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ISCAR Metalworking

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ISCAR Ltd.
Company typeSubsidiary
IndustryIndustrial manufacturing
Founded1952
FounderStef Wertheimer
HeadquartersMigdal Tefen, Israel
Area served
Worldwide
Key people
Jacob Harpaz (CEO)
Danny Goldman (CFO)
OwnerBerkshire Hathaway
Number of employees
10,000
WebsiteISCAR

ISCAR Metalworking is an Israeli 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 metalworker in his backyard. 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 American investor Warren Buffett, purchased ISCAR and the IMC Group, making it the company's first international acquisition outside the United States.[3] 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."[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.

See also

References

  1. ^ Warren Buffett: Iscar 'continues to amaze'
  2. ^ Warren Buffett buys out Israeli tool firm ISCAR for 2 billion
  3. ^ http://www.jpost.com/Business/Business-News/Buffett-buys-remainder-of-Israels-Iscar-for-205b-311715
  4. ^ Warren Buffett: Iscar 'continues to amaze'
  5. ^ Who on earth is Jacob Harpaz, Haaretz, July 15, 2009
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