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Iscar interested in Mu0026A in China
According to a report by Bloomberg News on April 22: Iscar Metalworking Cos., an Israeli machinery maker controlled by Warren Buffett, said the company hopes to make some overseas acquisitions, and China is the most promising Likely target market as there are fewer antitrust restrictions there. Iscar, the world's second-largest manufacturer of metal cutting tools, is aggressively trying to overtake Sandvik AB, the global tool market leader. Iscar chairman Eitan Wertheimer said in an interview that in many countries around the world, a takeover 'beyond a certain size' could lead to antitrust investigations by regulators, while 'the Chinese market' more open”, in addition, the identification of acquisition targets must be in line with the company’s development strategy. Wertheimer, 58, who describes himself as Buffett's 'travel agent,' plans a Far East tour with the Berkshire Hathaway Inc. chairman later this year. OK, visit the Japanese subsidiary Tungaloy, the auto and aerospace tool maker that Iscar acquired in 2008 and is integrating. The acquisition strengthens Iscar's production capabilities in Asia, where the company also has production plants in China and South Korea. “We are very eager to make acquisitions, but there are very few suitable projects, and the price has to be right,” Wertheimer said in an interview at his office in Herzliya, north of the Israeli capital Tel Aviv. Matching is important because 'I don't want a business to be too big to lose flexibility. I'm quite comfortable being the 'second child' in the knife industry and being a smart guy. I want to be the Einstein of this field.' Headquarters Iscar, based in the northern Israeli city of Tefen, was founded in 1952 by Eitan'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 an 80 percent stake in Iscar for $4 billion in 2006, and the Wertheimer family still owns the remaining 20 percent. Wertheimer said in an April 18 interview that Iscar’s sales are gradually improving and are approaching levels before the global recession began, with the company leading the way in China, India and South Korea, while in Sales in Europe are lagging behind. However, Wertheimer did not disclose further 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 India's Ministry of Finance, the country's economic growth rate may reach 7.2% in the first quarter of this year. By contrast, Germany, Europe's largest economy, saw its GDP fall by 5% in 2009. Due to the impact of the recession, Iscar introduced a four-day workweek for four to five months last year to avoid layoffs among its tens of thousands of employees. 'We have to get through tough times and keep our employees,' Wertheimer said. Wertheimer said he looks forward to attending Berkshire's annual meeting in Omaha, Nebraska, on May 1. , 'Had a chat' with Buffett about his planned visit to the restructured Tungaloy. The trip to Japan will be the third trip Wertheimer helped Buffett arrange, after visiting China and South Korea in October 2007 and Germany, Switzerland, Spain and Italy in May 2008. Dardashti Capital Management, one of Berkshire Hathaway's investors, believes that because of the 'perfect combination of Wertheimer's Mu0026A skills and Buffett's checkbook,' and industry profits are currently below average, Irvine will not be able to do so. Ska is well positioned to expand through mergers and acquisitions.