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Frank StronachAustrian-Canadian businessman and politician
Date of Birth: 06.09.1932
Country:  Canada |
Content:
- Biography of Frank Stronach
- Early Life and Career
- Political Involvement
- Horse Racing and Football
- Recognition and Honors
Biography of Frank Stronach
Frank Stronach is an Austrian-Canadian businessman and politician, best known as the founder of 'Magna International', one of the largest automotive component manufacturers in the world, headquartered in Aurora, Ontario, Canada. He is also the founder of 'Magna Entertainment Corp.', a company specializing in horse racing. According to Forbes magazine, his net worth is estimated at $1.7 billion, ranking him 21st on the list of the richest Canadians and 736th on the list of the richest people in the world.
Early Life and Career
Frank Stronach, originally known as Franz Strohsack, was born on September 6, 1932, in Kleinsemmering, Styria, Austria. He grew up in a working-class family during the difficult years of the Great Depression and World War II. At the age of 14, he left school and began working as an apprentice in a locksmith workshop. In 1954, he moved to Montreal, Quebec, and later relocated to Ontario.
In 1956, Stronach started his first business, 'Multimatic Investments Ltd.', in the old industrial district of Toronto. In 1969, his company secured its first contract for manufacturing automotive parts, which was followed by a merger with 'Magna Electronics'. In 1973, the company changed its name to 'Magna International Ltd.' Over the next few decades, through mergers and acquisitions, 'Magna International' became one of the largest players in the global automotive market.
Currently, Stronach serves as a director and honorary chairman of the board of 'Magna International'. Although he only owns 4% of the company's shares, he has the power to influence most voting decisions. In addition to his automotive ventures, Stronach is the founder of 'Frank's Energy Drink' and owns extensive land holdings near Gainesville, Florida, where he has established the 'Adena Springs Ranch', a large ranch specializing in horse breeding. He also owns a slaughterhouse and various real estate properties, including a premium golf course.
Political Involvement
In 2011, Stronach entered Austrian politics and founded the 'Stronach Institute', which advocates for classical economic liberalism and the abolition of the euro. In 2012, he became the founder of the political party 'Team Stronach for Austria'. He has close ties with various Austrian politicians from different political movements.
Horse Racing and Football
Aside from his business and political ventures, Stronach has a keen interest in horse racing. He owns 'Magna Entertainment Corp.', which organizes equestrian events and manages several renowned racecourses in the United States. His horses have achieved world-class victories, and in 2000, Stronach received the 'Eclipse Award' for outstanding breeding.
Furthermore, Stronach is also involved in football. Since 1999, he has been the main sponsor of the 'FK Austria Vienna' club. He founded the 'Frank Stronach Football Academy', a football school for young players. However, due to opposition from prominent members of 'Austria Vienna', Stronach announced his departure from the club in November 2005 and decided not to seek re-election as the president of the Austrian Bundesliga.
Recognition and Honors
In 1999, Stronach was appointed a member of the Order of Canada. In December 1997, he received an honorary doctorate from Kettering University.
