David Koch is a business tycoon, political activist, a chemical engineer and also a philanthropist. He was born on May 3, 1940, Wichita, Kansas, USA. David Koch later took part in his family business. His family company happens to be the second largest industry at that time in the United State of America in the year 1970. He also became the CEO of Koch industries alongside his elder brother known as Charles in 1979.
David Koch in 1980, was the Vice President candidate of the United States. David Koch and his elder brother, Charles have both donated to political campaigns. Within the first quarter of this year, he was placed as the 6th richest person in the entire world with a total net worth of $60.8 billion. David has donated to several charity organizations. In the year 2012, he was the fourth richest person.
Early life and Educational Background of David Koch
He is the son of Mary Clementine (née Robinson) and his paternal grandfather, Harry Koch was just an immigrant from Netherland who established the Quanah Tribune-Chief newspaper and was also a founding shareholder of a railway known as Quanah, Acme and Pacific Railway. David Koch is the third boy among four boys. the name of his other brothers is Charles, Frederick, and Bill.
David Koch a prep school in Massachusetts known as the Deerfield Academy and he graduated in 1959. later on, David Koch went to the Massachusetts Institute of technology, where he obtained a Bachelor’s degree and also a Master’s degree. While he was in school, he was also a basketball player.
Career and Investment of David Koch
In the year 1970, he joined his elder brother Charles and worked as a technical services manager. David Koch later established his own New York office and became the president. He later renamed Koch engineering to Chemical Technology Group. David and his brother own about 42 percent of Koch industries
In 1927, he developed an effective way of cracking crude oil into gasoline. What David did gave room to other smaller companies to compete with key players in the oil sector. This led to the filing of a lawsuit against him. He succeeded in protecting his family wealth. David and his brother became partners and erected a refining company, which was now called Koch industries in 1940. In the year 1946, the company later bought the Rock Island refinery and crude oil compiling system close to Oklahoma.
Charles Koch joined Rock Island in 1961, having started his career at the management consulting firm Arthur D. Little. He became president in 1966 and chairman at age 32, upon his father’s death the following year. In 1970, Charles was joined at the family firm by his brother David Koch. Having started as a technical services manager, David became president of Koch Engineering in 1979.
Koch Industries imports and refines 25% of Canadian oil sands. imports to the United States.
In the United States (after Cargill), with an annual revenue of $115 billion, down from the largest in 2006. If Koch Industries were a public company in 2013. As of February 2016, Koch Industries employs 100,000 workers worldwide.