Otto Happel’s profile picture

Otto Happel

Otto Happel’s profile picture
Net worth 2018: $3.18 Billion
Residence: Luzerne, Switzerland
Country: Germany
BirthDay: 9 February 1948
Sigh: Pisces
Children: 6
BIOGRAPHY

Otto Happel was bornon 9 February 1948 in Luzerne, Switzerland, Germany. Otto Happel is #745 in List Billionaires People In The World. Otto Happel, who studied engineering at RWTH Aachen University, inherited his father's dust-removal business and turned it into thermal engineering firm GEA. In 1999, he sold his 50.1% stake in GEA to Germany's MG Technologies for around $775 million in cash and kept a 10% interest in the combined group (later increased to 21% via share purchases). In 2005 the company renamed itself the GEA Group. Happel cashed out in 2006, selling his remaining stake to institutional investors for approximately $700 million. In 2015, he attended the World Economic Forum in his role as chairman of the Swiss private wealth management firm Luserve AG. An enthusiastic sailor, he has a yacht named Hetairos and lives in Switzerland with his wife and six children. A foundation in his name supports projects in the developing world.

NET WORTH STATISTIC
2009

$2.7 Billion

2010

$2.8 Billion

2011

$2.9 Billion

2012

$2.9 Billion

2013

$3 Billion

2014

$3.3 Billion

2015

$2.7 Billion

2016

$2.8 Billion

2017

$2.7 Billion

2018

$3.18 Billion

TIMELINE
Otto Happel (born 9 February 1948) is a German billionaire businessman, the former owner and CEO of GEA Group.Happel received his PhD in engineering from RWTH Aachen University.In 1974, Happel became CEO of GEA Group, a small family business established by his father in 1920.Over the next 25 years, he transformed GEA into a global system supplier and introduced machinery and plants for the food processing industry, energy industry, air-conditioning and refrigeration industry. After making over 70 acquisitions, GEA had over 200 subsidiaries in 60 countries. In 1989 he took his company public at the Frankfurt stock exchange, but kept the majority of the voting stock in the family. By 1999, Happel had increased GEA's revenues to over €2.56 billion, as well as its net earnings proportionally.In 1999 he sold his controlling stake to Germany’s MG Technologies, became the major shareholder of MG Technologies and, once MG Technologies was merged into GEA Group AG, sold his remaining stake to institutional investors in 2006. GEA Group AG is the largest listed German machinery manufacturer and is broadly diversified. In 2016, it accounted for revenues of approximately EUR 4,5 bn and employed approximately 17,000 people. Happel maintains his family office Luserve AG in Lucerne, Switzerland. He served as a member of the supervisory board at Commerzbank from May 1993 until April 2013.As of March 2017, Forbes estimated his net worth at US$2.7 billion.He is married with six children and lives in Lucerne, Switzerland.
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