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AS ISRAELI MARKET CONTINUES RECOVERY, BUFFET SHOWCASES ISCAR’S RESILIENCE

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Tuesday, March 9th, 2010

As reported in Invest In Israel,  Berkshire Hathaway Chairman Warren Buffet, who bought an 80% majority stake in Iscar for $4 billion in 2006, told shareholders Iscar was poised to set new records, noting that the Israeli company’s “incredible managerial team would see to that.”

“Nothing stops Israel-based Iscar – not wars, recessions or competitors,” Buffet said, adding that the world’s two other leading suppliers of small cutting tools both had very difficult years, each operating at a loss throughout much of the year. Though Iscar’s results were down significantly from 2008, the company regularly reported profits, even while it was integrating Japanese acquisition Tungaloy.