Donald Friese’s profile picture

Donald Friese

Donald Friese’s profile picture
Net worth 2018: $1.2 Billion
Industry: Manufacturing
Residence: Los Angeles, California
Country: United States
BirthDay: 1940
BIOGRAPHY

Donald Friese was bornon 1940 in Los Angeles, California, United States. Donald Friese is #1819 in List Billionaires People In The World. Donald Friese's fortune stems from C.R. Laurence, which manufactures or distributes more than 65,000 products for the glass industry. The company sells everything from frameless shower door hardware to display cases and cleaning supplies -- everything but the glass itself. Friese grew up poor in rural Pennsylvania, and enlisted in the Army straight out of high school in 1958. Three years later he moved to California with $125 in his pocket. He landed in the warehouse of C.R. Laurence, which was just a small distributor of supplies, as employee number six. He climbed the ladder, steadily amassing equity in the company until he owned 100%. He expanded by purchasing competitors and moving into manufacturing. In August 2015, Friese sold C.R. Laurence to Oldcastle BuildingEnvelope, a subsidiary of Irish building-materials conglomerate CRH for $1.3 billion. Out of his proceeds from the deal -- about $885 million after taxes -- Friese gave his employees $85 million. All 1,600 of the employees who had worked for the company for than a year got a bonus check -- some got more than $1 million. Despite cashing out, Friese continues to run the company's day-to-day operations. He works 12 hour days during the week, plus a half-day every Saturday.

NET WORTH STATISTIC
2016

$1 Billion

2017

$1.2 Billion

2018

$1.2 Billion

TIMELINE
2017

Friese has been married to Andrea for 53 years (as of June 2017), and lives in Chatsworth, Los Angeles

2015

In 2015, he sold the company to the Irish conglomerate CRH plc for $1

1997

When Harris retired in 1997, he bought the 50% he did not already own

1958

Army in 1958, trained as a missile mechanic, and was stationed in Taiwan and Okinawa

1940

Donald Friese was born in 1940 in York, Pennsylvania, the third of 13 children

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