Buffett plans to invest 100 billion won in Teguk

by:Gewinn     2022-05-24
It is reported that 'stock god' Warren Buffett plans to invest an additional 100 billion won in TaeguTec, a South Korean knife company located in Daegu. Related companies and Daegu City announced on March 9 that Buffett will visit South Korea to participate in the opening ceremony of the second factory of the Daegu local company Teguk, which he invested in, which will be held on the 21st of this month. intention. Teguk is an enterprise specializing in the production of cutting tools. The original largest shareholder is the Israeli cutting tool manufacturer - IMC (International Metalworking Companies) (Iscar). In 2006, Buffett's investment company, Berkshire Hathaway, acquired an 80% stake in IMC Group and took over a controlling stake in IMC subsidiary Teguk. How Teguk's performance is still a mystery. This is because Teguk changed the company type from a joint-stock company to a 'limited company' after receiving Buffett's investment, and a limited company has no obligation to disclose internal company information such as performance. It is reported that Berkshire Hathaway and IMC have invested hundreds of billions of won in Teguk so far, and after Teguk received Berkshire Hathaway’s investment, it has maintained an average annual double-digit increase. Teguk has branches in 25 countries around the world and has world-class technology in cutting tool related fields. This is the second time Buffett has visited Teguk since 2007. Buffett will arrive at Daegu Airport by special plane on the evening of the 20th, and attend the groundbreaking ceremony of the second factory of Teguk on the 21st. After the event, he will fly out of South Korea immediately. The second plant will be completed by the end of November this year.
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