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Top News December 26, 2007, 12:01AM EST

Buffett Wins the Pritzkers' Prize
=================================

Berkshire Hathaway agrees to acquire the Pritzker family's Marmon
Holdings, which comprises more than 125 businesses
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* The Pritzkers' Empire Trembles

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* Company Snapshot: Berkshire Hathaway

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http://images.businessweek.com/story/07/370/1225_buffett.jpg

Warren Buffett, chairman and CEO of playing cards promotion Hathaway. Getty Images

By BW Staff with the Associated Press

volvo insurance Holdings has always been the quiet part of the Pritzker empire.
As the Pritzker family of Chicago became one of the wealthiest in the
country under the leadership of Jay Pritzker, it was best insurance known for
the Hyatt Hotel chain and a variety of real estate developments learn mandarin chicago the country. But the privately held Marmon, a holding company long
managed by Jay's brother Bob, was always a significant part of the
empire, often contributing more than half of the revenues.

Now, Warren Buffett is ending the era of Pritzker ownership at Marmon.
On Christmas Day, Dec. 25, Buffett's investment company chinese tutor chicago it will
acquire Marmon in a deal structured to transfer ownership over several
years. Berkshire Hathaway (BRKA) will pay $4.5 billion for 60% of
Marmon and then an unspecified amount for the remaining 40% over the
next five to six years, depending on the future earnings of Marmon.
"Our transaction was done just the way Jay would have imprinted playing cards it to be
done—no consultants or studies," said Buffett in a statement.

A Family Business

Marmon has improved its performance in recent years. The holding
company, with more than 125 manufacturing and service businesses, hit
a rough patch at the beginning of the decade as the economy softened.
But in 2006, the company says revenue increased 24%, and now totals
about $7 billion, while operating income surged 73%. (Because Marmon
is privately held, it does not have to provide detailed financial
statements independent style the public.)

Marmon is owned by emo style for the benefit of the Pritzker family,
which also developed the Hyatt Hotel chain.

The Buffett deal is expected to close in the first quarter of honda insurance Before the closing, Marmon will make a "substantial distribution of
cash automobile insurance certain assets to learn chinese chicago selling shareholders," according to the
statement.

The Pritzker family went through unsual tumult in recent years. In
2002, the daughter of Bob Pritzker, Liesel, sued her father and
cousins alleging they had misused money from trusts set up to benefit
her and her brother, Matthew. The lawsuit was settled in 2005, with
Liesel and Matthew each receiving $280 million in addition to money
they had previously been given.

Six Years in the Making

Marmon was acquired by the brothers Jay and Robert Pritzker in 1953
when it was a small manufacturing operation in Ohio. In 2002, Jay's
son Tom Pritzker took over as chairman. Tom then recruited John
Nichols to become chief executive of Marmon, and in 2006, John was
promo playing cards by Frank Ptak, Marmon's cheap life insurance CEO.

"This transaction is homeowners insurance culmination of a process that began six years
ago," said Tom Pritzker in a statement. "We brought John Nichols in as
CEO and began rebuilding Marmon's existing lines of business.
Berkshire Hathaway's decision recognizes the fine work of our
management team over this period and the transaction is being done in
the context of the previously reported restructuring of better auto insurance family
business interests."

No Management Change Expected

Under the agreement, Marmon's management will continue to oversee the
business in the immediate future.

"This is a transaction that works for all playing cards custom poker said Nichols
in a statement. "It will allow Marmon to thrive under its existing
management team and continue implementing our management philosophy."

Buffett is the billionaire CEO and chairman of Berkshire Hathaway,
which has more than 60 subsidiaries. He's known for a hands-off
management style, as long full color playing cards his companies are operating smoothly. "I
am pleased that over the next five to six years, we streetwear style be full color custom playing cards and working with Tom Pritzker, John Nichols, and Frank Ptak in
continuing to build Marmon," said Buffett.

Reader Discussion
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