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Iskar is the world's second-largest manufacturer of metal cutting tools, and is ambitiously trying to catch up with Sandvik AB, the "leader" of the global tool market. Eisan Wertheimer, chairman of Iskar, said in an interview that in many countries around the world, a “more than a certain size†acquisition may lead to antitrust investigations by regulators, and “China market†More open, in addition, the determination of the acquisition target must be in line with the company's development strategy.
The 58-year-old Wertheimer described himself as Buffett’s “travel agent.†He plans to work with the chairman of Berkshire Hathaway Inc. later this year for a Far East. OK, visiting Japan's subsidiary, Tungaloy, which acquired the automotive and aerospace tool manufacturer in 2008 and is integrating it. The acquisition enhances Iskar's production capacity in Asia, which also has production facilities in China and Korea.
In an interview with Herzliya's office north of Tel Aviv, Israel, Wertheimer said, "We are very eager to make acquisitions, but there are few suitable projects, and the price must be appropriate." The acquisition target and Isca Matching is very important because "I don't want the company to be too big and lose flexibility. I am quite satisfied with being a 'second child' in the tool industry and being a smart person. I hope to be Einstein in this field."
Isca, headquartered in Tefen, northern Israel, was founded in 1952 by Ethan's father, Stef Wertheimer. It produces cutting tools for the automotive and aircraft industries, and its customers include Toyota Motor Corporation. Buffett's Berkshire acquired 80% of Iskar's shares for $4 billion in 2006, and the remaining 20% ​​is still owned by the Wertheimer family.
Wertheimer said in an interview on April 18 that Iskar's sales are gradually improving and are close to the level before the global economic recession. The company's sales in China, India and South Korea lead the way. Sales in Europe are relatively lagging behind. However, Wertheimer did not disclose more details.
According to the National Bureau of Statistics of China, China’s GDP in the first quarter of this year increased by 11.9% compared with the same period last year. According to estimates by the Indian Ministry of Finance, the country’s economic growth rate may reach 7.2% in the first quarter of this year. In contrast, Germany, the largest economy in Europe, lost 5% of its GDP in 2009.
Due to the impact of the economic downturn, Iskar had a four-day, four-day working week last year to avoid layoffs among the company's tens of thousands of employees. Wetherheimer said, "We must survive difficult times and retain employees."
Wertheimer said he expects to visit the restructured Tungaloy when he attends the Berkshire annual meeting in Omaha, Nebraska on May 1st, with Buffett. Have a chat." This trip to Japan will be the third visit by Wertheimer to help Buffett, the first two visits to China and South Korea in October 2007, and the visits to Germany, Switzerland, Spain and Italy in May 2008.
Dardashti Capital Management, one of Berkshire Hathaway’s investors, believes that due to “the perfect combination of Wertheimer’s M&A skills with Buffett’s checkbook†and current industry profits below average, Iraq Ska company is in a favorable position to achieve corporate expansion through mergers and acquisitions.
Isca intends to conduct mergers and acquisitions in China
According to Bloomberg News, April 22, Israel-based machinery manufacturer Iscar Metalworking Cos., which is controlled by Warren Buffett, said the company hopes to conduct some overseas mergers, while China is the most Possible target market, because there are fewer restrictions on antitrust.