handelsblatt exclusive

Warren Buffett Makes Second Acquisition in Germany

Becoming Warren Buffett Premiere – NYC
Warren Buffett, picture source: picture alliance

U.S. billionaire Warren Buffett has purchased another mid-sized German company through a subsidiary of his holding company Berkshire Hathaway, Handelsblatt has learned.

Precision Castparts Corporation (PCC), purchased by Mr. Buffett two years ago for $37 billion (€34 billion), has reached a deal to acquire Wilhelm Schulz GmbH, the world leader in piping components.

Mark Donegan, the chief executive of PCC, confirmed the deal to Handelsblatt but declined to provide specifics about the acquisition.

Germany’s anti-trust regulator, the Federal Cartel Office, said it was reviewing the deal. If the deal receives the green light, it would be the second acquisition by Berkshire Hathaway in Germany.

Two years ago, Berkshire Hathaway purchased the motorcycle parts company Louis, based in Hamburg, for €400 million.

Mr. Buffett told Handelsblatt in a previous interview that he wants to purchase more companies in Germany. He announced at Berkshire Hathaway’s annual meeting in May that he plans to purchase at least one more German company by 2020.

Want to keep reading?

Subscribe now or log in to read our coverage of Europe’s leading economy.