Points to Remember:
- World’s fourth-richest person Warren Buffett’s Berkshire Hathaway-owned Duracell is set to acquire BM Khaitan’s Eveready Industries’ battery and flashlight business for Rs. 1,600-1,700 crore in an all-cash deal
- The deal reportedly includes Eveready’s manufacturing plants, distribution networks and brand name.
- The deal is said to be in the final stages of negotiation.
- Eveready is a leading player in dry cell batteries and flashlights.
- It was the second time the company concluded an agreement to sell its land in order to raise money to help reduce its debt.
- Duracell Inc. is an American manufacturing company owned by Berkshire Hathaway that produces batteries and smart power systems.
- The company has its origins in the 1920s, through the work of Samuel Ruben and Philip Mallory, and the formation of the P.R. Mallory Company.
- Headquarters: Bethel, Connecticut, U.S. Geneva, Switzerland
- Parent company: Berkshire Hathaway
- Founders: Samuel Ruben, Philip Mallory
Important Possible questions based on above News:
- Who is going to buy Eveready Industries’ battery and flashlight business for Rs. 1,600-1,700 crore? Duracell
- For how much amount Duracell is set to acquire Eveready Industries’ battery and flashlight business? Rs. 1700 crore
- Where is the headquarters of Duracell Inc. situated? Geneva, Switzerland