OMAHA, Neb. - Warren Buffett's company is buying the beverage-dispensing machine business of Britain's IMI PLC (
GREY:IMIAF,
Stock Forum) for $1.1 billion.
Berkshire Hathaway Inc. (
NYSE:BRK.B,
Stock Forum) agreed to buy make the purchase on behalf of its Marmon Group subsidiary.
Buffett said on CNBC Wednesday that the ongoing budget debate in Washington, D.C., didn't affect this deal.
Buffett has insight into the beverage business because Berkshire is the biggest shareholder in Coca-Cola and it owns Dairy Queen.
Marmon officials say the IMI unit will fit well with its other food service businesses.
IMI says it plans to return most of the cash from the deal to shareholders and use the rest to contribute to pension funds.