Things are really hopping at Berkshire Hathaway’s jewelry retailing and manufacturing companies.
Less than a month after it announced the purchase of online jewelry retailer Gemvara, Berkshire Hathaway’s Richline Group has announced it will acquire John C. Nordt, a leading manufacturer and supplier of precious metal products to the jewelry industry.
The acquisition will be completed on June 1, 2016.
Nordt has what it calls a unique and proprietary process of hot extrusion for precious metals. Known as FusionForged®, the technology creates metals of extreme ductility and sound micro structure which permit the creation of products of extreme precision and adaptability to many types of finished products including the setting of diamonds.
Joe Esposito, Richline’s EVP of Manufacturing said that, “Nordt is another important and strategic addition to our brands. The firm’s unique and successful business model is a tribute to the leadership of the Nordt family. The synergies between Nordt and our LeachGarner and Nobilis business units will accelerate our growth into the PGM industrial markets. Nordt has a great product line, talented people and long term relationships with its clients.”
Joe White, President of LeachGarner, A Richline Group Company stated, “The combination of Nordt’s proprietary process technology and LeachGarner’s scale is unique in the precious metal industry. We look forward to integrating our businesses to deliver enhanced value to our existing customer base and leveraging our new synergies outside our traditional channels.”
Founded in 1872 in New York City, Nordt has operated in Roanoke Virginia since 1984, where it has a 45,000 sq. ft. manufacturing plant has been specifically designed to fabricate precious metals products including wedding bands, diamond rings, bracelets and tubing of highest quality under precise control guided by the certification of ISO 9001:2008.
Among the company’s services is private label manufacturing using its FusionForged metals.
Five generations of the Nordt family have led the firm over 140 years. Paul Nordt III, Rob Nordt, Sr. and Rob Nordt, Jr. will continue to lead the company along with a highly experienced professional management team.
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.