Business Deal Huge ‘Declaration of Confidence’

Monday, May 08, 2006 |    

The world’s largest private investor, American business tycoon Warren Buffett, bought a Galilee-based metal company for $4 billion in a deal economists are calling a declaration of confidence worth billions to the Israeli economy. The deal, his third largest and his first major one outside the United States, values Iscar Metalworking, a manufacturer of advanced cutting tools, at $5 billion and makes its owners, Stef and his son Eitan Wertheimer, the richest family in Israel. “It represents a high vote of confidence which will boost Israel’s status in the world and attract other foreign investors to follow Buffett’s lead,” said Shlomo Maoz, an Israeli economist. Buffet has indicated that he may buy additional Israeli companies.

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