It turns out that Warren Buffett was not satisfied with one Israeli company. Berkshire Hathaway Inc. (NYSE:BRK.A; BRK.B) subsidiary CTB Inc. has acquired a 60% controlling interest in Israeli company Agrologic Ltd., designs and manufactures integrated systems for agricultural use including climate controllers, feed and poultry weighing systems. The amount of the transaction was not disclosed.
CEO Jan Lichten and development manager Johanan Hershtik founded Agrologic in 1988, and each owns half of the company. Their holdings in the company will fall to 20% each following the acquisition by CTB. Agrologic has 20 employees at its premises in Netanya. No changes in management are expected following the change in control.
Founded in 1952, Berkshire Hathaway acquired CTB in 2002. The company designs and markets systems and solutions for the poultry, hog, egg production, and grain industries. CTB president and CEO Victor A. Mancinelli said, “Agrologic is recognized for its innovative and cost-efficient designs… We are also impressed with how Agro Logic has used cellular technology in some of their systems.”
Lichten said today, “We’re a global leader in our field. We’re small and quick. The company is profitable, and over 80% of our output is for export.”
“Globes”: What will CTB’s takeover contribute to you?
Lichten: “CTB makes available all its global marketing network, and broad economic backing that will enable us to grow. It’s the biggest company in the world in its field.”
Published by Globes [online], Israel business news - www.globes.co.il - on May 9, 2006
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