Berkshire Hathaway sells marketing unit

[NEW YORK] Warren Buffett's Berkshire Hathaway Inc conglomerate has sold a marketing and direct mail unit to a Wisconsin businessman, according to a statement on Tuesday.

Robert M. Kraft bought Omaha, Nebraska-based World Marketing Inc from Berkshire Hathaway and will move the company's corporate headquarters to Wisconsin, according to a statement from World Marketing.

Terms of the purchase were not disclosed.

Milwaukee-based Optimus Financial Services helped secure financing for the deal from Associated Bank, also in Milwaukee.

Billionaire Warren Buffett, the world's third-richest person as ranked by Forbes, has built Berkshire Hathaway into a sprawling conglomerate comprising everything from ice cream to insurance. He rarely sells companies.

REUTERS