netrashetty
Netra Shetty
Koch Industries, Inc. (/ˈkoʊk/) is an American private energy conglomerate based in Wichita, Kansas, with subsidiaries involved in manufacturing, trading and investments. Koch also owns Invista, Georgia-Pacific, Flint Hills Resources, Koch Pipeline, Koch Fertilizer, Koch Minerals and Matador Cattle Company. The firm employs 50,000 people in the United States and another 20,000 in 59 other countries.[2]
Koch companies are involved in core industries such as the manufacturing, refining and distribution[1] of petroleum, chemicals, energy, fiber, intermediates and polymers, minerals, fertilizers, pulp and paper, chemical technology equipment, ranching,[3] finance, commodities trading, as well as other ventures and investments.
Flint Hills Resources, a fully owned Koch subsidiary, operates a refinery in Minnesota which can process 320,000 barrels of crude a day, most of which comes from from Alberta. This one refinery handles one quarter of all oil sands crude entering the U.S.[4]
Charles G. Koch is chairman of the board and CEO of Koch Industries, Inc., a position he has held since 1967. Since then, the company has been transformed into a dynamic and diverse group of companies with about 70,000 employees and a presence in nearly 60 countries. Since 2003, Koch companies have completed more than $32 billion in acquisitions and investments, and nearly $11 billion in capital expenditures. Based in Wichita, Kan., Koch Industries is involved in refining and chemicals; process and pollution control equipment and technologies; minerals; fertilizers; polymers and fibers; commodity trading and services; forest and consumer products; and ranching. Familiar Koch companies’ brands include STAINMASTER® carpet, LYCRA® fiber, Quilted Northern® tissue and the Dixie® brand of tabletop products.
Much of Koch Industries' success can be traced to Mr. Koch's interest in and commitment to scientific and social progress, which led to the development and implementation of the Market-Based Management® business philosophy. The concepts and practice of MBM® are described in Mr. Koch’s book, “The Science of Success,” published in February 2007 by John Wiley & Sons, Inc. Mr. Koch is further developing the theories and expanding the practice of the MBM® philosophy, as well as other applications of the science of human action, not only throughout Koch Industries, but also with scholars, non-profit leaders, government officials and other business leaders.
He has continuously supported academic and public policy research (including a number of Nobel Prize winners) for more than 40 years, with a special focus on developing voluntary, market-based solutions to social problems. This interest led Mr. Koch to found or help build a number of organizations, including the Institute for Humane Studies, the Cato Institute, the Mercatus Center at George Mason University, the Bill of Rights Institute and the Market-Based Management Institute.
As a reflection of his business leadership and community involvement, Mr. Koch has received a number of honors and awards. These include:
• Honorary Doctor of Science, from George Mason University
• Honorary Doctor of Laws, from Babson College
• Honorary Doctor of Commerce, from Washburn University
• 2004 President’s Medal, from Wichita State University
• The Entrepreneurial Leadership Award, from the National Foundation for Teaching Entrepreneurship
• The Adam Smith Award, from the American Legislative Exchange Council
• The Brotherhood/Sisterhood Award, from the National Conference of Christians and Jews
• Distinguished Citizen Award, from Quivira Council of Boy Scouts of America
• Spirit of Justice Award, from The Heritage Foundation
• Free Enterprise Award, from The Council for National Policy
• The Tax Foundation’s 2000 National Distinguished Service Award
• The 1999 Directors’ Award for Global Vision in Energy, from the New York Mercantile Exchange
• The Herman W. Lay Memorial Award, from The Association of Private Enterprise Education
• The 1999 Governor’s Arts Patrons Award, from the Kansas Arts Commission
• The Distinguished Service Citation, from the University of Kansas
• Honorary Life Member in the Washburn Law School Association
• Distinguished Citizen Award, from Kansas State University
• Induction into the Kansas Oil and Gas Hall of Fame
• Induction into the Wichita and Kansas Business Halls of Fame
• Spirit of Excellence Award, from The Urban League of Wichita
• Outstanding Humanitarian Award, from the Greater Wichita Chapter of the National Society of Fundraising Executives
• Wichita City Medallion
• Wichita State University Entrepreneur in Residence
• Wichita District Minority Small Business Advocate of the Year
• Individual Recognition Award, from the Wichita/Sedgwick County Arts and Humanities Council
• Uncommon Citizen Award, from the Wichita Chamber of Commerce
• Recognition Award, from Wichita State University
Mr. Koch received a bachelor’s degree in general engineering (1957) and two master’s degrees in nuclear and chemical engineering (1958 and 1959, respectively) from the Massachusetts Institute of Technology.
