Skip to: Content
Skip to: Site Navigation
Skip to: Search

September 5, 2008 9:14:15 PM CDT

Learn about Newser Points »

« Back to the grid | Next story »

Buffett to Buy Huge Industrial Firm Marmon

Posted Dec 25, 07 5:47 PM CST in Business 

(Newser) – Warren Buffett will pay $4.5 billion to acquire a majority stake in Marmon Holdings, an industrial conglomerate owned by one of America's richest familes, the Wall Street Journal reports. Buffett's Berkshire Hathaway will buy 60% of the company now from the Pritzker family of Chicago, with plans to acquire the rest in stages by 2014.

"I liked them," said Buffett, who put together the deal in two weeks. "They were my kind of guys." Marmon has a variety of industrial businesses, including makers of plumbing and electrical products. Its biggest is Union Tank Car, which makes railroad cars. The deal is Berkshire's biggest acquisition outside the insurance industry.

Source Wall Street Journal

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Dow Chemical Drops $15.3B on Rohm & Haas

    Jul 10, 08 8:46 AM CDT
    Dow Chemical Drops $15.3B on Rohm & Haas In what may be the beginning of a long-anticipated consolidation of the chemical industry, Dow Chemical today said it was buying coatings and electronic-materials company Rohm & Haas in a $15.3 billion all-cash deal, reports the Wall Street Journal. Dow is backed by $3 billion from Warren Buffett's Berkshire Hathaway—the second time in past months that the Oracle of Omaha has assisted in a buyout. More »

  • Buffett Poised to Clean Up in Bear Market

    May 2, 08 2:02 PM CDT
    Buffett Poised to Clean Up in Bear Market As the US teeters on the brink of recession and most investors remain sidelined by the credit crunch, Warren Buffett is poised to spend more than $40 billion to scoop up bargains. Berkshire Hathaway rose 22% over the last 12 months while other stocks sputtered, and now, Bloomberg reports, the company is one of the few with the cash on hand to profit from a bear market. More »

  • Mars Buys Wrigley, With Assist From Buffett

    Apr 28, 08 8:05 AM CDT
    Mars Buys Wrigley, With Assist From Buffett M&Ms-maker Mars, backed by Warren Buffett, has made a deal to buy Wm. Wrigley Jr. Co. for about $23 billion, reports the New York Times. The acquisition is likely to force other candy makers like Hershey and Cadbury Schweppes into mergers to maintain market share against a powerful conglomerate of recognized brands with global presence. More »

  • Buffett Covets Euro Family Businesses

    Apr 23, 08 9:44 AM CDT
    Buffett Covets Euro Family Businesses Warren Buffett is looking to put some of Berkshire Hathaway’s $40 billion in cash to work outside the US, targeting family-owned European businesses for acquisition, reports Bloomberg. Buffett—who Forbes magazine says is the world’s richest person--is going on a scouting tour next month to four European cities. More »

  • Warren Buffett: Soap Star

    Mar 19, 08 8:07 PM CDT
    Warren Buffett: Soap Star Well, sure, he can make a billion at the drop of a hat. But can the man act? We'll see. Warren Buffett, he who sits atop the list of wealthiest people, with $62 billion, will make a cameo on the soap "All My Children" during May sweeps week, Reuters reports. Buffett will play himself on the episode, in which he tries to get character Erica Cane bailed out of a jam related to insider trading. More »

Berkshire Hathaway Chief Executive Officer Warren Buffett testifies on Capitol Hill in Washington, Wednesday, Nov. 14, 2007, before the Senate Finance Committee hearing on the federal estate tax. (AP...   (Associated Press)
Warren Buffett, chairman of Berkshire Hathaway, is seen following a news conference in Omaha, Neb., in this May 6, 2007 file photo. Berkshire Hathaway Inc. is expected to release quarterly earnings on...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (1 of 2)

Tags

Chicago  • Warren Buffett  • Berkshire Hathaway  • Pritzker


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »