Business Ventures
In 1952, Wertheimer started in the backyard of his home in Nahariya, Israel a small metal tool cutting factory called ISCAR. The factory quickly became a success and attracted the interest of Discount Investments, who later became a minority investor in the company. Today, ISCAR is one of the world's largest (by sales) manufacturers of carbide industrial-cutting tools, which are used by carmakers like General Motors and Ford. ISCAR branches exist in over 50 countries worldwide and the company employs nearly 6,000 people.
In 1969, as part of Israeli efforts to overcome the French weapons embargo after the Six-Day War, Wertheimer founded ISCAR Blades which later became Blades Technology Ltd. – one of the largest manufacturers of blades and vanes for jet engines and industrial gas turbines. Today, Blades Technology's customers include Pratt & Whitney, Rolls-Royce, Snecma, General Electric, MTU Aero Engines, Techspace Aero, Solar Turbines, and others.
In May 2006, Berkshire Hathaway, billionaire investor Warren Buffett's conglomerate holding company, bought 80% of ISCAR Metalworking Company for $5 billion (the Wertheimers paid $1 billion in taxes to the Israeli government). The Wertheimer family is left with Blades Technology, which was not included in the Buffett deal, and is worth an estimated $1 billion.
Read more about this topic: Stef Wertheimer
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