His employment has been as an engineer, Arthur D. Little, Inc. 1959-61; vice president, Koch Engineering Company, Inc. 1961-63, president, 1963-71; president, Koch Industries, Inc. 1966-74; chairman and chief executive officer, 1967- present.
It’s not every day you hear a Democrat defend Koch Industries on the floor of the U.S. House.
Rep. Dan Boren (D., Okla.) (AP Photo/The Oklahoman, David McDaniel, File)
After all, Charles and David Koch, co-owners of one of the largest privately held conglomerates in the U.S., have become Public Enemies No. 1 and No. 2 for most Democrats by bankrolling Republican candidates and a number of prominent conservative causes.
But Oklahoma Rep. Dan Boren, whose conservative voting record sometimes makes him look more like a Republican than a Democrat, praised Koch Industries on Wednesday during debate over legislation to strip the Environmental Protection Agency of its authority to regulate greenhouse gas emissions.
“I’m proud of the work Koch Industries brings to my district and its record of environmental stewardship,” said Mr. Boren.
In January 2000, Koch Industries paid what was then the largest civil fine in history under any federal environmental law, according to the EPA website. The company paid $30 million to settle a pair of lawsuits against it for repeated oil spills in six states.
It turns out, Georgia Pacific, a subsidiary of Koch Industries, is the largest employer in Mr. Boren’s hometown of Muskogee, Okla. In his floor remarks, Mr. Boren estimated the conglomerate employs 1,000 people in the state of Oklahoma. Koch Industries is based in the neighboring state of Kansas.
“I want to make sure that Georgia Pacific employees keep their jobs and that Koch can continue to invest in Oklahoma,” he said, be
Critics claim that Charles Koch and David Koch’s support of free-market principles has been “covert” and “underground.” Nothing could be further from the truth. Their positions on free-market principles have been public and consistent for the past 40 years, and they have openly shared these beliefs. In 2007, Charles Koch authored a book, The Science of Success, explaining these positions. More than 40,000 copies were sold, and Charles was interviewed by many newspapers and magazines. Charles Koch and David Koch’s free market beliefs have been the subject of articles in the Financial Times, the Wall Street Journal, the Washington Examiner and Forbes magazine among others.
Further, Charles Koch and David Koch’s funding of and participation in organizations supporting free-market principles have been equally public. Their involvement and participation with organizations including Cato Institute, Mercatus Center at George Mason University, Citizens for a Sound Economy and Americans for Prosperity Foundation have for years been matters of public record. David Koch currently serves as the chairman of the board of Americans for Prosperity Foundation, his association is reflected on AFP Foundation’s website, and his participation in AFP events has been televised and/or discussed on C-SPAN, MSNBC and countless other news media. The Kochs’ participation in these organizations is anything but covert.
Charles Koch and David Koch’s positions have been consistently pro free-market, and they have not been shaped by partisan politics. Both Charles Koch and David Koch have consistently championed limited government, economic freedom and personal liberty. They consistently challenge government spending projects that are increasingly bankrupting our country. These include public health care and government stimulus packages that will cost Americans trillions of dollars while increasing individual and corporate tax burdens.
Their opposition to these types of government programs pre-dates the current administration, and applies equally to programs initiated by Republican as well as Democratic administrations.
The political and charitable contributions of the Koch companies, of Charles Koch and David Koch, and of their foundations, have all have been lawful. Charles Lewis, founder of the Center for Public Integrity (a left-wing political organization funded by George Soros), recently alleged that the Kochs “have a pattern of lawbreaking, political manipulation, and obfuscation.” This is not true. The Kochs’ political and charitable contributions are made in full compliance with applicable laws. The Kochs use the same channels as other donors, including Mr. Soros and others who do not support free-market policies, to support their political and charitable causes.
Recently, television personalities have claimed that the Kochs inherited all of their wealth. For example, Rachel Maddow, on her August 24th MSNBC broadcast, claimed that “because Dad’s will was awesome, [the Koch brothers] are now tied in the rankings for the ninth richest men in America.” This argument ignores the facts and denigrates the hard work of the Kochs and the employees of Koch companies in growing Koch Industries over the past 40 years.
The Kochs’ wealth is the result of hard work and the inspired leadership of Koch Industries. When Fred Koch passed away in 1967, Rock Island Oil & Refining (which would become Koch Industries) had recurring earnings the year before he died of about $4 million and a net worth of approximately $50 million. The company had 1,200 employees. These numbers are far less than the $300 million alleged, and they are exponentially smaller than Koch Industries’ current $100 billion in revenues, even considering inflation and growth in markets historically.
In fact, since 1961, when Charles Koch started working at the company, Koch Industries’ book value has increased 2,300-fold. That’s 17 times greater than the Standard & Poor’s 500 over the same period, which grew 135-fold. Koch Industries now employs approximately 70,000 people around the world, and benefits many more individuals in each of the communities in which it operates. This growth was not inherited growth; it was earned growth through the hard work of the Kochs and their tens of thousands of dedicated employees, as well as through the Kochs’ diligent adherence to free-market principles.
