ISCAR Metalworking
| Subsidiary | |
| Industry | Metalworking tools |
| Founded | 1952 |
| Founder | Stef Wertheimer |
| Headquarters | Migdal Tefen, Israel |
|
Area served
|
Worldwide |
|
Key people
|
Jacob Harpaz (CEO) Danny Goldman (CFO) |
| Owner | Berkshire Hathaway |
|
Number of employees
|
10,000 |
| Website | ISCAR |
ISCAR Metalworking is a multinational metal cutting tools company affiliated with one of the world's largest metalworking conglomerates, the IMC Group (International Metalworking Companies). ISCAR and the IMC Group were acquired by Warren Buffett's Berkshire Hathaway in 2006, becoming one of its largest non-insurance companies.[1]
History
ISCAR was founded in 1952 by Stef Wertheimer, an Israeli business magnate. It was originally located in Nahariya. In 1982, it moved to Migdal Tefen (Tefen industrial zone) near Kfar Vradim in the Western Galilee.[2] Since its inception, ISCAR has expanded from a single-marketing and manufacturing facility to a multinational company with representation in over 50 countries.
In May 2006, Berkshire Hathaway, chaired by Warren Buffett, purchased ISCAR and the IMC Group. In 2008, Buffett called the acquisition of the IMC Group a "dream deal" that surpassed all his expectations. In a letter to shareholders, managers were described as "brilliant strategists and operators," and Buffet praised the sales growth and performance of the company as "unique in its industry."[3] It was the first time in Berkshire's history that it acquired a company based outside of the United States.[4]
Jacob Harpaz is the CEO of ISCAR and President of the IMC Group.[5] Today, the IMC Group comprises 13 companies with 130 subsidiaries in over 60 countries around the globe.
International Offices
See also
References
- ↑ Warren Buffett: Iscar 'continues to amaze'
- ↑ Warren Buffett buys out Israeli tool firm ISCAR for 2 billion
- ↑ Warren Buffett: Iscar 'continues to amaze'
- ↑ http://www.jpost.com/Business/Business-News/Buffett-buys-remainder-of-Israels-Iscar-for-205b-311715
- ↑ Who on earth is Jacob Harpaz, Haaretz, July 15, 2009
- ↑ Lua error in package.lua at line 80: module 'strict' not found.
External links
- Iscar Cutting Tools
- Buffett Takes a Cut of Iscar/ By Neal Sandler - from Businessweek online
