from the October 2006 issue

Warren Buffett visits Israel

Warren Buffett, who recently acquired ISCAR from the Wertheimer family came to Israel to view his acquisition. Buffett said that this was his company's first investment outside the US and explained that this was the first time they had found a business that they really loved.

Buffett promised that ISCAR would continue to operate in Israel and said that the last thing he wanted was to disturb ISCAR employees. Iscar is located on Israel's northern border with Lebanon. Buffett pointed out that he invested in Iscar without ever having seen it. "We paid $4.0 billion for a company we never saw. Now I am happy to report that there really is a factory there," quipped Buffett. "My partner Charlie and I had the opportunity to see magic with our own eyes during our visit to Iscar," Buffett said. "We've seen thousands of companies and have never seen such a combination of enormous achievement, power, talent and imagination as we saw at Iscar, a company that grew out of nothing to become a supplier to international companies," Buffett said.

Reprinted from the Israel High-Tech & Investment Report October 2006

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