Israeli industry has received another vote of confidence, this time from near-legendary American business mogul and philanthropist Warren Buffett, the chairman and CEO of Berkshire Hathaway.
Buffett recently completed the acquisition of the last 20% of the Israeli company Iscar (IMC) for US$2 billion – twice the value of the shares offered during the first stage of the transaction in 2006. According to reports, Iscar, managed by the Israeli Wertheimer family, has doubled its profits since its original purchase by Buffett in spite of the global financial crisis of recent years. Furthermore, Buffet made it very clear that he thinks very highly not only of Iscar, but of the Israeli economy as a whole – and especially the entrepreneurship and innovation of the Israeli population.
Iscar develops and manufactures specialised cutting tools for industries and blades for airline companies. It was established by Israeli businessman Stef Wertheimer and its CEO is his son, Eitan Wertheimer (now retiring). Iscar employs 2,500 workers in Israel, and another 7,500 employees world-wide.
In 2006, Buffett bought 80% of Iscar for US$4 billion. At the time, it was the largest acquisition by Buffett outside the US, and the largest acquisition of any Israeli company ever.
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