TaeguTec

TaeguTec Ltd. (Korean: 대구텍), formerly known as Korea Tungsten Company, is a multinational corporation headquartered in Daegu, Korea. TaeguTec group has 26 overseas subsidiaries, over 130 distributors and 30 agents in 50 countries across Europe, Asia, Australia, and the Americas. In addition to the initial 80 per cent stake purchased in 2006, Warren Buffett paid an additional US$2 billion for the remaining stake in IMC, of which TaeguTec was a part. Through this acquisition, TaeguTec became Berkshire Hathaway's first and only wholly owned subsidiary in Korea. On October 25, 2007, Warren Buffett flew to Daegu to tour TaeguTec and to meet with the management. On March 21, 2011, Warren Buffett re-visited the firm to attend the TaeguTec Plant 2 inauguration ceremony and later met with Korean President Lee Myung-bak.