Following the recent visit of global investment guru Warren Buffett to the TaeguTec headquarters in Daegu, the profile of the Korea-based cutting-tool manufacturing company has become more prominent. TaeguTec is part of the Israel-based IMC (International Metalworking Companies) Group that was acquired in May 2006 by Berkshire Hathaway, the group owned by Buffett. Now the owner of 80% of the IMC Group, Buffett stressed, at the time of the purchase, that the acquisition was part of a long-term strategy that would see the group continue to invest in and develop market-leading technologies and products.
As Moshe Sharon, the president of TaeguTec for the past seven years, explains, “The investment in TaeguTec and the IMC Group is a 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 five years.”
Sharon has remarked that, “when Mr. Buffett invested in the IMC group, he accounted for the success, technology, and innovation of TaeguTec as a major player in the IMC group.”
The multibillionaire Buffett’s recent visit to Korea was his first. His entourage included Eitan Wertheimer, chairman of the board of the IMC Group; Jacob Harpaz, the IMC Group president; and numerous other IMC Group VIPs. “TaeguTec generated public interest in Korea through TV and newspaper coverage of Mr. Buffett’s visit,” said Sharon in the course of an interview conducted by the Korean press.
During the interview, Sharon noted that more than 10% of TaeguTec employees were employed in R&D. “This ensures that we continually deliver the newest and most technologically advanced products to market,” he said.
TaeguTec has 19 overseas subsidiaries and 80 distributors in 50 countries across Europe, Asia, and the Americas.