DEBT FINANCING. Richline Berkshire to buy Italian jeweler

VICENZA, Italy (Reuters)-International Richline jewelry company, part of billionaire investor Warren Buffett's Berkshire Hathaway (BRKa. N), will buy their brand of small Italian jewelry Thursday as plans to expand further in Italy.
Italy-based International Richline, wholly owned by Berkshire unit Richline Group, said in a statement that it has signed a letter of intent to buy the production, design, intellectual property and distribution rights of Carniani.
He did not disclose financial details of the deal.
Lucio Carniani, which would continue to run your gold and silver jewelry manufacturer, told Reuters your billing company stayed at 4 million euros (US $ $5,63 million) last year.
Earlier this year, the u.s. Distributor jewelry manufacturer and Richline group, bought four Italian jewelry brands: private jewelry maker Erz, earrings and bracelets, Farinex and children's maker Montallegro Zeno, feeding expectations that other businesses could be in the pipeline.
Richline is looking for other acquisitions in the Italian market jewelry after the business Carniani, Dennis Ulrich, Richline Group Executive Director, told Reuters.
"We are looking to expand ... We always have ongoing conversations (about possible acquisitions) ... Ulrich a larger acquisition is not excluded, "he said in an interview in an international trade fair of jewelry.
Ulrich Richline might be interested in small handmade jewelry manufacturers and industrial companies, as long as they produce high quality creative products, he said.
The Manufacturing Sector is highly fragmented Italian jewelry, composed mainly of small family businesses, has been hit hard by the financial crisis of 2008/2009 and many businesses need injections of money to continue.
Ulrich, Richline group, which was formed in 2007 and includes such brands as and, Alarama, Auragem and Aurafin, Bel-Oro (www.richlinegroup.com), made $ 500 million in sales last year, he said.
With the purchase of Italian companies and setting up the international Richline as a hub for further expansion, Richline group goes beyond its traditional North American markets to boost sales in Italy, France, Germany, Great Britain, Scandinavia and reach up to Australia and Hong Kong, he said.
Carniani should double their sales within a year, while the entire Richline International is seen to boost your business in 50 per cent in the period, thanks to organic growth and acquisitions, said Ulrich.
Richline not procurement plans of jewelry manufacturers in Asia for now, but aims to establish trade relations, "he said.
(Reports by Svetlana Kovalyova; Edited by Toby Chopra)

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