Koch Brothers are the co-founders of Koch Industries. They comprise of two brothers; Charles de Ganahl Koch and David Hamilton Koch. They have other two siblings called Bill Koch and Fredrick R. Koch. Their parents are; Mary Robinson and Fred C. Koch and they were born in Wichita, Kansas. The Koch Brothers have been rated to be position two, richest in the world.
The Koch Brothers have cooperated with many other industries under the Koch Industries that are based in; manufacturing fertilizers and paper, oil refining, mineral processing, and other more.
Koch Brothers did not join the family business at the same time. Charles Koch was the first to join the company and he is the only one who worked with his father before his death in 1967. He has greatly affected the company to its heights to date. His other two brothers joined him in the 1970 and 1971. Bill Koch was kicked off from the company by David Koch and Charles Koch for an attempt to overtake the ownership of the family business by coup. They later settled the matter and Peaceful in 2001 after almost 20 years of turmoil.
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In 1967 Fred Koch died living his company with a total of $250 million. Charles Koch was president by then. He then assumed chairmanship of the company and changed the company’s name from Rock Island Refining company to Koch Industries, in respect to his father. David Koch joined him in 1970, while Bill Koch joined in 1971. After a period of working in unity, the brothers started fighting over the ownership of the company.
1983, all the Koch Brothers settled their first misunderstanding in over distribution of their fathers’ fortune in court. Despite unending disputes, the two brothers, Charles Koch and David Koch ensured the company maintained its stability.
In 2001, all the brothers met at Bill’s home at Palm Beach to finish off their rankles. It was their first re-union in 20 years and it ended successfully. Charles Koch and David Koch have managed to navigate through the competitive market and have maintained being at the top.
They have won several awards for their contribution to education, new inventions, their massive engagement in their works of philanthropy, major developments in the states, creation of employment opportunities in the states, and their contribution to curbing global warming.
In 1961, Charles Koch joined in the family business, Rock Island Oil Refining Company, his father’s company. At that time, he was 26years old and his brothers showed no interest in the business since they went for careers of their own choices.
Charles Koch worked with the company for five years and was made the president. In 1967, Charles Koch became the chairman of the company after his father’s death. His father had left the company with an estimate of about $250 million.
In 1968, Charles Koch changed the company’s name to Koch Industries to honor his father. Charles Koch’s twin brothers, David and Bill, join the family business in 1970 and 1971 respectively. The Koch Brothers managed the Koch Industries with success, and it grew tremendously.
They decided to venture into the diverse business other than oil processing including; pulp and paper manufacturing, mineral mining, plastic production, natural gas production, commodity trading, energy, petroleum production, chemical production, manufacture of fertilizers, commodity marketing, ranch management, Finance, and market structure, textiles and others.
The Koch brothers cooperated well towards the success of the company. They managed to open several other companies working under Koch Industries across the region. The companies majored in manufacturing raw materials, processing them into final products, and marketing them. They gained root in the financial market since they were the main distributors of the state.
Some of the Koch Industries branches include; Matador Cattle Company, Flint Hills Resources, Molex, Infor, Georgia-Pacific, Investa and Guardian Industries.
In 2017, the Koch Brothers showed their interest in politics. They set aside large sum of money to carry out their political agendas. They funded their candidates to attaining different political positions.
Awards & Achievements
- In 2004, Charles Koch was awarded the President’s Medal by Wichita State University.
- Charles Koch received a reward from; The Heritage Foundation, the Association of Private Enterprise Education, Wichita Chamber of Commerce, Kansas Art Commission, and several others.
- He was also awarded a Double Helix Medal.
- In 2011, the Koch Brothers earned a position in the ‘Time 100’ for their participation in the Tea Party Movement.
Net Worth & Earnings of Koch Brothers in 2021
As of 2021, Koch Brothers’ net worth is estimated to be $120 billion. The net worth can be established from the industry’s fortune in its diverse involvement in the refining, distribution, and manufacturing of diverse products. The cooperation of other companies across the state has also contributed to the sum totals.
The Koch Brothers are the co-founders of Koch Industries. They have been involved majorly in oil production, refining, and distribution. Through dedication and combined effort, they were able to in-cooperate other companies under Koch Industries which ventured into diverse productions including; chemical production and development, natural gas production, fertilizers, and paper manufacture, textiles, mineral mining, and many others.
The Koch Brothers had been once involved in serious family disputes where one of the twin brothers almost overturned the company’s ownership by a coup. The dispute lasted for twenty years but they finally sat together as a family and cleared the air in 2001, at Bill’s home.