Berkshire Hathaway, Inc., announced today that they are acquiring Oriental Trading Company.
Berkshire Hathaway is the investment group led by billionaire Warren Buffet, who serves as its Chairman and CEO. Oriental Trading Company is an 80-year-old Omaha-based company that is the nation’s largest direct seller of value-priced party supplies, arts and crafts, school supplies, toys and novelties, offering over 40,000 products. The company’s offerings include a large selection of scrapbooking and craft supplies.
The sale of Oriental Trading to Berkshire Hathaway is expected to close by the end of November.
Berkshire Hathaway Chairman and CEO Warren Buffet explained in the announcement the value Berkshire Hathaway sees in adding Oriental Trading to their portfolio:
Oriental Trading is a leader in its industry, has a strong management team and delivers exceptional customer value and service. By increasing revenue, profits and the customer base over the last few years, Sam Taylor and the entire Oriental Trading team have successfully improved the business and positioned it for long-term growth. We are delighted to have them join the Berkshire Hathaway family and continue their quest to make the world more fun. They have had several changes to ownership in the past, but OTC has a permanent home with Berkshire Hathaway.
Sam Taylor, Oriental Trading Company President & CEO, looks forward to what the partnership with Berkshire Hathaway will bring his company:
We are excited to have one of the nation’s most respected businesses take ownership of our company. Over the years Oriental Trading Company has grown from a small family business to a leader in online retail. Berkshire Hathaway recognizes the growth potential of our business and provides a permanent foundation for our long-term strategic initiatives to expand our product lines and leverage our world-class technology and operations platform.
Every day our dedicated Oriental Trading Company employees fill the orders of thousands of customers who depend on us to bring value, convenience and fun to their celebrations. Whether it is for an individual, school, church, business or not-for-profit organization, our commitment is to deliver products that meet and exceed the expectations of our customers. Being part of Berkshire Hathaway, one of America’s most respected names, will serve as an additional reminder for us to continually focus on our customers.