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Mr. Moshe Sharon, the president of TaeguTec for the last seven years explained: “Mr Buffett's investment in TaeguTec and the IMC Group is credit to the competitiveness of the IMC Group and in particular TaeguTec. TaeguTec is continually increasing its market share and with some of the most productive and technologically advanced production facilities and R&D systems in the world, I am confident that TaeguTec will be one of the worlds’ five largest manufacturers of cutting tools within the next 5 years.”
The Israeli based IMC (International Metalworking Companies) Group that encompasses Iscar, was acquired in May 2006 by Berkshire Hathaway, the group owned by Mr Warren Buffett – the man known as Bill Gates Mentor and business associate. Now owning a majority shareholding of 80% of the IMC Group, Mr Buffett stressed that the acquisition was part of a long term strategy that will see the group continue to invest in and develop market leading technologies and products.
Following the multi-billionaire Mr Buffett’s first visit to South Korea, TaeguTec President Mr. Moshe Sharon who previously served as an IMC Group subsidiary manager in Brazil for seven years prior to his move to Korea gave an interview and insight in to the market. The entourage that visited TaeguTec also included Mr Eitan Wertheimer (Chairman of the Board, IMC Group), Mr Jacob Harpaz (IMC Group President) and numerous VIPs from the IMC Group.
