ID :
169589
Mon, 03/21/2011 - 05:54
Auther :
Shortlink :
https://www.oananews.org//node/169589
The shortlink copeid
Buffett flags more investment in S. Korean unit
DAEGU, March 21 (Yonhap) -- U.S. billionaire investor Warren Buffett signaled Monday that he may invest more money in a local company controlled by his investment company Berkshire Hathaway Inc.
Speaking at a groundbreaking ceremony for the second plant of TaeguTec Ltd. in this city 302 kilometers southeast of Seoul, Buffet said the company should keep expanding in the future and that this is only the beginning.
TaeguTec, a metal-cutter manufacturing firm, is a local unit of Israel-based International Metalworking Companies, 80 percent of whose stake was purchased by Berkshire Hathaway in 2006.
The company, estimated to have logged sales of around 500 billion won (US$444 million), is South Korea's leading maker of tungsten cutting tools and has posted double-digit growth in recent years.
Ahead of attending the groundbreaking ceremony, Buffett, who flew into the city on his private jet, met with Daegu mayor Kim Bum-il.
Buffet said he would look into investing in a medical industry complex being planned by Daegu and the government of North Gyeongsang Province, which surrounds the city.
Buffett was slated to head to Seoul later in the day to meet with South Korean President Lee Myung-bak. The two were expected to discuss global economic conditions and the impact of Japan's troubles from the devastating earthquake and tsunami on the world's markets.
Buffett's trip to Daegu marks his second visit to the country since his 2007 visit to the southeastern city.
mil@yna.co.kr
Speaking at a groundbreaking ceremony for the second plant of TaeguTec Ltd. in this city 302 kilometers southeast of Seoul, Buffet said the company should keep expanding in the future and that this is only the beginning.
TaeguTec, a metal-cutter manufacturing firm, is a local unit of Israel-based International Metalworking Companies, 80 percent of whose stake was purchased by Berkshire Hathaway in 2006.
The company, estimated to have logged sales of around 500 billion won (US$444 million), is South Korea's leading maker of tungsten cutting tools and has posted double-digit growth in recent years.
Ahead of attending the groundbreaking ceremony, Buffett, who flew into the city on his private jet, met with Daegu mayor Kim Bum-il.
Buffet said he would look into investing in a medical industry complex being planned by Daegu and the government of North Gyeongsang Province, which surrounds the city.
Buffett was slated to head to Seoul later in the day to meet with South Korean President Lee Myung-bak. The two were expected to discuss global economic conditions and the impact of Japan's troubles from the devastating earthquake and tsunami on the world's markets.
Buffett's trip to Daegu marks his second visit to the country since his 2007 visit to the southeastern city.
mil@yna.co.kr
