In a $5 billion transaction, Berkshire Hathaway Inc. acquired 80 percent of the Iscar Metalworking Companies. Iscar 's current shareholders will own the remaining 20 percent, and Iscar 's current management team, including Chairman Eitan Wertheimer and President and Chief Executive Officer Jacob Harpaz, as well as the company's current worldwide management team will still run the company, which will remain headquartered in Tefan, Israel.
The Iscar Metalworking Companies is a privately held group, with operations worldwide and manufactures metal cutting tools through Iscar, TaeguTec, Ingersoll and other group companies.
Berkshire Hathaway and its subsidiaries, with Chairman and CEO Warren Buffet at the helm, engage in diverse business activities, including property and casualty insurance business conducted on both a direct and reinsurance basis.
As a member of the Berkshire family, Iscar gains a strong platform for continuing its historical success. The company plans to further strengthen its exposure in European, Asian, Latin American and North American markets.