Iscar buys Japan's Tungalow for $1 billion

Bloomberg News reported on September 21: According to Israel’s Haaretz, the Israeli knife manufacturer Iscar Ltd., owned by famous investor and “stock god” Warren Buffett, has spent about 10 For US$100 million, it acquired a 95% stake in Japanese tool maker Tungaloy Corp. But the media did not disclose the source. According to Israeli newspaper reports, Iscar bought Tungalow from Japan's Nomura Holdings Inc. with the aim of expanding its business scope in Southeast Asia and expanding its product line. There are production plants in Korea. Tungaloy has 2,700 employees and achieved sales of US$450 million in 2007, of which approximately US$300 million was achieved in Japan. Tungaloy is the largest Japanese company acquired by Iscar.