Otto Happel is a German entrepreneur with an estimated net worth of $2.6 billion as of May 2015, according to Forbes. He is also the 29th richest person in Germany and ranks 458th on the list of world billionaires.
Mr. Happel is the son of Otto Happel Sr., who founded the predecessor of GEA in Bochum in 1920. After the death of Oppel sen. on December 26, 1948 his wife Elizabeth took over the management of the company. Management was handed over to his son in 1975, who successfully ran the company. In 1989 it was converted into a public limited company. In February 1999, GEA Happel sold its interest to Metallgesellschaft (MG) for $1 million and retained a 21% interest in the combined group.
In 2005, GEA Happel was renamed GEA Group. In 2006, Otto exited the company and sold his remaining stake to institutional investors for an estimated $630 million. A keen sailor, he owns a yacht called Hetairos, where he lives with his wife and six children. He also owns a luxury resort called Fregate Island in the Seychelles. His foundation, named after him, supports development projects in the third world.
- Source of wealth: technology
- Age: 73
- Place of Birth: Bochum, Germany
- Marital status: Married
- Full name: Otto Happel
- Nationality: German
- Date of Birth: February 9, 1948
- Profession: Entrepreneur
- Children: Six children
Otto Happel is a German entrepreneur with an estimated net worth of $2.6 billion as of May 2015, according to Forbes. He is also the 29th richest person in Germany and ranks 458th on the list of world billionaires.
Mr. Happel is the son of Otto Happel Sr., who founded the predecessor of GEA in Bochum in 1920. After the death of Oppel sen. on December 26, 1948 his wife Elizabeth took over the management of the company. Management was handed over to his son in 1975, who successfully ran the company. In 1989 it was converted into a public limited company. In February 1999, GEA Happel sold its interest to Metallgesellschaft (MG) for $1 million and retained a 21% interest in the combined group.
In 2005, GEA Happel was renamed GEA Group. In 2006, Otto exited the company and sold his remaining stake to institutional investors for an estimated $630 million. A keen sailor, he owns a yacht called Hetairos, where he lives with his wife and six children. He also owns a luxury resort called Fregate Island in the Seychelles. His foundation, named after him, supports development projects in the third world.
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