US conglomerate Berkshire Hathaway announced Wednesday that it is purchasing the 20 percent of IMC International Metalworking Companies that it does not already own for $2.05 billion.
Berkshire, the investment vehicle of billionaire Warren Buffett, will hold 100 percent of Israel-based IMC, which provides tools for metalworking applications and has manufacturing facilities in Israel, the US, Germany, China and other countries.
Berkshire paid $4 billion in 2006 to purchase 80 percent of IMC, with the Wertheimer family, founder of the business, keeping the remaining 20 percent. IMC was the first foreign company in which Berkshire took a controlling stake.
“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,” Buffett said in a statement.
Berkshire buys remaining IMC stake for $2 bn
