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4-Traders Homepage  >  Equities  >  Nyse  >  Berkshire Hathaway Inc.    BRK.A

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Berkshire Hathaway : Unit to Buy Pipe Maker -- WSJ

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01/24/2017 | 08:48am CET
By Monica Houston-Waesch and William Wilkes 

FRANKFURT -- A unit of Warren Buffett's Berkshire Hathaway Inc. has agreed to buy piping components maker Wilhelm Schulz GmbH, the billionaire investor's second acquisition in Germany.

Berkshire Hathaway subsidiary Precision Castparts Corp. will buy the Krefeld-based company for an undisclosed price, Rainer Floeth, general manager at Wilhelm Schulz, said on Monday.

The company had 2016 sales of 200 million euros ($214 million) and employs roughly 320 people in Germany and 200 in the U.S., he said.

"For both sides, (the deal is) a positive way to proceed in global markets," Mr. Floeth said.

Berkshire Hathaway continues to scout out potential acquisitions in Germany, said Zypora Kupferberg, an investment adviser who works for Mr. Buffett's portfolio manager Ted Weschler to identify targets in Europe's largest eco n o m y.

"They are looking for acquisitions to take as they are, for 'pearls' -- not companies requiring restructuring," she said of the German market.

Berkshire Hathaway made its first German acquisition in 2015 when it bought Detlev Louis Motorradvertriebs, a retailer of motorcycle apparel and accessories, for a little over EUR400 million.

A spokesman for Precision Castparts declined to comment on the deal to buy Wilhelm Schulz.

Berkshire agreed in 2015 to buy Precision Castparts for about $32.7 billion in cash, its largest acquisition. Based in Portland, Oregon, the company makes metal components for industry with a workforce of about 30,500 people.

Wilhelm Schulz's operations in Mississippi, Schulz Xtruded Products, produce seamless stainless steel pipes and supply the aviation industry with fuselage, engine and landing gear parts.

The transaction was first reported by Germany's Handelsblatt newspaper.

Write to Monica Houston-Waesch at nikki.houston@wsj.com

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Financials ($)
Sales 2016 221 421 M
EBIT 2016 15 177 M
Net income 2016 22 753 M
Debt 2016 -
Yield 2016 -
P/E ratio 2016 16,79
P/E ratio 2017 21,18
Capi. / Sales 2016 1,76x
Capi. / Sales 2017 1,71x
Capitalization 390 494 M
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Number of Analysts 3
Average target price 267 333 $
Spread / Average Target 12%
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NameTitle
Warren Edward Buffett Chairman & Chief Executive Officer
Marc D. Hamburg Chief Financial Officer & Senior Vice President
Charles Thomas Munger Vice Chairman
David Sanford Gottesman Independent Director
Walter Scott Independent Director
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