Richline Group Inc., a wholly owned subsidiary of Berkshire Hathaway, has signed an agreement to purchase a brand of products from cultured HONONRA pearls, Rapaport reports.
It is expected that the transaction will be closed in July 2013, the company said.
Richeline President Dave Meleski said that the key goal of the deal will be the use of the HONORA brand financial opportunities and support for Richeline to ensure growth in the domestic and international markets.
"HONORA will ensure the expansion of our product range, being one of the dominant players in the category of jewelry with pearls," Meleski said.
The new structure of the company assumes that the current CEO of HONORA Joel Schechter and President Ralph Rossini will retain their positions and will manage the company as a separate brand within the Richline brand division within the Berkshire Hathaway structure.
Richline Group was formed in 2007 as a manufacturer and retailer of jewelry, it owns brands such as LeachGarner, Inverness, Rio Grande and Richline.