Fox Business Network's Liz Claman spoke with Berkshire Hathaway Chairman and CEO Warren Buffett today about the biggest purchase of his career.

Berkshire Hathaway said on Monday that it would buy aerospace components giant Precision Castparts for $32.3 billion.

Buffett explained that Precision is excellent at making complicated, highly technical parts for aircraft makers, power companies and other industrial businesses.

"They're the most reliable supplier you can have. And if you're putting an aircraft together, you've got to be sure that you've got the right parts coming at the right time," Buffett said.

He added that Precision CEO Mark Donegan will remain in his position running the company, and Berkshire Hathaway plans on holding onto the stock long-term.

"If you find a good business run by a terrific manager, and you can make a deal at a reasonable price, you do it."

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