Warren Buffett is expected to invest an additional W100 billion in TaeguTec, an equipment manufacturer based in the southwestern city of Daegu (US$1=W1,116).
According to the city government on Wednesday, Buffett will announce the plan during a two-day visit to Korea later this month to attend a groundbreaking ceremony for the firm's second plant.
Buffet's holding company Berkshire Hathaway acquired an 80-percent stake in the manufacturer from Israel's International Metalworking Companies in 2006. It specializes in metalworking products for the automotive and aerospace industries, and has branches in 25 countries.
Since the acquisition, TaeguTec has not disclosed its performance results as it is not required to do so after turning from a publicly traded to a limited liability company. But rumors have been circulating that Berkshire Hathaway and IMC have made a combined investment of hundreds of billions of won and that the Korean firm has posted double-digit annual growth since Buffet acquired it.
The billionaire investor last visited the company in 2007. He will arrive in Korea at Daegu Airport on March 20 and leave the next day immediately after the groundbreaking ceremony. Construction of the new plant is slated to wrap up in November.