By Andrew Frye <\/p>\n
Feb. 5 (Bloomberg) — Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc., told employees of the firm\u2019s hog-products business he expects the operation to grow.<\/p>\n
\u201cCTB has been moving ahead every year since we bought it,\u201d Buffett said in a video posted on the Web site of CTB Inc., Omaha, Nebraska-based Berkshire\u2019s agriculture equipment making unit. \u201cWe\u2019ll hit a bump in the road every now and then but we\u2019re looking at a superhighway out there in front of us.\u201d<\/p>\n
Buffett became the second-richest American by investing in businesses he expects to grow for decades. He\u2019s said his $26 billion takeover of railroad Burlington Northern Santa Fe Corp., announced in November, will benefit Berkshire \u201cover the next century.\u201d CTB, which Berkshire bought in 2002, may produce profits beyond the year 2200, Buffett, 79, said in the video.<\/p>\n
\u201cMost years are going to be good, a few years will be standouts, and there will be a few that are bummers,\u201d Buffett said. \u201cBut that\u2019s the way we look at everything here at Berkshire Hathaway. We\u2019re going to be in these businesses for 100 years or 200 years.\u201d<\/p>\n
CTB, which sells feeders and stalls under the PigTek and Chore-Time Hog brands, has expanded abroad since the Berkshire takeover by buying businesses in Israel, Germany and the Netherlands. Chief Executive Officer Victor Mancinelli, who is making \u201cexcellent returns,\u201d according to the Berkshire annual letter last year, persuaded Buffett to buy his firm after an endorsement from Howard Buffett, the billionaire\u2019s son, who is a farmer.<\/p>\n
\u201cI checked with Howie; he told me CTB was an absolute first-class company and he\u2019d heard good things about Vic,\u201d Buffett said. \u201cHowie would rather spend an evening on a tractor in the field than a date with Angelina Jolie, which is not true of all members of the family, but that\u2019s true of Howie.\u201d<\/p>\n
–With assistance from Whitney McFerron in Chicago and Joel Schectman in New York. Editors: Dan Kraut, Erik Holm<\/p>\n
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