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.
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.