The World's Billionaires
#799 Dennis Albaugh
03.08.07, 6:00 PM ET
Age: 57
Fortune: self made
Source: pesticides
Net Worth: $1.2 bil
Country Of Citizenship: United States
Residence: Marco Island, Florida , United States, North America
Industry: Agriculture
Marital Status: married, 2 children
Education: Des Moines Area Community College
The Prince of Pesticides. Iowa farmboy shunned family business when older brother took over for parents; earned 2-year agriculture business degree from Des Moines Area Community College. Spent 7 years selling fertilizer, seeds for local coop; then salesman for Thompson Hayward. Founded Albaugh Inc. 1979. Mortgaged home to buy a truck and weedkiller to sell to a customer in South Dakota. Truck sprang a leak; entire supply vanished by end of trip. Rented new truck, chemicals with credit; broke even. Barely turned a profit throughout the 1980s. Began selling glyphosate, the main ingredient in Monsanto's Roundup herbicide, in 2001, soon after chemical went off patent in the U.S. Bought factory in Argentina to manufacture glyphosate, gain edge over competition. Sales in 2006: $800 million. Operating margins 15%. Expanding into Brazil; developing 1,100 acres of farmland in hometown of Ankeny, Iowa.
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