Posts Tagged ‘management team’

Berkshire Hathaway Acquires Balance of International Metalworking Companies

May 1st, 2013 Comments off

BusinessWire states Warren Buffett’s Berkshire Hathaway, Inc. has acquired the 20 percent of International Metalworking Companies (IMC) B.V. of Tefen, Israel that it does not already own for $2.05 billion. IMC manufactures and distributes a wide range of metalworking tools for numerous applications through its facilities and subsidiaries in 61 major industrial countries spanning the globe. Says Warren Buffett, “Since the time IMC entered our lives, my partner, Charlie Munger, and I have enjoyed Berkshire’s association with the company, the Wertheimer family, and the company’s management team.” IMC President and CEO Jacob Harpaz says, “We are confident that being part of the Berkshire family will continue to help us strengthen our position worldwide and maintain the phenomenal growth that we have experienced over the past 60 years.” IMC was started by Miriam and Stef Wertheimer. As MHProNews knows, Clayton Homes, the largest producer of manufactured and modular homes in North America, is part of the Berkshire Hathaway group of companies.

(Photo credit: Clayton Homes)

And Now for the Rest of the Story……..

June 28th, 2012 Comments off

Following a Daily Business News post from June 18, 2012 about two MHCs in Carver, Massachusetts being snatched from the jaws of Equity Lifestyle Properties and becoming co-operatives, MHProNews has learned from boston, according to MA law, MHC residents have the first right of refusal if their community is being sold. Pine Tree Village (family, 186 homes) and Cranberry Village (55+, 280 homes) owner David Piper signed an agreement to sell the pair to ELS in Dec. 2011 for $22 million, a figure the residents had to match. The residents approached Piper with their offer the day before he was set to close with ELS. ROC (resident-owned communities) USA, a specialist in MHC co-operatives, arranged the 30 year mortgages for each community—6% for Pine Tree, 6.2% for Cranberry. Massachusetts-based Community Development Institute assisted ROC in developing budgets, finding a management team, and setting up operations.

(Photo credit: Amelia Kunhardt/The Patriot Ledger—Pine Tree residents Susan Roovers with daughter Whitford)

Drew Draws in Doors

February 23rd, 2012 Comments off

Bradenton tells Lippert Components, the wholly-owned subsidiary of MH and RV component maker Drew Industries, Inc., acquired Euramax International, Inc.’s United States RV entry door business for $1.7 million. USRV has annualized sales of $6 million. Lippert paid $1.2 million and will pay the balance over the next three years. Drew’s president and CEO Fred Zinn, noting Lippert’s prominence in the entry door field, said, “This acquisition enhances our growth and profit potential. With substantial borrowing capacity, and an outstanding operating management team, we have the resources to continue to pursue expansion opportunities which we believe will yield favorable returns on our investments.” CEO Jason Lippert of Lippert Components said, “”We will be able to consolidate the Euramax door production into our existing facilities, and utilize our existing production capacity and strong management team….to improve efficiencies and reduce costs of the acquired operations.” White Plains, NY-based Drew supplies the RV and MH industry with an array of components including doors, windows, chassis, axles, upholstered furniture, bath and shower fixtures, and slide-out mechanisms for RVs.

(Graphic credit: Drew Ind.)