According to Yonhap News,

Berkshire Hathaway Chairman and CEO Warren Buffett in Daegu

Warren Buffett, a legendary investor, speaks in a press conference wearing hanbok (Korean traditional clothes) at TaeguTec, Gachang-myeon, Dalseong-gun, Daegu on March 21st.

Berkshire Hathaway CEO and Chairman Warren Buffett, called ‘Oracle of Omaha,’ attended the groundbreaking ceremony of the second factory of TaeguTec on March 21st.

Chairman Buffett arrived at TaeguTec, a cutting tool maker, in a neat suit.

He meticulously looked around the factory, ushered by TaeguTec officials, and joined the groundbreaking ceremony along with Chairman Eitan Wertheimer of IMC Group and his wife and CEO Moshe Sharon of TaeguTec Korea.

The master of investment watched the performance of Korea’s traditional percussion music at the beginning of the ceremony, and said “I flied 8,000 miles to TaeguTec, and it is the first time for me to visit my factory twice” in his congratulatory remarks.

He continued to say that “I am deeply impressed with the enthusiastic welcome (by Daegu citizens and TaeguTec employees) like I was during my first visit.”

Especially, he indicated a possible additional investment by saying “TaeguTec should be expanded continuously and this is just the beginning.”

Mr. Buffett also took part in the hand printing event organized by TaeguTec after the groundbreaking ceremony.

IMC Group Chairman Eitan Wertheimer said “TaeguTec has grown for years and I expect the company will build more factories and achieve bigger success.”

About 150 people participated in the groundbreaking ceremony including Daegu Mayor Kim Beom-il, Daegu Chamber of Commerce, Industry Chairman Lee Ihn-joong, and lawmaker Ju Ho-yeong of Grand National Party.

Warren Buffett had a press conference and luncheon, enjoyed a Taegwondo performance, and took a look at tracks of Daegu Stadium before finishing his schedule on that day.

TaeguTec is well-known as a subsidiary of IMC Group, an Israel-based metalworking company, and is the only small company where Mr. Buffett invests in Korea.

Berkshire Hathaway acquired 80% of IMC Group shares for USD 4 billion in May 2006.

IMC Group is the largest producer of tungsten cutting tools in Korea, posting double digit growth every year, and its annual sales are known to be about KRW 500 billion.

Source: Yonhap News (March 21, 2011)