Berkshire Hathaway Inc. To Acquire 60% of Perfection Clutch’s Parent Company
Berkshire Hathaway will purchase 60% of Marmon Holdings, Inc. Perfection Clutch is one of the one hundred and twenty-five companies held by Marmon Holdings, Inc.
Timmonsville, SC, January 05, 2008 --(PR.com)-- On December 25, 2007 Berkshire-Hathaway Chairman and CEO Warren Buffett and Tom Pritzker, Chairman of Marmon Holdings announced that Berkshire will purchase 60% of Marmon Holdings, Inc. Perfection Clutch is one of the one hundred and twenty-five companies held by Marmon Holdings, Inc.
The closing is anticipated to occur in the first quarter of 2008. The remaining 40% will be acquired through staged acquisitions over a five to six year period for consideration to be based on the future earnings of Marmon. The transaction remains subject to customary closing conditions, including regulatory approvals.
In commenting on the transaction, Warren Buffett noted: “Our transaction was done just the way Jay (Pritzker) would have liked it to be done – no consultants or studies. After meeting with Messrs. Ptak and Nichols, they were just what I expected from Marmon’s impressive record of growth and profitability over the years, and the decision to purchase and work out the details of this transaction was done without delay. I am pleased that over the next five to six years, we will be partnering and working with Tom Pritzker, John Nichols and Frank Ptak in continuing to build Marmon.”
The management team at Perfection Clutch views this transaction very positively. There will be no visible changes in the way Perfection’s business is conducted. John Nichols, former Marmon CEO stated it the best; “This is a transaction that works for all stakeholders. It will allow Marmon to thrive under its existing management team and continue implementing our management philosophy. While we have a new shareholder, it is clear that Berkshire Hathaway shares the values and approach established by the Pritzkers over many decades”.
Perfection Clutch Company is a dominant supplier of New Clutch Sets, New Flywheels, and ZOOM Performance Products to the USA aftermarket. Perfection Clutch is a member of the Marmon Highway Technologies Group of Companies and has been serving the driveline industry since 1918.
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The closing is anticipated to occur in the first quarter of 2008. The remaining 40% will be acquired through staged acquisitions over a five to six year period for consideration to be based on the future earnings of Marmon. The transaction remains subject to customary closing conditions, including regulatory approvals.
In commenting on the transaction, Warren Buffett noted: “Our transaction was done just the way Jay (Pritzker) would have liked it to be done – no consultants or studies. After meeting with Messrs. Ptak and Nichols, they were just what I expected from Marmon’s impressive record of growth and profitability over the years, and the decision to purchase and work out the details of this transaction was done without delay. I am pleased that over the next five to six years, we will be partnering and working with Tom Pritzker, John Nichols and Frank Ptak in continuing to build Marmon.”
The management team at Perfection Clutch views this transaction very positively. There will be no visible changes in the way Perfection’s business is conducted. John Nichols, former Marmon CEO stated it the best; “This is a transaction that works for all stakeholders. It will allow Marmon to thrive under its existing management team and continue implementing our management philosophy. While we have a new shareholder, it is clear that Berkshire Hathaway shares the values and approach established by the Pritzkers over many decades”.
Perfection Clutch Company is a dominant supplier of New Clutch Sets, New Flywheels, and ZOOM Performance Products to the USA aftermarket. Perfection Clutch is a member of the Marmon Highway Technologies Group of Companies and has been serving the driveline industry since 1918.
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Contact
Perfection Clutch
Jim Ott - President
843-326-5544
www.perfectionclutch.com
Jim Ott - President
843-326-5544
www.perfectionclutch.com
Contact
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