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WASHINGTON, Dec 26: US billionaire investor Warren Buffet announced on Tuesday he was buying a 60 per cent majority of Marmon Holdings Inc., an industrial group owned by one of America’s richest families, for 4.5 billion dollars.
Buffet’s investment firm, Berkshire Hathaway Inc., will acquire the remaining 40 per cent of Marmon over five to six years at a price to be based on the group’s future performance, the two sides said in a statement.
Marmon, which has been owned by Chicago’s Pritzker family since 1953, is a manufacturing and services group with more than 125 units whose products range from railroad tank cars to electrical wires and cables.
—AFP
