ISCAR Metalworking

ISCAR Metalworking (Hebrew: ישקר בע"מ‎) is an Israeli toolmaking company affiliated with one of the world's largest metalworking conglomerates, IMC Group. In 2006, Warren Buffett purchased an 80 percent stake in the company. On May 1, 2013, Buffett bought the remaining 20% of Iscar for $2.05 billion, vowing however, to keep the company in Israel. It is one of Berkshire Hathaway's largest non-insurance companies.

History

The company was founded in 1952 in a wooden garage behind the home of Stef Wertheimer in Israel. After several years of steady expansion, the company headquarters moved to its current site in the Tefen Industrial Zone, situated in Israel's Western Galilee.

Iscar has expanded from a single marketing and manufacturing facility in Israel to a multinational company with representation in over 50 countries. Its production facilities are highly automated; at night, a single employee runs the plants on a computer, from home.

In May 2006, Berkshire Hathaway, chaired by Warren Buffett, purchased an 80% stake in Iscar for US$4 billion. It was the first time in Berkshire's history that it acquired a company based outside of the United States. In May 2013 Buffett bought the rest of Iscar for $2.05 billion.