Michał Sołowow – Billionaire
Michał Sołowow (born July 11, 1962 in Kielce) is a Polish businessman and rally driver. He was the European vice-champion (2008), the vice-champion of Poland (2006), the European vice-champion (2006), and two-time vice-champion of Poland (2004, 2005).
His wealth is estimated at the over 6 bn złoty (in 2006 – 3.6 bn); he is one of the biggest Polish stock exchange investors. He is an important shareholder of the following companies: Synthos (chemical industry), Cersanit (sanitary ceramics and tiles), Echo Investment (development activity), and Barlinek (producer of floorboards).
In 2007, Forbes estimated his net worth at 2.3 billion US dollars.
Business empire
Sołowow bought shares in the chemical company Dwory (now Synthos) and funded its expansion with debt, taking advantage of low interest rates at the time. He then diversified into ceramic tiles, wood floors and real estate. He gave up any management roles but is still an active investor on Warsaw Stock Exchange and lives in Maslow, a village on the borders of Kielce, Swietokrzyskie voivodship.
He is an important shareholder of the following companies:
- Synthos S.A. (chemical industry). One of the largest Polish chemical companies. It manufactures synthetic rubber and latex, styrene materials and vinyl dispersions.
- Cersanit S.A. – (sanitary ceramics and tiles). One of the largest and most dynamically growing companies in Poland and a nationwide leader in complex bathroom equipment, intensely expanding its range of export operations (the share of exports in total revenues from sales earned by the company exceeds 40%).
- Echo Investment (property development activity). The company conducts building projects for flats, offices, shopping centres, hotels, entertainment and also property management.
- Barlinek S.A. (producer of floorboards). One of the largest manufacturers of natural wooden flooring systems in the world, and the most recognizable brand of natural floors in Poland. Barlinek floorboards are exported to more than 30 countries on 3 continents. The company holds about a 65% share of the market in Polish flooring.
- Ultra Pack S.A. – Polish leader in production of corrugated board packagings.
- North Fish Polska Sp. z o.o. – a chain of restaurants offering fish and seafood.
He pulled out of launching a newspaper because of intense competition. He also merged Cersanit with Opoczno, the second-largest company in the ceramics sector. His companies invest in and acquire companies in several countries of the CEE region, including Russia, the Czech Republic, Hungary, Lithuania, Ukraine and Romania.
Sołowow’s funds, which invest in the futures market, currency market, and materials markets, manage the capital from stock exchange transactions. The funds are:
- Magellan Pro-Equity Fund I S.A.
- Columbus Pro-Equity Fund II Sp. z o.o.
- Amundsen Pro-Equity Fund III Sp. z o.o.
- Barco Pro-Equity Fund Sp. z o.o.
Source:wikipedia