such test launches.

The General Security Services (Shabak) of the State of Israel believes that more Israeli Muslims are preparing to join ISIS.

Israeli forces take part in a mass Ebola identification training exercise at Sheba Medical Center in Ramat Gan on October 17, 2014. Officials and employees from the Population Immigration and Border Authority, airlines, the Magen David Adom emergency medical services, the Health Ministry and the police participated in the drill, aimed at identifying travelers who […]

It’s raining today in Jerusalem, the first major rain storm of the new year.

Giuliani to keynote Klinghoffer opera’s opening night press conference and protest rally

At least 5 swastikas were discovered painted on the Temple Mount.

It is hard to believe, but Egypt is now dependent on Israel for gas instead of the other way around.

The checkpoint near Jenin was closed after the IDF thought a person passing through was a suicide bomber.

More Articles from Tzvi Ben-Gedalyahu
'Tamar'  gas rig off Israel's Mediterranean coast.

It is hard to believe, but Egypt is now dependent on Israel for gas instead of the other way around.

ISIS flags in Nazareth in the Israeli Galilee

Barzilai hospital searched for its resident doctor-turned-terrorist after he disappeared and discovered that he changed professions.

A ‘good news’ story from the Nepal avalanche disaster to warm your heart. Take out your Kleenex.

Kerry might need to find a different spokeswoman who is better at lying.

Barnum and Bailey’s three-ring circus could not have done better.

The temporary blockade may cause a major shift away from Israelis dependence on Uncle Sam.

State Dept. insists the danger of traveling to Israel in the war was greater than that posed by potential Ebola carriers.

Printed from: http://www.jewishpress.com/news/warren-buffet-buys-out-israeli-firm-for-2-billion/2013/05/01/

Scan this QR code to visit this page online: