Berkshire Hathaway has purchased the remaining 20 per cent of the International metalworking Companies (IMC) from the Wertheimer family, who founded the company, for US$2.05 billion.

The company already owned 80 per cent of the company, so the sale now marks their outright ownership of IMC.

The IMC family of companies includes major cutting tool brands such as Iscar, Tugaloy and Ingersoll.

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“As you can surmise from the price we’re paying for the remaining interest, IMC has enjoyed very significant growth over the last seven years, said Warren Buffett, Berkshire Hathaway Chairman and CEO.

“We look forward to continuing our stewardship of this unique company founded by the Wertheimer family in Israel 60 years ago and nurtured into a truly global enterprise.

We are confident that being part of the Berkshire family will continue to help us strengthen our position worldwide and maintain the phenomenal growth that we have experienced over the past 60 years, said IMC President and CEO Jacob Harpaz.

IMC International metalworking Companies provide tools for metalworking applications.

The company’s largest manufacturing campus is located in Tefen, Israel, and they own other facilities in the United States; Korea; Brazil; China; Germany; India; Italy and Japan.