Berkshire Hathaway buying Oriental Trading Co.
BY Staff and Wire reports
Saturday, November 03, 2012
11/03/12 at 5:01 AM
Warren Buffett will soon be prepared to throw a giant party for almost any occasion now that his Berkshire Hathaway Inc. is buying Oriental Trading Co.
The deal announced Friday will give Buffett ready access to Oriental Trading's catalog of more than 40,000 party supplies, arts, crafts, toys and other trinkets.
And with the acquisition, Berkshire is adding another business based in Buffett's hometown of Omaha, Neb., to its portfolio of 80-odd companies.
"We are delighted to have them join the Berkshire Hathaway family and continue their quest to make the world more fun," Buffett said.
Financial terms of the deal weren't disclosed, but the purchase isn't likely to require a large portion of Berkshire's roughly $40 billion in cash. Oriental Trading generates about $500 million in sales annually and employs about 2,000 people during peak times.
Oriental Trading reorganized in bankruptcy in 2010.
Chairman Warren Buffett: "We are delighted to have them join the Berkshire Hathaway family and continue ... to make the world more fun."