“Iscar’s managers – Eitan Wertheimer, Jacob Harpaz and Danny Goldman – are brilliant strategists and operators.”http://platform.linkedin.com/in.js
Buffett adds, “Its sales growth and overall performance are unique in its industry. Iscar’s managers – Eitan Wertheimer, Jacob Harpaz and Danny Goldman – are brilliant strategists and operators. When the economic world was cratering in November 2008, they stepped up to buy Tungaloy, a leading Japanese cutting-tool manufacturer. Tungaloy suffered significant damage when the tsunami hit north of Tokyo last spring. But you wouldn’t know that now: Tungaloy went on to set a sales record in 2011. I visited the Iwaki plant in November and was inspired by the dedication and enthusiasm of Tungaloy’s management, as well as its staff. They are a wonderful group and deserve your admiration and thanks.”
Iscar is one of Berkshire’s five largest non-insurance companies, alongside railroad Burlington Northern Santa Fe Corporation, Lubrizol Corporation, Marmon Group, and MidAmerican Energy Holdings Inc., which delivered record operating earnings. Their aggregate revenue was $9 billion pretax revenue in 2011. “Unless the economy weakens in 2012, each of our fabulous five should again set a record, with aggregate earnings comfortably topping $10 billion.”
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