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Warren Buffett’s Jewelry Unit Acquires Nordt
May 22, 2016 9:09 AM
By Rapaport News
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RAPAPORT... Richline Group, a jewelry company owned by Warren Buffett’s
Berkshire Hathaway, made a second acquisition in less than a month with the
purchase of a precious-metals company, John C. Nordt.
Nordt, a
manufacturer for and supplier to the jewelry industry, was founded in 1872 in
New York and has operated in Roanoke, Virginia, since 1984.
The deal,
effective June 1, comes hot on the heels of Richline’s purchase
of online jewelry seller Gemvara.
“Nordt is
another important and strategic addition to our brands,” said Joe Esposito,
Richline’s executive vice-president of manufacturing.
“The
synergies between Nordt and our LeachGarner and Nobilis business units will
accelerate our growth into the platinum-group metals industrial markets.”
Five
generations of the Nordt family have run the business for more than 140 years,
Richline said. Paul Nordt III, Rob Nordt, Sr. and Rob Nordt, Jr. will continue
to lead the company alongside its management team.
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Tags:
Berkshire Hathaway, Jewelry, John C. Nordt, M&A, mergers and acquisitions, Nordt, precious metals, Rapaport News, richline, richline group, warren buffett
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