Buffett and Berkshire.. Going After the Booze (BRK-B, BRK-A)
Warren Buffett likes to buy companies with a very long time frame. In fact he likes the “Forever” trades. It seems that Buffett decided booze was a good deal. Berkshire Hathaway Inc.(NYSE: BRK-B, BRK-A) announced yesterday that its McLane Company…
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Warren Buffett said the acquisition is based on a shared vision of Berkshire, McLane and Kahn of “developing new opportunities to innovate, grow and lead the beverage industry.” As far as a quote, Buffett said, “We are excited about the opportunity to have Empire become part of our portfolio of outstanding businesses. We expect that the Empire acquisition will provide us with a solid platform for potentially acquiring other similar high quality wholesale distributors.”
McLane is a $32 billion supply chain services leader with 38 distribution centers and one the nation’s largest private fleets from thousands of suppliers to more than 60,000 locations.
Financial details are not available. It seems that Warren Buffett does not expect prohibition to be coming back any time soon.
JON C. OGG
Contact [email protected] for any questions or corrections.
Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.
