Koch Industries, Inc. is an American multinational corporation involved in manufacturing refining and distribution of petroleum, chemicals, energy, fiber, intermediates and polymers, minerals, fertilizers, pulp and paper, chemical technology equipment, ranching, finance, commodities trading, and investing. It owns subsidiaries like Georgia-Pacific, Guardian industries, Flint Hills, Invista, and Molex.
With the name, you can guess the owner of Koch Industries, the Koch Family. The Family is the second wealthiest of the United States.
The Koch Family Are One Of The Richest Families Of The USA: Highlights
Koch Industries is the second-largest privately held United based company generating an average annual revenue of $110 billion. With the income, the Kochs are named as the second richest known family on the planet behind Walton Family; Jim Walton and Alice Walton.
Walton Family is a wealthiest American family controlling the finance of the United States with an estimated net worth of over $190 billion in 2019 while the Koch Family is worth over $100 billion.
According to reliable sources like Forbes, the company is operating with annual revenues of $110 billion, employing 120 thousand employees in over 60 countries.
How Did Koch Family Begin?
It all started back during World War II. Fred Koch partnered with an American Nazi sympathizer, William Rhodes Davis. They build the Third Reich's third-largest oil refinery, which was a critical part of Hitler's war machine.
In 1940, Koch launched his own refining company, the Wood River Oil and Refining Company. Fred Koch married Mary Robinson and are blessed with Fred Jr., Charles Koch, and twins David and Bill Koch.
Charles had a keen interest in the family business. After the death of Fred in 1967, he took over the company and renamed Koch Industries in honor of his father from Rock Island Oil and Refining Company. At the time, he was estimated to have a net worth of $250 million.
After three years, David Koch joined the business, and a year later, in 1971, Bill also joined.
In 1980, Bill plotted against his brothers and tried to take over the business, but he was defeated. He was then fired from the company by his brothers and was only given $400 thousand payment.
Bill teamed up with his other brother Fred Jr. and battled against David and Charles. The siblings finally made to the settlement in 1983 after Bill was given around $620 million in exchange for his 21% shares of the company. Moreover, Fred Jr. was paid $400 million for his stakes.
That did not end the battle. Bill and Fred Jr were not satisfied with the given amount, and they dragged their brothers to court. As a result, the lawsuit of Koch vs. Koch Industries ended up with $1.1 billion each in 2001.
Who Are The Members Of The Koch Family? How Much They Worth?
Fred C. Koch was and still is the pillar of Koch Industries. He was born in Quanah, Texas to Mattie B. and Harry Koch. He married Mary Clementine Robinson; daughter of Kansas City physician, Ernest Franklin Robinson in 1932. The couple had four children together; Frederick R. Koch, Charles G. Koch, David H. Koch, and William Koch.
Significant Family Members
Fred Chase Koch: He is an American entrepreneur and chemical engineer who founded the oil refinery firm which we currently know as Koch Industries. He is also one of the founding members of the John Birch Society.
Mary Robison Koch: Koch is the wife of billionaire Fred Koch and also the company's namesake tanker vessel Mary R. Koch.
Frederick R. Koch: He is a collector who is currently worth $4 billion.
Charles G. Koch: Chairman of the board and C.E.O of Koch Industries who is the 11th wealthiest person on the world, $50.5 billion
David H. Koch: He served as the executive vice president of Koch Industries. He was worth $59 billion at the time of his death. $59 billion
William 'Bill' Koch: He works as businessman, sailor, and collector who as of 2019 is worth $1.8 billion.
Combined, the Koch Family is estimated to have a net worth of $99 billion and is speculated to have the fortune of $152 billion.