| Berkshire Hathaway buying Precision Castparts for about $32B | |
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OMAHA, Neb. (AP) -- Warren Buffett's biggest acquisition yet — a $32.36 billion buyout of Precision Castparts — will further change the complexion of Berkshire Hathaway and increase the conglomerate's reliance on industrial companies. The deal announced Monday to acquire the aerospace and industrial company adds to a string of manufacturing acquisitions Berkshire completed in recent years outside of the insurance industry that fueled its growth. The Omaha-based conglomerate already owned an eclectic mix of more than 80 subsidiaries. With a company that size, Buffett needs to strike big deals to meaningfully improve profits at Berkshire. As of June 30, the company had $66.6 billion in cash on hand. The universe of big companies that fit Buffett's criteria tend to be manufacturing or industrial firms. And the 84-year-old Buffett wants to give Berkshire the strongest foundation possible for his investors and whoever eventually succeeds him. "I think he's setting things up for the future and he doesn't want anything terribly risky," said Andy Kilpatrick, the investor who wrote "Of Permanent Value: The Story of Warren Buffett." Precision Castparts, based in Portland, Oregon, makes components for aircraft, power plants and other industrial uses. It has been hit hard by tumbling crude and natural gas prices, but it appears to have strong long-term prospects. Buffet told CNBC that he would have bought the company even if he knew that commodities were in the midst of a multiyear slump. "We're going to be in this business for 100 years, so it doesn't really make any difference what oil and gas does in the next year," said Buffett, whose company already held 4.2 million shares, or about 3 percent, of Precision Castparts' stock. |
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