ISCAR Ltd. is an
Israeli
Israeli may refer to:
* Something of, from, or related to the State of Israel
* Israelis, citizens or permanent residents of the State of Israel
* Modern Hebrew, a language
* ''Israeli'' (newspaper), published from 2006 to 2008
* Guni Israeli (b ...
multinational metal cutting tools company affiliated with one of the world's largest metalworking conglomerates, the
IMC Group (International Metalworking Companies). ISCAR and the IMC Group were acquired by
Warren Buffett
Warren Edward Buffett ( ; born August 30, 1930) is an American business magnate, investor, and philanthropist. He is currently the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world and has a net ...
's
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiu ...
in 2007, becoming one of its largest non-insurance companies.
History
ISCAR was founded in 1952 by
Stef Wertheimer, an Israeli metalworker in his backyard. It was originally located in
Nahariya
Nahariya ( he, נַהֲרִיָּה, ar, نهاريا) is the northernmost coastal city in Israel. In it had a population of .
Etymology
Nahariya takes its name from the stream of Ga'aton (river is ''nahar'' in Hebrew), which bisects it.
His ...
. In 1982, it moved to
Migdal Tefen (Tefen industrial zone) near
Kfar Vradim
Kfar Vradim ( he, כְּפַר וְרָדִים) is a town ( local council) in northern Israel, with a population of 5800 (2018). It is situated south of Ma'alot-Tarshiha and about south of the border with Lebanon. Kfar Vradim is close to Ma'alo ...
in the
Upper Galilee
The Upper Galilee ( he, הגליל העליון, ''HaGalil Ha'Elyon''; ar, الجليل الأعلى, ''Al Jaleel Al A'alaa'') is a geographical-political term in use since the end of the Second Temple period. It originally referred to a mounta ...
. Since its inception, ISCAR has expanded from a single-marketing and manufacturing facility to a multinational company with representation in over 50 countries.
In 2007,
Berkshire Hathaway
Berkshire Hathaway Inc. () is an American multinational conglomerate holding company headquartered in Omaha, Nebraska, United States. Its main business and source of capital is insurance, from which it invests the float (the retained premiu ...
, chaired by American investor Warren Buffett, purchased ISCAR and the IMC Group, making it the company's first international acquisition outside the United States. In 2008, Buffett called the acquisition of the IMC Group a "dream deal" that surpassed all his expectations. In a letter to shareholders, managers were described as "brilliant strategists and operators," and Buffett praised the sales growth and performance of the company as "unique in its industry."
Mr. Jacob Harpaz is the CEO of ISCAR and President of the IMC Group.
Who on earth is Jacob Harpaz, Haaretz, July 15, 2009
/ref> Today, the IMC Group comprises 13 companies with 130 subsidiaries in over 60 countries around the globe.
See also
*Economy of Israel
The economy of Israel is a developed Market economy, free-market economy. The prosperity of Israel's advanced economy allows the country to have a sophisticated Welfare in Israel, welfare state, a powerful modern Military of Israel, military sa ...
*Science and technology in Israel
Science and technology in Israel is one of the country's most developed sectors. Israel spent 4.3% of its gross domestic product (GDP) on civil research and development in 2015, the highest ratio in the world. In 2019, Israel was ranked the world' ...
References
External links
*
ISCAR Global Companies
{{Authority control
Berkshire Hathaway
Manufacturing companies established in 1952
Israeli brands
Manufacturing companies of Israel
Metalworking cutting tools
1952 establishments in Israel