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Iscar

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Iscar

Iscar Metalworking
Type Subsidiary
Industry Manufacturing
Founded 1952
Founder(s) Stef Wertheimer
Headquarters Galilee, Israel
Key people Stef Wertheimer, Eitan Wertheimer, Jacob Harpaz
Parent IMC
Website www.iscar.com

Iscar Metalworking (Hebrew: ישקר בע"מ ‎) is an Israeli toolmaking company affiliated with the IMC. In 2006, Warren Buffett purchased an 80 percent stake in the company. On May 1, 2013, Buffett bought the remaining 20% of Iscar for $2.05 billion, vowing however, to keep the company in Israel.[1] It is one of Berkshire Hathaway's largest non-insurance companies.[2]

History

The company was founded in 1952 in a wooden garage behind the home of Stef Wertheimer in Israel. After several years of steady expansion, the company headquarters moved to its current site in the Tefen Industrial Zone, situated in Israel's Western Galilee.

Iscar has expanded from a single marketing and manufacturing facility in Israel to a multinational company with representation in over 50 countries. Its production facilities are highly automated; at night, a single employee runs the plants on a computer, from home.[3]

In May 2006, Berkshire Hathaway, chaired by Warren Buffett, purchased an 80% stake in Iscar for US$4 billion. It was the first time in Berkshire's history that it acquired a company based outside of the United States.

In 2008, Mr. Buffett called the acquisition of Iscar a "dream deal" that surpassed all his expectations. He personally attended the inauguration of a new production plant in Dalian, China.[4]

The CEO of Iscar is Jacob Harpaz. The company has 140 subsidiaries in 65 countries.[5]In a 2012 letter to shareholders, Iscar's managers were described as "brilliant strategists and operators," and Buffet praised the sales growth and performance of the company as "unique in its industry." [6]

International Offices

Iscar has production facilities in Israel, France, Argentina, Germany, Hungary, Brazil, Italy, The United States of America, The Netherlands, Spain, South Korea, Switzerland, Turkey and the United Kingdom.[7]

See also

References

External links

  • Iscar Cutting Tools
  • Buffett Takes a Cut of Iscar/ By Neal Sandler - from Businessweek online
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