Koch companies are involved in core industries such as the manufacturing, refining and distribution[1] of petroleum, chemicals, energy, fiber, intermediates and polymers, minerals, fertilizers, pulp and paper, chemical technology equipment, ranching,[3] finance, commodities trading, as well as other ventures and investments.
Flint Hills Resources, a fully owned Koch subsidiary, operates a refinery in Minnesota which can process 320,000 barrels of crude a day, most of which comes from from Alberta. This one refinery handles one quarter of all oil sands crude entering the U.S.[4]
Charles G. Koch is chairman of the board and CEO of Koch Industries, Inc., a position he has held since 1967. Since then, the company has been transformed into a dynamic and diverse group of companies with about 70,000 employees and a presence in nearly 60 countries. Since 2003, Koch companies have completed more than $32 billion in acquisitions and investments, and nearly $11 billion in capital expenditures. Based in Wichita, Kan., Koch Industries is involved in refining and chemicals; process and pollution control equipment and technologies; minerals; fertilizers; polymers and fibers; commodity trading and services; forest and consumer products; and ranching. Familiar Koch companies’ brands include STAINMASTER® carpet, LYCRA® fiber, Quilted Northern® tissue and the Dixie® brand of tabletop products.
Much of Koch Industries' success can be traced to Mr. Koch's interest in and commitment to scientific and social progress, which led to the development and implementation of the Market-Based Management® business philosophy. The concepts and practice of MBM® are described in Mr. Koch’s book, “The Science of Success,” published in February 2007 by John Wiley & Sons, Inc. Mr. Koch is further developing the theories and expanding the practice of the MBM® philosophy, as well as other applications of the science of human action, not only throughout Koch Industries, but also with scholars, non-profit leaders, government officials and other business leaders.
He has continuously supported academic and public policy research (including a number of Nobel Prize winners) for more than 40 years, with a special focus on developing voluntary, market-based solutions to social problems. This interest led Mr. Koch to found or help build a number of organizations, including the Institute for Humane Studies, the Cato Institute, the Mercatus Center at George Mason University, the Bill of Rights Institute and the Market-Based Management Institute.
As a reflection of his business leadership and community involvement, Mr. Koch has received a number of honors and awards. These include:
• Honorary Doctor of Science, from George Mason University
• Honorary Doctor of Laws, from Babson College
• Honorary Doctor of Commerce, from Washburn University
• 2004 President’s Medal, from Wichita State University
• The Entrepreneurial Leadership Award, from the National Foundation for Teaching Entrepreneurship
• The Adam Smith Award, from the American Legislative Exchange Council
• The Brotherhood/Sisterhood Award, from the National Conference of Christians and Jews
• Distinguished Citizen Award, from Quivira Council of Boy Scouts of America
• Spirit of Justice Award, from The Heritage Foundation
• Free Enterprise Award, from The Council for National Policy
• The Tax Foundation’s 2000 National Distinguished Service Award
• The 1999 Directors’ Award for Global Vision in Energy, from the New York Mercantile Exchange
• The Herman W. Lay Memorial Award, from The Association of Private Enterprise Education
• The 1999 Governor’s Arts Patrons Award, from the Kansas Arts Commission
• The Distinguished Service Citation, from the University of Kansas
• Honorary Life Member in the Washburn Law School Association
• Distinguished Citizen Award, from Kansas State University
• Induction into the Kansas Oil and Gas Hall of Fame
• Induction into the Wichita and Kansas Business Halls of Fame
• Spirit of Excellence Award, from The Urban League of Wichita
• Outstanding Humanitarian Award, from the Greater Wichita Chapter of the National Society of Fundraising Executives
• Wichita City Medallion
• Wichita State University Entrepreneur in Residence
• Wichita District Minority Small Business Advocate of the Year
• Individual Recognition Award, from the Wichita/Sedgwick County Arts and Humanities Council
• Uncommon Citizen Award, from the Wichita Chamber of Commerce
• Recognition Award, from Wichita State University
Mr. Koch received a bachelor’s degree in general engineering (1957) and two master’s degrees in nuclear and chemical engineering (1958 and 1959, respectively) from the Massachusetts Institute of Technology.
His employment has been as an engineer, Arthur D. Little, Inc. 1959-61; vice president, Koch Engineering Company, Inc. 1961-63, president, 1963-71; president, Koch Industries, Inc. 1966-74; chairman and chief executive officer, 1967- present.
It’s not every day you hear a Democrat defend Koch Industries on the floor of the U.S. House.
