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OMAHA, Neb. (AP) - Billionaire Warren Buffett's company announced plans Friday to buy two gold jewelry manufacturers, Bel-Oro International Inc. and Aurafin LLC. Terms of the deal were not disclosed. Berkshire Hathaway Inc. said both Bel-Oro and Aurafin are leading gold jewelry manufacturers and distributors in what has historically been a fragmented industry. Berkshire plans to combine the two companies into a new unit called the Richline Group.
Berkshire Hathaway said the combined Richline Group will be the country's largest jewelry supply group, and it will continue marketing multiple brands after the deal closes.
The two jewelry makers generate more than $500 million in revenue annually and employ about 1,800 people worldwide, said Mark Hanna, spokesman for Bel-Oro.
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