ISCAR Ltd. 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
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of c ...
in 2006, becoming one of its largest non-insurance companies.
History
ISCAR was founded in 1952 by
Stef Wertheimer, an Israeli metalworker in his backyard. It was originally located in
Nahariya
Nahariya () is the northernmost coastal city in Israel. As of , the city had a population of .
The city was founded in 1935 by Jewish refugees fleeing Nazi Germany.
Etymology
Nahariya takes its name from the stream of Ga'aton River, Ga'aton (riv ...
. In 1982, it moved to
Migdal Tefen (Tefen industrial zone) near
Kfar Vradim in the
Upper Galilee. Since its inception, ISCAR has expanded from a single-marketing and manufacturing facility to a multinational company with representation in over 50 countries.
In 2006,
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska. Originally a textile manufacturer, the company transitioned into a conglomerate starting in 1965 under the management of c ...
, chaired by American investor Warren Buffett, purchased ISCAR and the IMC Group, making it the company's first international acquisition outside the United States. 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 Buffett praised the sales growth and performance of the company as "unique in its industry."
Mr. Ilan Geri is the CEO of ISCAR, and Mr. Jacob Harpaz is the Chairman of the Board of the IMC Group.
See also
*
Economy of Israel
An economy is an area of the production, distribution and trade, as well as consumption of goods and services. In general, it is defined as a social domain that emphasize the practices, discourses, and material expressions associated with ...
*
Science and technology in Israel
References
External links
*
ISCAR Global Companies
{{Authority control
Berkshire Hathaway
Manufacturing companies established in 1952
Israeli brands
Manufacturing companies of Israel
Metalworking cutting tools
1952 establishments in Israel