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| Warren Buffett at Iscar |
(Scroll down for video) An Israeli company received a large payday from one of the world’s richest people this week, according to a statement released by an Israeli tool manufacturer.
U.S. billionaire Warren Buffett, is buying the 20 percent stake in Iscar, an Israeli tool company, from the Wertheimer family for about $2 billion, he did not already own. This will give Berkshire Hathaway full ownership of the company since it acquired 80 percent of the company seven years ago.
The agreement placed the value of the company at approximately $10 billion, which is based in the northern Israeli community of Tefen. That is twice its valuation when Berkshire Hathaway bought its initial 80 percent stake in 2006 for $4 billion.
“This is very exciting news for all Israeli companies as it shows again that the richest people in the world are looking toward Israel for great investment opportunities,” Daniel Miller, 32, of Richmond, Virgina told YourJewishNews.com after learning about the Buffett purchase.Mobile video not loading? Click here to view