ISCAR Metalworking

ISCAR Ltd.
Subsidiary
Industry Metalworking tools
Founded 1952
Founder Stef Wertheimer
Headquarters Migdal Tefen, Israel
Area served
 Worldwide
Key people
 Jacob Harpaz (CEO)
Danny Goldman (CFO)
Owner Berkshire Hathaway
Number of employees
 10,000
Website ISCAR

ISCAR Metalworking is a 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 business magnate. 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 Warren Buffett, purchased ISCAR and the IMC Group. 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."[3] It was the first time in Berkshire's history that it acquired a company based outside of the United States.[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.

International Offices

ISCAR Global Companies [6]

See also

References

  1. ↑ Warren Buffett: Iscar 'continues to amaze'
  2. ↑ Warren Buffett buys out Israeli tool firm ISCAR for 2 billion
  3. ↑ Warren Buffett: Iscar 'continues to amaze'
  4. ↑ http://www.jpost.com/Business/Business-News/Buffett-buys-remainder-of-Israels-Iscar-for-205b-311715
  5. ↑ Who on earth is Jacob Harpaz, Haaretz, July 15, 2009
  6. ↑ "iscar.com". Retrieved 2008-04-08.

External links

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