Rep. Dan Boren (D., Okla.) (AP Photo/The Oklahoman, David McDaniel, File)
After all, Charles and David Koch, co-owners of one of the largest privately held conglomerates in the U.S., have become Public Enemies No. 1 and No. 2 for most Democrats by bankrolling Republican candidates and a number of prominent conservative causes.
But Oklahoma Rep. Dan Boren, whose conservative voting record sometimes makes him look more like a Republican than a Democrat, praised Koch Industries on Wednesday during debate over legislation to strip the Environmental Protection Agency of its authority to regulate greenhouse gas emissions.
“I’m proud of the work Koch Industries brings to my district and its record of environmental stewardship,” said Mr. Boren.
In January 2000, Koch Industries paid what was then the largest civil fine in history under any federal environmental law, according to the EPA website. The company paid $30 million to settle a pair of lawsuits against it for repeated oil spills in six states.
It turns out, Georgia Pacific, a subsidiary of Koch Industries, is the largest employer in Mr. Boren’s hometown of Muskogee, Okla. In his floor remarks, Mr. Boren estimated the conglomerate employs 1,000 people in the state of Oklahoma. Koch Industries is based in the neighboring state of Kansas.
“I want to make sure that Georgia Pacific employees keep their jobs and that Koch can continue to invest in Oklahoma,” he said, be
Critics claim that Charles Koch and David Koch’s support of free-market principles has been “covert” and “underground.” Nothing could be further from the truth. Their positions on free-market principles have been public and consistent for the past 40 years, and they have openly shared these beliefs. In 2007, Charles Koch authored a book, The Science of Success, explaining these positions. More than 40,000 copies were sold, and Charles was interviewed by many newspapers and magazines. Charles Koch and David Koch’s free market beliefs have been the subject of articles in the Financial Times, the Wall Street Journal, the Washington Examiner and Forbes magazine among others.
Further, Charles Koch and David Koch’s funding of and participation in organizations supporting free-market principles have been equally public. Their involvement and participation with organizations including Cato Institute, Mercatus Center at George Mason University, Citizens for a Sound Economy and Americans for Prosperity Foundation have for years been matters of public record. David Koch currently serves as the chairman of the board of Americans for Prosperity Foundation, his association is reflected on AFP Foundation’s website, and his participation in AFP events has been televised and/or discussed on C-SPAN, MSNBC and countless other news media. The Kochs’ participation in these organizations is anything but covert.
Charles Koch and David Koch’s positions have been consistently pro free-market, and they have not been shaped by partisan politics. Both Charles Koch and David Koch have consistently championed limited government, economic freedom and personal liberty. They consistently challenge government spending projects that are increasingly bankrupting our country. These include public health care and government stimulus packages that will cost Americans trillions of dollars while increasing individual and corporate tax burdens.
Their opposition to these types of government programs pre-dates the current administration, and applies equally to programs initiated by Republican as well as Democratic administrations.
The political and charitable contributions of the Koch companies, of Charles Koch and David Koch, and of their foundations, have all have been lawful. Charles Lewis, founder of the Center for Public Integrity (a left-wing political organization funded by George Soros), recently alleged that the Kochs “have a pattern of lawbreaking, political manipulation, and obfuscation.” This is not true. The Kochs’ political and charitable contributions are made in full compliance with applicable laws. The Kochs use the same channels as other donors, including Mr. Soros and others who do not support free-market policies, to support their political and charitable causes.
Recently, television personalities have claimed that the Kochs inherited all of their wealth. For example, Rachel Maddow, on her August 24th MSNBC broadcast, claimed that “because Dad’s will was awesome, [the Koch brothers] are now tied in the rankings for the ninth richest men in America.” This argument ignores the facts and denigrates the hard work of the Kochs and the employees of Koch companies in growing Koch Industries over the past 40 years.
The Kochs’ wealth is the result of hard work and the inspired leadership of Koch Industries. When Fred Koch passed away in 1967, Rock Island Oil & Refining (which would become Koch Industries) had recurring earnings the year before he died of about $4 million and a net worth of approximately $50 million. The company had 1,200 employees. These numbers are far less than the $300 million alleged, and they are exponentially smaller than Koch Industries’ current $100 billion in revenues, even considering inflation and growth in markets historically.
In fact, since 1961, when Charles Koch started working at the company, Koch Industries’ book value has increased 2,300-fold. That’s 17 times greater than the Standard & Poor’s 500 over the same period, which grew 135-fold. Koch Industries now employs approximately 70,000 people around the world, and benefits many more individuals in each of the communities in which it operates. This growth was not inherited growth; it was earned growth through the hard work of the Kochs and their tens of thousands of dedicated employees, as well as through the Kochs’ diligent adherence to free-market principles.