Berkshire Hathaway (Warren Buffett) buying Omaha's Oriental Trading [View all]
Source: Omaha World Herald
By Steve Jordon
Warren Buffett is bringing ownership of a longtime Omaha company back to town.
Oriental Trading Co. would become part of Berkshire Hathaway Inc. of Omaha by the end of November under a cash purchase agreement being announced today, ending a dozen years of shifting ownership by out-of-town investors.
“The stability that Berkshire Hathaway offers Oriental Trading cannot be overstated,” said Sam Taylor, who became president and CEO of Oriental Trading in 2008 and guided the company through a financial reorganization in U.S. Bankruptcy Court in 2010.
For Buffett, the chairman and CEO of Berkshire, the purchase reflects the viability of Oriental Trading's underlying business. It's the nation's largest direct retailer of low-priced gifts, school and party supplies, arts and crafts, toys and novelties, selling more than $500 million a year online and from catalogs. The company employs 2,000 people in Omaha during its peak Christmas holiday season.
FULL story at link.
Read more: http://www.omaha.com/article/20121102/NEWS/711029911/1718
http://www.omaha.com/apps/pbcsi.dll/bilde?Site=OW&Date=20121102&Category=NEWS&ArtNo=711029911&Ref=H2&maxw=598&maxh=400
RYAN SODERLIN/THE WORLD-HERALD
Felicia Schmitz packs orders for shipment at the warehouse of Oriental Trading Co., which would be acquired by Berkshire Hathaway Inc. under a purchase agreement being announced today.
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