Rank #2347
Donald Friese
Net worth $1.8B
Manufacturing · United States
- Born
- Oct 03, 1940
- Age
- 85
- Source
- Manufacturing
- Residence
- Los Angeles, California
- Citizenship
- United States
- Marital status
- Married
- Children
- 0
- Education
Net worth over time
Biography
- Donald Friese's fortune stems from C.R. Laurence, which manufactures or distributes more than 65,000 products for the glass industry.
- In 2015 he sold C.R. Laurence to a big customer, Oldcastle BuildingEnvelope, a subsidiary of Irish conglomerate CRH, for $1.3 billion in cash.
- Friese grew up a poor orphan in rural Pennsylvania, going to work on a dairy farm at age 12 before enlisting in the Army after high school.
- After a three-year tour, he moved to California with just $125 and landed in the warehouse of C.R. Laurence, then a small distributor of supplies.
- He climbed the ladder, amassing equity in the company until he owned 100%, and expanded by purchasing competitors and moving into manufacturing.
- When Friese sold C.R. Laurence, he gave his employees $85 million. All 1,600 longtime workers got a bonus check -- some for more than $1 million.
- Since he retired in 2018, Friese has been focusing on philanthropy through his family foundation. He has so far donated at least $60 million to the organization.