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| By: Associated Press |
| Published: July 6, 2006 |
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Berkshire Hathaway said that it had completed its acquisition of 80 percent of Iscar Metalworking Cos.
Berkshire announced in May that it would pay $4 billion for the stake in the privately held Israeli company, which makes metal cutting tools. The company's current owners, the Wertheimer family, will retain 20 percent ownership, and the company will keep its current management and headquarters in Tefen, Israel.
Iscar is the first business based outside the United States that Berkshire has bought into, although it owns several companies with overseas operations. The completion of the Iscar deal was announced Wednesday.
Berkshire, the Omaha investment firm run by billionaire Warren Buffett, owns a diverse mix of more than 60 companies, including insurance, furniture, carpet, jewelry, restaurants and utility firms. It also has major investments in such companies as H&R Block Inc., Anheuser-Busch Cos. and Coca-Cola Co. |
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