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# Antonio de Moraes

Random fact: Cement unit filed for a $3.7 billion IPO in 2013. The offer was suspended.

Overview

The Moraes family patriarch shared control of closely held Votorantim Group, a Sao Paulo-based industrial conglomerate with annual revenue of $11 billion. Its flagship business is Brazil's largest cement maker, and it also produces metals, steel and orange juice. The group shares control of publicly traded Fibria, the world's largest producer of pulp. He died in August 2014.

As of Jan. 21, 2018:
Last change ()
YTD change ()
Industry Bldg Prod-Cement/Aggreg
Biggest asset N/A
Citizenship Brazil
Age 86
Wealth Inherited
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Relative Value

Antonio de Moraes's net worth of can buy ...

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of the GDP of the United States
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of the total wealth of the 500 richest people in the world
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of the top 100 U.S. college endowments
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of the top 200 U.S. executives’ total awarded compensation
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of U.S. existing home sales
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times the median U.S. household income

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Net Worth Summary

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Biography

Birthdate: 6/4/1928
Family: Married, 8 children
Education: Bachelor's Degree, Engineering, Colorado School of Mines Engineering, Universidade de Sao Paulo

The roots of the Votorantim industrial conglomerate trace back to 1918, when the Portuguese immigrant Antonio Pereira Ignacio bought a textile factory in a city of the same name in Sao Paulo state. Jose Ermirio de Moraes, who would come to lead the group, joined the company in 1924 when he married Pereira Ignacio's daughter Helena. In 1936, Votorantim branched out into cement, now its largest operation. The group started a steelmaker not long after, entering the aluminum business by the 1950s.

Upon Moraes's death in 1971, he passed control to his oldest son, Antonio Ermirio. The group continued to diversify under his watch, creating nickel, pulp and orange juice units in the 1980s. In 1986, he made an unsuccessful run for governor of Sao Paulo state; the experience inspired his first play, "Brazil SA." He opened a bank in 1991, expanding even amid hyperinflation that often exceeded 1,000 percent a year. His sister, Maria Helena, and brothers, Ermirio Pereira and the late Jose Ermirio Jr., took a back-seat role in the family business.

Votorantim came under the formal leadership of the third generation in 2001, when Antonio's son Carlos Ermirio was named chairman of the holding company. That year, the company struck out abroad with the acquisition of St. Marys Cement in Canada. Carlos Ermirio also oversaw the 2009 acquisition of Aracruz, which merged with Votorantim's pulp operations to create Fibria, the world's largest pulp producer. When Carlos died of cancer in 2011 at the age of 55, Jose Roberto Ermirio -- another grandson of Votorantim's founder, and son of the late Jose Ermirio Jr. -- assumed the chairmanship of the conglomerate.

Today, Votorantim is Brazil's largest cement maker, employing 38,700 workers across the Americas. Many management positions belong to members of the third and fourth generations of the Moraes family, which remains largely based in Sao Paulo where the company is headquartered.

Antonio died in August 2014.

Milestones
  • 1918 Antonio Pereira Ignacio buys textile factory in Votorantim.
  • 1924 Jose Ermirio de Moraes marries Pereira Ignacio's daughter.
  • 1936 Votorantim builds first cement plant; starts chemical business.
  • 1938 The group starts a steelmaker in Rio de Janeiro.
  • 1951 Pereira Ignacio dies; Jose Ermirio takes helm of Votorantim.
  • 1955 Votorantim's flagship aluminum unit, CBA, is created.
  • 1973 Jose Ermirio dies, passing control to his son Antonio Ermirio.
  • 1986 Antonio Ermirio makes failed bid for Sao Paulo governorship.
  • 1988 Votorantim acquires its first producer of pulp.
  • 1989 Group founds Citrovita to produce orange-juice concentrate.
  • 1991 The Banco Votorantim lender is founded.
  • 1997 Votorantim's pulp unit sells shares in New York.
  • 2001 First international acquisition: Canada's St. Marys Cement.
  • 2001 Antonio's son Carlos Ermirio becomes chairman of conglomerate.
  • 2009 Merger with Aracruz creates Fibria, world's largest pulp maker.
  • 2010 Votorantim buys a stake in Portuguese cement company Cimpor.
  • 2011 Carlos Ermirio dies; his cousin Jose Roberto takes the helm.
  • 2012 Votorantim sells Cimpor stake to Brazil's Camargo Correa group.
  • 2014 Antonio Ermirio de Moraes dies in August.