Thursday, 2 May 2013

Buffett completes purchase of Israeli company for $2 billion

The Case Against Billionaires 

American billionaire Warren Buffett paid $2 billion for the Israeli firm Iscar.

Buffett had bought 80 percent of the Iscar Metalworking Company Group, in which Iscar is the main company, for $4 billion in 2006, according to Globes.

The company, which makes precision carbide cutting tools and is located in the Tefen industrial park in northern Israel, was founded by Israeli billionaire Stef Wertheimer. It employs 2,500 people in Israel and another 7,500 at its facilities around the world.

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