Buffett’s farm-products Unit Buys Ironwood, Plastics-Maker for car bomb

Warren Buffett, Chairman of photographer of Berkshire Hathaway Inc.: Nelson Ching/Bloomberg

Berkshire Hathaway Inc. Warren Buffett’s expanding its CTB Inc., a maker of ballasts pork and farm equipment, adding a Michigan-based producer of plastic components used for the automotive industry and the military.

CTB bought Ironwood Plastics, which was founded in 1979 and operates production facilities in Michigan and Wisconsin, the subsidiary of Berkshire said today a statement published on its website. The terms were not disclosed.

Buffett, 80, has bankrolled expansion of CTB, because the creator of PigTek and chore-time based on Omaha, Nebraska Berkshire bought products in 2002. CTB, whose predecessor was founded in 1952 to serve poultry farmers and livestock, subsequently extended storage of cereals.

CTB CEO Victor Mancinelli “Ironwood plastic combination of process management and skills coupled with their wide variety of plastics processes opens many new ways for us” said in the statement.

Ironwood enters the agricultural market and expand outside USA and Canada, while maintaining the service for existing customers, according to the statement.

Ironwood makes custom precision-molding plastics for automotive applications, industrial and military, including pieces for bomb fuses, sensors of cars and electric meters, said Mark Stephens, President of the company, in an interview. The company has employed approximately 165, Stephens said. Refused to reveal the annual revenue. CTB has over 1100 employees, Berkshire said in its latest annual report.

Stephens has co-founded the business with his father Gordon, according to education CTB. Mark Stephens will continue running your business with Rick Faustich Ironwood, CTB, he said.

Buffett said in October that he prefers to keep the former owners after acquisitions, because they have a “passion” for their companies.