Buffett completes purchase of Israeli company for $2 billion

JERUSALEM (JTA) — American billionaire Warren Buffett paid $2 billion for the remaining 20 percent of the Israeli firm Iscar.

Buffett had bought 80 percent of the Iscar Metalworking Company Group, in which Iscar is the main company, for $4 billion in 2006, according to Globes.

The company, which makes precision carbide cutting tools and is located in the Tefen industrial park in northern Israel, was founded by Israeli billionaire Stef Wertheimer. It employs 2,500 people in Israel and another 7,500 at its facilities around the world.

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