Peter Leibinger was born in Schwieberdingen, Germany, Germany. Peter Leibinger is #1417 in List Billionaires People In The World. The world's largest manufacturer of machine tools, with annual revenue of around $3 billion, TRUMPF GmbH traces its roots to 1923 when Christian Trumpf and two partners acquired a machine shop in Stuttgart. The company's first product: flexible shafts for use in dental tools and printing. Peter's father, Berthold Leibinger, joined the company as the head of its engineering division in 1961 and developed the first contour "nibbling" machine tool with numerical control. (Nibbling is a method of punching metal in the fabrication process.) Christian Trumpf, who had no children, chose Leibinger as his successor and successfully handed over the company's shares to him in 1972. Leibinger expanded the product line not only through acquisitions in bending, electronics and medical technology, but also through internal development, most notably involving lasers. The company has played a decisive role in the broad industrial application of laser technology. After retiring from management in 2005, Berthold passed the company's ownership to his three children. Peter -- who serves as vice-chairman of the holding company's managing board and head of TRUMPF's Laser Technology/Electronics division -- owns a 29.37% stake. He studied mechanical engineering at the RWTH University in Aachen, Germany, and worked as an engineer at Ingersoll Milling Machine Company, in Rockford, IL, from 1997 to 1999. His sister Nicola Leibinger-Kammueller is president and chairwoman of the managing board, while his younger sister, Regine, an architect by training, serves on the supervisory board.